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The Case for Price Stability, Then and Now: A Retrospective Note on John W. Crow's 1988 Eric J. Hanson Memorial Lecture

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Abstract

John Crow's 1988 Hanson Lecture argued for making price stability the goal of Canada's monetary policy, but in the early 1990s, political and economic circumstances led policy makers to settle for a 2 percent inflation target instead. The recently instituted review of the Inflation Control Program has put price stability on the policy menu again, and the current relevance of Crow's 1988 case is assessed in the light of the past 20 years' experience.

Suggested Citation

  • David Laidler, 2008. "The Case for Price Stability, Then and Now: A Retrospective Note on John W. Crow's 1988 Eric J. Hanson Memorial Lecture," University of Western Ontario, Economic Policy Research Institute Working Papers 20081, University of Western Ontario, Economic Policy Research Institute.
  • Handle: RePEc:uwo:epuwoc:20081
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    Keywords

    price stability; inflation targeting; Bank of Canada; monetary policy;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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