How Has Inflation Changed in Canada? A Comparison of 19892001 to 19641988
Has the inflation process fundamentally changed in Canada in the last decade? We compare the dynamics of inflation from 1964 through 1988 to the dynamics of inflation from 1989 to 2001. Although the average rate of inflation fell and inflation has become less variable since 1988, we conclude that the dynamics of inflation have not changed substantially. A negative output gap reduces inflation and the adjustment of expected inflation to lagged actual inflation continues to be slow. The sacrifice ratio, the short-run inflation-output trade-off remains similar. The makers of monetary policy in Canada face the same trade-offs before and after 1988.
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Volume (Year): 28 (2002)
Issue (Month): 4 (December)
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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.:
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"What Determines the Sacrifice Ratio?,"
NBER Chapters,in: Monetary Policy, pages 155-193
National Bureau of Economic Research, Inc.
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- George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
- David R. Johnson, 1990. "An Evaluation of the Bank of Canada Zero Inflation Target: Do Michael Wilson and John Crow Agree?," Canadian Public Policy, University of Toronto Press, vol. 16(3), pages 308-325, September. Full references (including those not matched with items on IDEAS)
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