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2004
- handle: 10670/1.ed2ysc
- 0185-1667
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Investigación Económica
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Economía y FinanzasSujets proches
Monetary managementCiter ce document
Edwin Le Heron, « From the Canadian Experiment of the 1990s:A New Consensus on Monetary Policy », Investigación Económica, ID : 10670/1.ed2ysc
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"By analyzing the documents issued by the Bank of Canada, a new, original,monetary policy begins to emerge. The Canadian monetary policy tries to maintainits autonomy, while at the same time respecting floating exchange rates. Thenumerous innovations are the foundations of a New Consensus on monetarypolicy. Far from the dilemma of rule versus discretion of the former Monetaristand Keynesian methods, a new dilemma will be the focal point, that of credibilityversus confidence. Here, the anticipations of the economic agents, the behaviorof 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 characteristicsof the New Consensus is explained. Far from making independent central bankssome high-powered institutions, it shows them instead to be statues with feet ofclay."