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The Implementation of Monetary Policy in Canada

Author

Listed:
  • Walter Engert
  • Toni Gravelle
  • Donna Howard

Abstract

The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Key features of the large-value payments system, which is integral to the implementation of monetary policy, are also explained. The authors then discuss in some detail the operating framework for the implementation of monetary policy. An assessment of the effectiveness of the Bank of Canada's framework is also provided, including an analysis of monetary policy implementation in the period of financial market stress beginning in August 2007.

Suggested Citation

  • Walter Engert & Toni Gravelle & Donna Howard, 2008. "The Implementation of Monetary Policy in Canada," Discussion Papers 08-9, Bank of Canada.
  • Handle: RePEc:bca:bocadp:08-9
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    File URL: http://www.bankofcanada.ca/en/res/dp/2008/dp08-9.pdf
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    Citations

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    Cited by:

    1. Mati Dubrovinsky, 2014. "A Speedier and More Efficient Payments System for Canada," e-briefs 190, C.D. Howe Institute.
    2. Jason Allen & James Chapman & Federico Echenique & Matthew Shum, 2016. "Efficiency And Bargaining Power In The Interbank Loan Market," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57, pages 691-716, May.
    3. christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," BIS Working Papers 559, Bank for International Settlements.
    4. Christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," DNB Working Papers 510, Netherlands Central Bank, Research Department.
    5. Christopher S. Sutherland, 2017. "What Explains Month-End Funding Pressure in Canada?," Discussion Papers 17-9, Bank of Canada.
    6. Nellie Zhang, 2012. "Estimating the Demand for Settlement Balances in the Canadian Large Value Transfer System," Staff Working Papers 12-15, Bank of Canada.
    7. Philippe Bergevin & Todd Zywicki, 2012. "Debit, Credit and Cell: Making Canada a Leader in the Way We Pay," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 353, June.
    8. J. Stephen Ferris & J. A. Galbraith, 2010. "Financial Crises and the Interest-rate Approach to Monetary Policy," Carleton Economic Papers 10-03, Carleton University, Department of Economics.

    More about this item

    Keywords

    Financial institutions; Financial markets; Monetary policy implementation; Payment; clearing; and settlement systems;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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