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Information and Analysis for Monetary Policy: Coming to a Decision

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This article outlines one of the Bank's key approaches to dealing with the uncertainty that surrounds decisions on monetary policy: the consideration of a wide range of information from a variety of sources. More specifically, it describes the information and analysis that the monetary policy decision-makers—the Governing Council of the Bank of Canada—receive in the two or three weeks leading up to a decision on the setting of the policy rate—the target overnight interest rate. The article also describes how the Governing Council reaches this decision.

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  • Tiff Macklem, 2002. "Information and Analysis for Monetary Policy: Coming to a Decision," Bank of Canada Review, Bank of Canada, vol. 2002(Summer), pages 11-18.
    • Handle: RePEc:bca:bcarev:v:2002:y:2002:i:summer02:p:11-18
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    Cited by:

    1. David Laidler & William B.P. Robson, 2004. "Two Percent Target: The Context, Theory, and Practice of Canadian Monetary Policy since 1991," C.D. Howe Institute Policy Studies, C.D. Howe Institute, number 20041, January.
    2. Nicholas Rowe & David Tulk, 2003. "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?," Staff Working Papers 03-31, Bank of Canada.
    3. Farvaque, Etienne & Matsueda, Norimichi & Méon, Pierre-Guillaume, 2009. "How monetary policy committees impact the volatility of policy rates," Journal of Macroeconomics, Elsevier, vol. 31(4), pages 534-546, December.
    4. Chris D'Souza & Jane Voll, 2021. "Qualitative Field Research in Monetary Policy Making," Discussion Papers 2021-1, Bank of Canada.
    5. David Amirault & Naveen Rai & Laurent Martin, 2020. "A Reference Guide for the Business Outlook Survey," Discussion Papers 2020-15, Bank of Canada.
    6. Champagne, Julien & Sekkel, Rodrigo, 2018. "Changes in monetary regimes and the identification of monetary policy shocks: Narrative evidence from Canada," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 72-87.
    7. Pierdzioch, Christian & Rülke, Jan-Christoph & Stadtmann, Georg, 2012. "On the loss function of the Bank of Canada: A note," Economics Letters, Elsevier, vol. 115(2), pages 155-159.
    8. André Binette & Dmitri Tchebotarev, 2017. "Evaluating Real GDP Growth Forecasts in the Bank of Canada Monetary Policy Report," Staff Analytical Notes 17-21, Bank of Canada.
    9. Francisco Ruge‐Murcia, 2022. "How do central banks make decisions?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(4), pages 1643-1670, November.
    10. López-Enciso, Enrique Antonio & Vargas-Herrera, Hernando & Rodríguez-Niño, Norberto, 2017. "La estrategia de inflación objetivo en Colombia," Chapters, in: Uribe, José Darío (ed.), Historia del Banco de la República 1923-2015, chapter 11, pages 465-539, Banco de la Republica de Colombia.
    11. Sharon Kozicki & Jill Vardy, 2017. "Communicating Uncertainty in Monetary Policy," Discussion Papers 17-14, Bank of Canada.
    12. Katerina Smidkova, 2003. "Methods Available to Monetary Policy Makers to Deal with Uncertainty," Macroeconomics 0310002, University Library of Munich, Germany.
    13. Lise Pichette, 2012. "Extracting Information from the Business Outlook Survey Using Statistical Approaches," Discussion Papers 12-8, Bank of Canada.
    14. Tiff Macklem, 2005. "Commentary : central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 475-494.
    15. Katerina Smidkova, 2003. "Targeting Inflation under Uncertainty: Policy Makers' Perspective," Research and Policy Notes 2003/02, Czech National Bank.
    16. Daniel de Munnik & David Dupuis & Mark Illing, 2009. "Computing the Accuracy of Complex Non-Random Sampling Methods: The Case of the Bank of Canada's Business Outlook Survey," Staff Working Papers 09-10, Bank of Canada.
    17. Julien Champagne & Guillaume Poulin‐Bellisle & Rodrigo Sekkel, 2018. "The Real‐Time Properties of the Bank of Canada's Staff Output Gap Estimates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(6), pages 1167-1188, September.
    18. Russell Barnett & Sharon Kozicki & Christopher Petrinec, 2009. "Parsing shocks: real-time revisions to gap and growth projections for Canada," Review, Federal Reserve Bank of St. Louis, vol. 91(Jul), pages 247-266.
    19. André Binette & Dmitri Tchebotarev, 2019. "Canada’s Monetary Policy Report: If Text Could Speak, What Would It Say?," Staff Analytical Notes 2019-5, Bank of Canada.
    20. Kevin Clinton & Marianne Johnson & Mr. Jaromir Benes & Mr. Douglas Laxton & Mr. Troy D Matheson, 2010. "Structural Models in Real Time," IMF Working Papers 2010/056, International Monetary Fund.
    21. Hakan, Yilmazkuday, 2009. "Is there a Role for International Trade Costs in Explaining the Central Bank Behavior?," MPRA Paper 15951, University Library of Munich, Germany.
    22. Justin-Damien Guénette & Nicholas Labelle & Martin Leduc & Lori Rennison, 2016. "The Case of Serial Disappointment," Staff Analytical Notes 16-10, Bank of Canada.
    23. Monica Martin & Cristiano Papile, 2004. "The Bank of Canada's Business Outlook Survey: An Assessment," Staff Working Papers 04-15, Bank of Canada.
    24. Enrique A. López-Enciso & Hernando Vargas-Herrera & Norberto Rodríguez-Niño, 2016. "La estrategia de inflación objetivo en Colombia. Una visión histórica," Borradores de Economia 952, Banco de la Republica de Colombia.

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