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Assessing the Impact of Changes in Transparency and Accountability at the Bank of Canada

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Author Info
Pierre L. Siklos

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Abstract

Inflation targets have clarified the objectives of monetary policy. An objective was to ensure the public would be able to more easily assess monetary policy performance based on the Bank of Canada's record at achieving low and stable inflation. An obvious question then is, as a former governor of the bank stated, whether "public commentary on monetary policy since 1991 has involved a fairer assessment of the performance of the Bank of Canada." Tests, using interest rates, exchange rates, inflation and inflation forecast data, are presented which shed light on this question. Some comparative data from the United Kingdom and the United States are also provided.

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File URL: http://economics.ca/cgi/jab?journal=cpp&view=v29n3/CPPv29n3p279.pdf
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Publisher Info
Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 29 (2003)
Issue (Month): 3 (September)
Pages: 279-299
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Handle: RePEc:cpp:issued:v:29:y:2003:i:3:p:279-299

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Eijffinger, S.C.W. & Hoeberichts, M. & Schaling, E., 1998. "A theory of Central Bank accountability," Discussion Paper 103, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  2. Kari H. Eika & Neil R. Ericsson & Ragnar Nymoen, 1996. "Hazards in implementing a monetary conditions index," International Finance Discussion Papers 568, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  3. Goodfriend, Marvin, 1986. "Monetary mystique: Secrecy and central banking," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 63-92, January. [Downloadable!] (restricted)
    Other versions:
  4. Gordon G. Thiessen, 1998. "The Canadian Experience with Targets for Inflation Control," Canadian Public Policy, University of Toronto Press, vol. 24(4), pages 415-428, December. [Downloadable!] (restricted)
  5. David Mayes & Bryan Chapple, 1995. "The costs and benefits of disinflation: a critique of the sacrifice ration," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 58, March. [Downloadable!]
  6. Haan, J. de & Amtenbrink, F. & Eijffinger, S.C.W., 1998. "Accountability of central banks : aspects and quantification," Discussion Paper 54, Tilburg University, Center for Economic Research. [Downloadable!]
  7. Daniel Thornton & David C. Wheelock, 2000. "A history of the asymmetric policy directive," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-16. [Downloadable!]
  8. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58. [Downloadable!]
  9. Pierre Fortin, 1996. "The Great Canadian Slump," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 761-87, November. [Downloadable!] (restricted)
  10. Muller, P. & M. Zelmer, 1999. "Greater Transparency in Monetary Policy: Impact on Financial Markets," Technical Reports 86, Bank of Canada. [Downloadable!]
  11. Boris Hofmann, 1999. "Observing the Observers: Monetary Policy Calls of British Newspapers Under the MPC Regime," FMG Special Papers sp122, Financial Markets Group. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ellis Connolly & Marion Kohler, 2004. "News and Interest Rate Expectations: A Study of Six Central Banks," RBA Annual Conference Volume, in: Christopher Kent & Simon Guttmann (ed.), The Future of Inflation Targeting Reserve Bank of Australia. [Downloadable!]
    Other versions:
  2. Pierre L. Siklos & Diana N. Weymark, 2006. "Measuring the Impact of Intervention on Exchange Market Pressure," Working Papers 0604, Department of Economics, Vanderbilt University. [Downloadable!]
    Other versions:
  3. Lavan Mahadeva, . "A model of market surprises," Bank of England working papers 327, Bank of England. [Downloadable!]
  4. Eijffinger, Sylvester C W & van der Cruijsen, Carin A B, 2007. "The Economic Impact of Central Bank Transparency: A Survey," CEPR Discussion Papers 6070, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-11-13.


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