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首页> 外文期刊>American Review of Canadian Studies >What's so Special about Inflation Targeting? A Comparative Analysis of Recent Canadian and US Monetary Policy Frameworks
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What's so Special about Inflation Targeting? A Comparative Analysis of Recent Canadian and US Monetary Policy Frameworks

机译：定位通胀有何特别之处？近期加拿大和美国货币政策框架的比较分析

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In the early 1990s, Canada was one of several countries to adopt an inflation-targeting framework for monetary policy. A noted exception to this group was the United States, where the framework for monetary policy was, as it had been for some time, informed by a dual mandate to maintain both high employment and low and stable inflation. By the late 1990s, the United States seemed to settle, in effect, on an implicit inflation-targeting framework for monetary policy. Nevertheless, whether the preferences of each central bank actually shifted toward minimizing inflation variability, and whether the magnitudes, opportunity costs, and timing of any such shifts were the same for both economies are questions that remain largely unexplored. In this article, I estimate these preferences from 1970 to 2009. Taken together, my results indicate that the Bank of Canada was more inflation averse overall; and both central banks grew more inflation averse over time.View full textDownload full textKeywordscentral banking, inflation targeting, inflation aversion, monetary policy, revealed preferenceRelated var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/02722011.2012.679149
机译：在1990年代初期，加拿大是采用通货膨胀目标框架进行货币政策的几个国家之一。该群体的一个明显例外是美国，在一段时间内，货币政策框架一直受到维持高就业率和低而稳定的通货膨胀的双重授权。到1990年代后期，美国似乎实际上已经解决了一个隐含的以通货膨胀为目标的货币政策框架。尽管如此，每个中央银行的偏好是否实际上已转向降低通货膨胀的波动性，以及这两个经济体的幅度，机会成本以及任何此类转变的时机是否相同，这在很大程度上尚待探讨。在本文中，我估计了从1970年到2009年的这些偏好。综合来看，我的结果表明，加拿大银行总体上对通货膨胀的规避程度更高；对加拿大的通货膨胀率更高。中央银行，通货膨胀目标，通货膨胀厌恶，货币政策，揭示偏好等相关变量var addthis_config = {ui_cobrand：“泰勒和弗朗西斯在线”，service_compact：“类似市民，网民，推特，technorati，可口，linkedin，facebook，stumbleupon，digg，google，更多”，发布号：“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/02722011.2012.679149

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