Three Essays on Inflation Targeting
An Application to Canada and the United States
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This book tests various hypotheses about what variables the Bank of Canada and the U.S. Federal Reserve plan to target using monetary policy. Chapter 1 uses the Rowe and Yetman (2002) technique to test whether the US Federal Reserve is targeting inflation or growth rates in real Gross Domestic Product. Chapter 2 investigates whether there has been a provincial bias in monetary policy in Canada. Chapter 2 used the Rowe-Yetman technique to determine whether monetary policy has been used to target inflation in certain provinces at the expense of inflation instability in other provinces. The findi...
This book tests various hypotheses about what
variables the Bank of Canada and the U.S. Federal
Reserve plan to target using monetary policy.
Chapter 1 uses the Rowe and Yetman (2002) technique
to test whether the US Federal Reserve is targeting
inflation or growth rates in real Gross Domestic
Product. Chapter 2 investigates whether there has
been a provincial bias in monetary policy in
Canada. Chapter 2 used the Rowe-Yetman technique to
determine whether monetary policy has been used to
target inflation in certain provinces at the expense
of inflation instability in other provinces. The
findings suggest that there does not exist a bias in
monetary policy. Chapter 2 also looks at whether
the central bank has targeted output growth in
certain provinces at the expense of output growth
stability in other provinces. The findings show
that the Bank of Canada has not smoothed either
national or provincial GDP growth rates. Chapter 3
investigates whether there has been a tradeoff
between inflation smoothing and output smoothing.
The analysis shows that there indeed exists a
negative tradeoff between inflation and output
variability.
variables the Bank of Canada and the U.S. Federal
Reserve plan to target using monetary policy.
Chapter 1 uses the Rowe and Yetman (2002) technique
to test whether the US Federal Reserve is targeting
inflation or growth rates in real Gross Domestic
Product. Chapter 2 investigates whether there has
been a provincial bias in monetary policy in
Canada. Chapter 2 used the Rowe-Yetman technique to
determine whether monetary policy has been used to
target inflation in certain provinces at the expense
of inflation instability in other provinces. The
findings suggest that there does not exist a bias in
monetary policy. Chapter 2 also looks at whether
the central bank has targeted output growth in
certain provinces at the expense of output growth
stability in other provinces. The findings show
that the Bank of Canada has not smoothed either
national or provincial GDP growth rates. Chapter 3
investigates whether there has been a tradeoff
between inflation smoothing and output smoothing.
The analysis shows that there indeed exists a
negative tradeoff between inflation and output
variability.
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