From the Canadian Experiment of the 1990's: A New Consensus on Monetary Policy

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Auteur
Date

2004

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Type de document
Périmètre
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Source

HAL SHS (Sciences de l’Homme et de la Société)

Collection

Archives ouvertes

Organisation

Centre pour la communication scientifique directe

Licence

info:eu-repo/semantics/OpenAccess

Mots-clés En

Confidence strategy Economy Finance monetary policy Politics Power Organisation credibility strategy fedspeak uncertainty Taylor rule Inflation Canada

Sujets proches En

Monetary management

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Edwin Le Héron, « From the Canadian Experiment of the 1990's: A New Consensus on Monetary Policy », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.dd18b1...

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Résumé En

By analyzing the documents issued by the Bank of Canada, a new, original, monetary policy begins to emerge. The Canadian monetary policy tries to maintain its autonomy, while at the same time respecting floating exchange rates. The numerous innovations are the foundations of a New Consensus on monetary policy. Far from the dilemma of rule versus discretion of the former Monetarist and Keynesian methods, a new dilemma will be the focal point, that of credibility versus confidence. Here, the anticipations of the economic agents, the behavior of financial markets and the price of assets play a dominant role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristics of the New Consensus is explained. Far from making independent central banks some high-powered institutions, it shows them instead to be "statues with feet of clay".

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