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The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?

Author

Listed:
  • Takatoshi Ito
  • Ms. Brenda Gonzalez-Hermosillo

Abstract

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.

Suggested Citation

  • Takatoshi Ito & Ms. Brenda Gonzalez-Hermosillo, 1997. "The Bank of Canada's Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?," IMF Working Papers 1997/171, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/171
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    Cited by:

    1. Bayangos, V.B., 2000. "real monetary conditions index for the Philippines : is it useful?," ISS Working Papers - General Series 19054, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    2. Zettelmeyer, Jeromin, 2004. "The impact of monetary policy on the exchange rate: evidence from three small open economies," Journal of Monetary Economics, Elsevier, vol. 51(3), pages 635-652, April.

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