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Inflation Targeting in Canada: Optimal Policy or Just Being There?

In: Canadian Policy Debates and Case Studies in Honour of David Laidler

Author

Listed:
  • Peter Howitt
  • John Crow

Abstract

David Laidler has had the good sense not to have taken too seriously the notion that people are rational maximizers, always acting under rational expectations. One of the central themes of his work is that money is a device for economizing on the costs of processing information. People use it as a buffer stock that automatically absorbs unforeseen changes in income and expenses without the need for deliberation. They also use it as a unit of account, measure of value and standard of deferred payment because it is convenient to use, conventional and easily understood, even if this seems to introduce biases and inefficiencies into their decision making and even if economists can think of better measures and standards.1

Suggested Citation

  • Peter Howitt & John Crow, 2010. "Inflation Targeting in Canada: Optimal Policy or Just Being There?," Palgrave Macmillan Books, in: Robert Leeson (ed.), Canadian Policy Debates and Case Studies in Honour of David Laidler, chapter 2, pages 41-79, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27430-3_2
    DOI: 10.1057/9780230274303_2
    as

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