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The Bank of Canada's Monetary Policy Framework - Have Recent Changes Enhanced Central Bank Credibility? (EPub)

In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty. This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.

9The response of the Bank of Canada to various types of shocks, higlighting the
role of central bank credibility, is discussed in Freedman (1996). The remainer of
this section roughly follows Freedman's arguments. 10Eika, Ericsson, and ...

Market Information and Signaling in Central Bank Operations, Or, How often Should a Central Bank Intervene?

A central bank must decide on the frequency with which it will conduct open market operations and the variability in short-term money market that it will allow. It is shown how the optimal operating procedure balances the value of attaining an immediate target and broadcasting the central bank’s intentions against the informational advantages to the central bank of allowing the free play of market forces to reveal more of the information available to market participants.

I. INTRODUCTION In almost all industrialized countries, the central bank
implements policy by setting a proximate operational target for short-term money
market interest rates and then using open market operations and other
instruments such ...

Adding Indonesia to the Global Projection Model

This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Indonesia to a previously estimated small quarterly projection model of the US, euro area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties.

This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM).