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The Implementation of Monetary Policy in Canada

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Author Info

  • Walter Engert
  • Toni Gravelle
  • Donna Howard

Abstract

The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Key features of the large-value payments system, which is integral to the implementation of monetary policy, are also explained. The authors then discuss in some detail the operating framework for the implementation of monetary policy. An assessment of the effectiveness of the Bank of Canada's framework is also provided, including an analysis of monetary policy implementation in the period of financial market stress beginning in August 2007.

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File URL: http://www.bankofcanada.ca/en/res/dp/2008/dp08-9.pdf
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Bibliographic Info

Paper provided by Bank of Canada in its series Discussion Papers with number 08-9.

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Length: 33 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:bca:bocadp:08-9

Contact details of provider:
Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
Phone: 613 782-8845
Fax: 613 782-8874
Web page: http://www.bank-banque-canada.ca/

Related research

Keywords: Financial institutions; Financial markets; Monetary policy implementation; Payment; clearing; and settlement systems;

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Citations

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Cited by:
  1. Jason Allen & James Chapman & Federico Echenique & Matthew Shum, 2012. "Efficiency and Bargaining Power in the Interbank Loan Market," Working Papers 12-29, Bank of Canada.
  2. J. Stephen Ferris & J. A. Galbraith, 2010. "Financial Crises and the Interest-rate Approach to Monetary Policy," Carleton Economic Papers 10-03, Carleton University, Department of Economics.
  3. Philippe Bergevin & Todd Zywicki, 2012. "Debit, Credit and Cell: Making Canada a Leader in the Way We Pay," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 353, June.
  4. Nellie Zhang, 2012. "Estimating the Demand for Settlement Balances in the Canadian Large Value Transfer System," Working Papers 12-15, Bank of Canada.

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