Monetary Policy and Economic Activity in Canada in the 1990s
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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Volume (Year): 31 (2005)
Issue (Month): 1 (March)
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References listed on IDEAS
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- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Pierre Fortin, 1996. "The Great Canadian Slump," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 761-87, November.
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