The Bank of Canada's monetary policy framework: have recent changes enhanced central bank credibility?
International Monetary Fund, Western Hemisphere Dept., 1997 - Business & Economics - 20 pages
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The Operational Implementation of Monetary Policy
Inflation Expectations at Various Horizons
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aggregate demand announced Bank of Canada Bank Rate calibration Canada conducts monetary central bank credibility Chart Coletti commercial paper rate conducts monetary policy CPI inflation credibility of low dealer jobbers decline demand shock direct clearers economic effective exchange rate excess demand excess supply expected inflation rate firmly established forecast inflation implements monetary policy important changes indicators of central inflation expectations intermediate targets keep the overnight lags long-term interest rates low inflation monetary aggregates monetary authorities monetary condition's index money market rates operating band operational framework operational target output overnight interest rate overnight rate parameters past rates percent Phillips curve policy actions rate of inflation real effective exchange real interest rate real MCI recent relative Repurchase Agreements risk premium settlement balances short-term interest rates SPRAs supply shock target inflation target range Tetlow three-month commercial paper three-month treasury bill transactions transmission mechanism treasury bill rate yield curve yield spread