/maxbellschool/taxonomy/term/2973/all en /maxbellschool/article/articles-choosing-right-target-event-recap/video-down-wire-bank-canadas-mandate-renewal Watch a video recording of Down to the Wire for the Bank of Canada’s Mandate Renewal Thu, 02 Dec 2021 16:37:42 +0000 Max Bell School of Public Policy 2731 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/21st-century-credibility-problem Our keynote speaker, Narayana Kocherlakota, argues for the asymmetry of central bank credibility Wed, 04 Aug 2021 19:53:48 +0000 Narayana Kocherlakota 2613 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/where-are-we-headed-panelist-perspectives-choosing-right-target <p>Our <a href="/maxbellschool/choosingtherighttarget" target="_blank">Choosing the Right Target</a> conference concluded with comments and discussion by a panel of distinguished observers of monetary policy: </p> Thu, 08 Jul 2021 17:30:38 +0000 Max Bell School of Public Policy 2589 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/going-beyond-inflation-targeting-mantra-dual-mandate <p>Every five years over the last three decades, the Government of Canada goes through a ritual of renewing the mandate of its central bank. To most Canadians, this renewal process must be somewhat puzzling: why would the government want to mandate an arm’s length public agency of the Canadian federal state to do already what, to some extent, its central bank is broadly mandated to do in the preamble to the 85-year old Bank of Canada Act?</p> Fri, 23 Apr 2021 20:05:36 +0000 Marc Lavoie and Mario Seccareccia 2464 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/time-change-bank-canadas-mandate <p>In 2019, New Zealand created a formal monetary policy committee and enshrined the dual mandate (price stability and full employment) into their law and the policy targets agreement between the government and the Reserve Bank of New Zealand.</p> <p>This important improvement in transparency about monetary policy objectives, combined with higher levels of other types of transparency about the analytical framework and decision-making process, has put the Reserve Bank of New Zealand back into the club of the most transparent central banks in the world.</p> Fri, 23 Apr 2021 17:54:52 +0000 Asya Kostanyan & Douglas Laxton 2463 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/history-inflation-targeting-and-case-maintaining-status-quo Michelle Alexopolous argues that the evidence in favour of the various alternatives is not yet strong enough to justify the risks involved in abandoning the status quo. Thu, 18 Feb 2021 15:09:40 +0000 Michelle Alexopoulos and Edda Claus 2383 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/incorporating-asset-prices-it-framework Sylvain Leduc of the Federal Reserve Bank of San Francisco on the merits of incorporating asset prices into the inflation targeting framework. Tue, 09 Feb 2021 17:56:00 +0000 Sylvain Leduc and Jean-Francois Rouillard 2368 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/nominal-gdp-level-targeting Steve Ambler and Nicholas Rowe discuss the consequences of prioritizing the nominal GDP over the rate of inflation. Wed, 03 Feb 2021 15:26:28 +0000 Steve Ambler and Nicholas Rowe 2359 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/case-raising-bank-canadas-inflation-target Luba Petersen and Shannons Wells make the case for a higher rate of inflation, with Michael Devereux as a discussant. Tue, 26 Jan 2021 17:39:22 +0000 Luba Petersen, Shannons Wells, and Michael Devereux 2345 at /maxbellschool /maxbellschool/article/articles-choosing-right-target/why-not-two-percent-or-below-evaluation-lower-inflation-target-canada Thor Koeppl and Bill Robson take a critical look at the cost of inflation. Tue, 26 Jan 2021 18:31:37 +0000 Thor Koeppl and Bill Robson 2346 at /maxbellschool