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Monetary Policy and Economic Activity in Canada in the 1990s

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  • Douglas Curtis
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    Abstract

    Growth in output and employment in Canada in the 1990s did not match that of earlier decades, or that in the United States. "Monetary policy rules" estimated for each country illustrate important policy differences between Canada and the United States. In the early 1990s Canadian monetary policy placed primary emphasis on a sharp reduction in inflation and performance was weak. United States' monetary policy balanced inflation control and output stabilization, and performance was strong. These findings argue for future Canadian monetary policy that provides support for stable output growth and inflation targets, not just inflation reduction and targets.

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    File URL: http://www.jstor.org/stable/3552595
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    Bibliographic Info

    Article provided by University of Toronto Press in its journal Canadian Public Policy.

    Volume (Year): 31 (2005)
    Issue (Month): 1 (March)
    Pages: 59-78

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    Handle: RePEc:cpp:issued:v:31:y:2005:i:1:p:59-78

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    Postal: University of Toronto Press Journals Division 5201 Dufferin Street Toronto, Ontario, Canada M3H 5T8
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    1. Ray C. Fair, 2001. "Actual Federal Reserve policy behavior and interest rate rules," Economic Policy Review, Federal Reserve Bank of New York, issue Mar, pages 61-72.
    2. Leith, Campbell & Wren-Lewis, Simon, 2000. "Interactions between Monetary and Fiscal Policy Rules," Economic Journal, Royal Economic Society, vol. 110(462), pages C93-108, March.
    3. Robert L. Hetzel, 2000. "The Taylor rule : is it a useful guide to understanding monetary policy?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 1-33.
    4. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    5. Bennett T. McCallum, 1999. "Recent developments in the analysis of monetary policy rules," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 3-12.
    6. Pierre Fortin, 1996. "The Great Canadian Slump," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 761-87, November.
    7. Charles Freedman & Tiff Macklem, 1998. "A Comment on "The Great Canadian Slump"," Canadian Journal of Economics, Canadian Economics Association, vol. 31(3), pages 646-665, August.
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    Cited by:
    1. Kathlyn Lucia & Stephanie Price & Edwin Wong & Richard Startz, 2008. "The Changing Relation Between the Canadian and U.S. Yield Curves," Working Papers UWEC-2008-05, University of Washington, Department of Economics.

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