Choosing the Right Target

Video | Down to the Wire for the Bank of Canada鈥檚 Mandate Renewal

Max Bell School of Public Policy — Thu, 02 Dec 2021 16:37:42 +0000

Watch a video recording of Down to the Wire for the Bank of Canada鈥檚 Mandate Renewal

The 21st Century Credibility Problem

Narayana Kocherlakota — Wed, 04 Aug 2021 19:53:48 +0000

Our keynote speaker, Narayana Kocherlakota, argues for the asymmetry of central bank credibility

Where Are We Headed?: Panelist Perspectives from Choosing the Right Target

Max Bell School of Public Policy — Thu, 08 Jul 2021 17:30:38 +0000

Our聽Choosing the Right Target聽conference concluded with comments and discussion by a panel of distinguished observers of monetary policy:聽

Going Beyond the Inflation-Targeting Mantra: A Dual Mandate

Marc Lavoie and Mario Seccareccia — Fri, 23 Apr 2021 20:05:36 +0000

Every five years over the last three decades, the Government of Canada goes through a ritual of renewing the mandate of its central bank. To most Canadians, this renewal process must be somewhat puzzling: why would the government want to mandate an arm鈥檚 length public agency of the Canadian federal state to do already what, to some extent, its central bank is broadly mandated to do in the preamble to the 85-year old Bank of Canada Act?

Time to Change the Bank of Canada鈥檚 Mandate

Asya Kostanyan & Douglas Laxton — Fri, 23 Apr 2021 17:54:52 +0000

In 2019, New Zealand created a formal monetary policy committee and enshrined the dual mandate (price stability and full employment) into their law and the policy targets agreement between the government and the Reserve Bank of New Zealand.

This important improvement in transparency about monetary policy objectives, combined with higher levels of other types of transparency about the analytical framework and decision-making process, has put the Reserve Bank of New Zealand back into the club of the most transparent central banks in the world.

The History of Inflation Targeting and the Case for Maintaining the Status Quo

Michelle Alexopoulos and Edda Claus — Thu, 18 Feb 2021 15:09:40 +0000

Michelle Alexopolous argues that the evidence in favour of the various alternatives is not yet strong enough to justify the risks involved in abandoning the status quo.

Clouded in Uncertainty: Pursuing Financial Stability with Monetary Policy

Sylvain Leduc and Jean-Francois Rouillard — Tue, 09 Feb 2021 17:56:00 +0000

Sylvain Leduc of the Federal Reserve Bank of San Francisco on the merits of incorporating asset prices into the inflation targeting framework.

Nominal GDP Level Targeting

Steve Ambler and Nicholas Rowe — Wed, 03 Feb 2021 15:26:28 +0000

Steve Ambler and Nicholas Rowe discuss the consequences of prioritizing the nominal GDP over the rate of inflation.

The Case for Raising the Bank of Canada鈥檚 Inflation Target

Luba Petersen, Shannons Wells, and Michael Devereux — Tue, 26 Jan 2021 17:39:22 +0000

Luba Petersen and Shannons Wells make the case for a higher rate of inflation, with Michael Devereux as a discussant.

Why Not Two Percent or Below? An Evaluation of a Lower Inflation Target for Canada

Thor Koeppl and Bill Robson — Tue, 26 Jan 2021 18:31:37 +0000

Thor Koeppl and Bill Robson take a critical look at the cost of inflation.