Top Tweets for #BoCmandate
.@sendbellemare: The Bank of Canada Act needs an overhaul https://t.co/OpmE7dcG97 #SenCA #cdnpoli #cdnecon #BoCMandate
Final session at the @MaxBellSchool conference on the Bank of Canada's mandate. Panelists are @dandolfa , @sendbellemare , @CarmichaelKevin , David Dodge and Angela Redish
#bocmandate
The mandate of the @bankofcanada is up for renewal. It's time to expand the bank's mandate to include the pursuit of maximum employment levels, @sendbellemare writes: https://t.co/rBieVVh4of #SenCA #cdnpoli #cdnecon #bocmandate
What happened next is what you'd expect: high inflation
Fast-forward: inflation persistently below target.
#bocmandate
A remarkable experiment post Bretton Woods: adoption of purely fiat money in advanced economies.
#bocmandate
Asymmetric credibility problem: Can credibly eliminate above-target inflation, but can't credibly eliminate sub-target inflation.
#bocmandate
We are happy and excited to welcome Narayana Kocherlakota, currently of Rochester U and former President of the Minneapolis Fed, as our keynote speaker.
His talk is entitled "The 21st Century Credibility Problem"
#bocmandate
Insightful Presentation by @JFrankelEcon of @Kennedy_School,@GeorgeSelgin of @CatoCMFA,@PIrelandatBC of @BostonCollege,and @1954Williamson at @BankofCanada's Mandate Conference on"Choosing The Right Target".
#LetsTalkInflation #EconTwitter #bocmandate #NGDPLT #CentralBankMandate
Here is the presentation on NGDPLT by Steven Ambler with cameos by @MacRoweNick and @1954swilliamson! Also, shoutouts to @PIrelandatBC, @GeorgeSelgin, @JFrankelEcon, and others. The Q&A was great too. https://t.co/QFRYUWTrM9 Thanks to @stephenfgordon for organizing conference.
Something to think about if you want to use interest rates to choke off a housing bubble: not all Canadians live in Vancouver and Toronto.
(Yes, really)
#bocmandate
Instead of using monetary policy, macroprudential policies (capital requirements, limits to credit growth, etc) may be more promising. #bocmandate
Interest rates would have had to be 8 percentage points higher to choke off US housing bubble (!!)
#bocmandate
"Lean" vs "clean":
Clean up the damage after a crisis, or lean against financial market boom to mitigate excess/inefficient investment before it gets out of hand.
#bocmandate
Still Not too late to join the
@MaxBellSchool
conference "Choosing the Right Target: Real Options for the Bank of Canada’s Mandate Renewal."
Sylvain Leduc of the FRBSF (former Deputy Governor of the BoC) is first up today. #bocmandate
https://t.co/G2fkrdzrOK
It’s not too late to register for this @MaxBellSchool conference, which includes a great line up of speakers debating Canada’s monetary policy framework. #LetsTalkInflation #bocmandate https://t.co/fDXymN1Wyr
Our #monetarypolicy conference Choosing the Right Target starts today. Follow us this week for insights into the options for the @bankofcanada's mandate renewal. Read more about this conference here: https://t.co/T2y9xz2HRa #bocmandate #cdnpoli #cdnecon
Really, REALLY great Q&A sessions in this conference. #bocmandate
"Divine coincidence:" deviation of inflation from target = output gap. If holds, then IT is same as targeting output at potential. #bocmandate
.@MacRoweNick is discussing, starting with the thorny of problems of leads and lags in monetary policy. #bocmandate
Problem - communication? Yes, NGDP is probably not salient, but people understand what their own incomes are. #bocmandate
Under the current inflation targeting framework, past deviations from target are forgiven and forgotten. Level targeting - NGDP or price level - is history-dependent. Past deviations form target are corrected in the future. #bocmandate
UQAM's Steve Ambler has started his presentation of the case for nominal GDP (NGDP) level targeting. #bocmandate
Not too late to join the @MaxBellSchool
conference "Choosing the Right Target: Real Options for the Bank of Canada’s Mandate Renewal." (Registrants can access yesterday's videos.)
Today we're covering NGDP targeting and the dual mandate. Fun! #bocmandate
https://t.co/G2fkrdzrOK
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