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

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  • Pierre L. Siklos

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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  • Pierre L. Siklos, 2003. "Assessing the Impact of Changes in Transparency and Accountability at the Bank of Canada," Canadian Public Policy, University of Toronto Press, vol. 29(3), pages 279-299, September.
  • Handle: RePEc:cpp:issued:v:29:y:2003:i:3:p:279-299
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    References listed on IDEAS

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    7. 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.
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    Citations

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    Cited by:

    1. Michael D. Bordo & Pierre L. Siklos, 2015. "Central Bank Credibility: An Historical and Quantitative Exploration," NBER Working Papers 20824, National Bureau of Economic Research, Inc.
    2. P. Siklos, D. Waymark, 2006. "Measuring the Impact of Intervention on Exchange Market Pressure," Working Papers eg0048, Wilfrid Laurier University, Department of Economics, revised 2006.
    3. Pierre L. Siklos & Matthias Neuenkirch, 2015. "How Monetary Policy Is Made: Two Canadian Tales," International Journal of Central Banking, International Journal of Central Banking, vol. 11(1), pages 225-250, January.
    4. 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.
    5. Carin van der Cruijsen & Sylvester Eijffinger, 2007. "The economic impact of central bank transparency: a survey," DNB Working Papers 132, Netherlands Central Bank, Research Department.
    6. David Laidler & William B.P. Robson, 2004. "Two Percent Target: The Context, Theory, and Practice of Canadian Monetary Policy since 1991," C.D. Howe Institute Policy Studies, C.D. Howe Institute, number 20041, January.
    7. da Costa Filho, Adonias Evaristo & Rocha, Fabiana, 2009. "Comunicação e política monetária no Brasil," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 63(4), December.
    8. van der Cruijsen, C.A.B., 2008. "The economic impact of central bank transparency," Other publications TiSEM 86c1ba91-1952-45b4-adac-8, Tilburg University, School of Economics and Management.
    9. G. C. Montes & L. V. Oliveira & A. Curi & R. T. F. Nicolay, 2016. "Effects of transparency, monetary policy signalling and clarity of central bank communication on disagreement about inflation expectations," Applied Economics, Taylor & Francis Journals, vol. 48(7), pages 590-607, February.
    10. Lavan Mahadeva, 2007. "A model of market surprises," Bank of England working papers 327, Bank of England.

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