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Monetary Policy and the Economic Well-being of Canadians

In: The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s

  • Paul Jenkins

    (Deputy Governor of the Bank of Canada)

  • Brian O'Reilly

    (Deputy Chief, Research Department of the Bank of Canada)

Registered author(s):

    In this chapter, Paul Jenkins and Brian O'Reilly survey the monetary policy developments in the 1990s, focusing on links between monetary policy and the economic well-being of Canadians. The Bank of Canada economists do admit that tight monetary policy in the early 1990s hurt growth in the short-term, but they argue that such action was necessary to ratchet down entrenched inflationary expectations. Moreover, they argue that stagnation in the early part of the decade was not simply the result of monetary policy, but also reflected a weak US economy and structural problems in the Canadian economy.

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    This item is provided by Centre for the Study of Living Standards & The Institutute for Research on Public Policy in its series The Review of Economic Performance and Social Progress with number v:1:y:2001:pjbo.
    Handle: RePEc:sls:repsls:v:1:y:2001:pjbo
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    1. Easterly, William & Fischer, Stanley, 2001. "Inflation and the Poor," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 160-78, May.
    2. James Yetman, 2001. "Gaining Credibility for Inflation Targets," Computing in Economics and Finance 2001 34, Society for Computational Economics.
    3. Ragan, Christopher, 1998. "On the Believable Benefits of Low Inflation," Working Papers 98-15, Bank of Canada.
    4. Muller, P. & M. Zelmer, 1999. "Greater Transparency in Monetary Policy: Impact on Financial Markets," Technical Reports 86, Bank of Canada.
    5. 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.
    6. Robert J. Shiller, 1996. "Why Do People Dislike Inflation?," NBER Working Papers 5539, National Bureau of Economic Research, Inc.
    7. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
    8. Patrick Perrier & Robert Amano, 2000. "Credibility and Monetary Policy," Bank of Canada Review, Bank of Canada, vol. 2000(Spring), pages 11-17.
    9. Shafir, Eldar & Diamond, Peter & Tversky, Amos, 1997. "Money Illusion," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 341-74, May.
    10. Charles Freedman, 1995. "The role of monetary conditions and the monetary conditions index in the conduct of policy [speech]," Bank of Canada Review, Bank of Canada, vol. 1995(Autumn), pages 53-59.
    11. Alexandre Debs, 2001. "Testing for a Structural Break in the Volatility of Real GDP Growth in Canada," Working Papers 01-9, Bank of Canada.
    12. David Amirault & Brian O'Reilly, 2001. "Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models," Working Papers 01-7, Bank of Canada.
    13. Duguay, Pierre & Longworth, David, 1998. "Macroeconomic models and policy making at the bank of canada," Economic Modelling, Elsevier, vol. 15(3), pages 357-375, July.
    14. Irene Ip & Sheryl King & Geneviève Verdier, 1999. "Structural Influences on Participation Rates: A Canada-U.S. Comparison," A Symposium on Canadian Labour Force Participation in the 1990s (Special Issue of Canadian Business Economics, Volume 7, Number 2, May 1999), in: Andrew Sharpe & Louis Grignon (ed.), A Symposium on Canadian Labour Force Participation in the 1990s (Special Issue of Canadian Business Economics, Volume 7, Number 2, May 1999), pages 25-41 Centre for the Study of Living Standards.
    15. David A. Dodge, 1998. "Reflections on the Role of Fiscal Policy: The Doug Purvis Memorial Lecture," Canadian Public Policy, University of Toronto Press, vol. 24(3), pages 275-289, September.
    16. Pierre Duguay & Stephen Poloz, 1994. "The Role of Economic Projections in Canadian Monetary Policy Formulation," Canadian Public Policy, University of Toronto Press, vol. 20(2), pages 189-199, June.
    17. Toni Gravelle & Richhild Moessner, 2001. "Reactions of Canadian Interest Rates to Macroeconomic Announcements: Implications for Monetary Policy Transparency," Working Papers 01-5, Bank of Canada.
    18. Temple, Jonathan, 2000. " Inflation and Growth: Stories Short and Tall," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 395-426, September.
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