English, Article, Journal or magazine article edition: Alternative Monetary Rules for a Small Open Economy: The Case of Canada Fabio Ghironi

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Bookmark: http://trove.nla.gov.au/version/72997
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Alternative Monetary Rules for a Small Open Economy: The Case of Canada
Author
  • Fabio Ghironi
Physical Description
  • preprint
Notes
  • I compare the performance of alternative monetary rules for Canada using an open economy model under incomplete markets. Different rules generate different paths for the markup and the terms of trade. A comparison of welfare levels suggests that flexible inflation targeting, the Bank of Canadaês current policy, dominates strict targeting rules³among which a fixed exchange rate with the U.S.³and the Taylor rule. In contrast to other studies, strict targeting rules generate a more stable real economy by stabilizing markup dynamics. Flexible inflation targeting dominates because it yields a positive covariance between consumption and the labor effort, which provides agents with a source of risk diversification.
  • Fixed exchange rates; Inflation targeting; Monetary rules; Taylor rule; Welfare
  • RePEc:boc:bocoec:466
Language
  • English
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