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Article: Identifying a policy makers target: an application to the Bank of Canada

TitleIdentifying a policy makers target: an application to the Bank of Canada
Authors
KeywordsMonetary policy
Central Banking
Inflation targeting
Issue Date2002
PublisherBlackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/CJE
Citation
Canadian Journal of Economics, 2002, v. 35 n. 2, p. 239-256 How to Cite?
AbstractWe develop a new way to test hypotheses about policymakers' targets and implement that test for Canadian monetary policy. For example, if the Bank of Canada is targeting a 2 per cent inflation rate, and if the Bank's instrument takes eight quarters to affect inflation, then deviations of inflation from 2 per cent should be uncorrelated with the Bank's information set lagged eight quarters. We show that there was a major change in the Bank's objectives near the time when formal inflation targets were announced and that the Bank has indeed been targeting inflation since then
Persistent Identifierhttp://hdl.handle.net/10722/48709
ISSN
2015 Impact Factor: 0.5
2015 SCImago Journal Rankings: 0.701

 

DC FieldValueLanguage
dc.contributor.authorRowe, Nen_HK
dc.contributor.authorYetman, JAen_HK
dc.date.accessioned2008-05-22T04:22:04Z-
dc.date.available2008-05-22T04:22:04Z-
dc.date.issued2002en_HK
dc.identifier.citationCanadian Journal of Economics, 2002, v. 35 n. 2, p. 239-256en_HK
dc.identifier.issn0008-4085en_HK
dc.identifier.urihttp://hdl.handle.net/10722/48709-
dc.description.abstractWe develop a new way to test hypotheses about policymakers' targets and implement that test for Canadian monetary policy. For example, if the Bank of Canada is targeting a 2 per cent inflation rate, and if the Bank's instrument takes eight quarters to affect inflation, then deviations of inflation from 2 per cent should be uncorrelated with the Bank's information set lagged eight quarters. We show that there was a major change in the Bank's objectives near the time when formal inflation targets were announced and that the Bank has indeed been targeting inflation since thenen_HK
dc.format.extent136705 bytes-
dc.format.extent234412 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypeapplication/pdf-
dc.languageengen_HK
dc.languagefreen_HK
dc.publisherBlackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/CJEen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsThe definitive version is available at www.blackwell-synergy.comen_HK
dc.subjectMonetary policyen_HK
dc.subjectCentral Bankingen_HK
dc.subjectInflation targetingen_HK
dc.titleIdentifying a policy makers target: an application to the Bank of Canadaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0008-4085&volume=35&issue=2&spage=239&epage=256&date=2002&atitle=Identifying+a+policy+makers+target:+an+application+to+the+Bank+of+Canadaen_HK
dc.identifier.emailYetman, JA: jyetman@econ.hku.hken_HK
dc.description.naturepostprinten_HK
dc.identifier.hkuros69476-

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