Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/306686 
Year of Publication: 
2024
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2024-14
Publisher: 
Bank of Canada, Ottawa
Abstract: 
Monetary policy governance - how monetary policy objectives are determined, how decisions are made and who makes them - determines the quality and effectiveness of monetary policy decisions. In this paper, we examine some desirable and some adverse outcomes associated with different governance structures. We discuss the roles of legislation, institutional features, and processes and practices in establishing various aspects of governance. We highlight the importance of the domestic context in determining what governance structure works best for a given central bank. Finally, we provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time
Subjects: 
Credibility
Monetary policy communications
Monetary policy framework
JEL: 
E02
E5
E58
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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