Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66911
Authors: 
Engert, Walter
Gravelle, Toni
Howard, Donna
Year of Publication: 
2008
Series/Report no.: 
Bank of Canada Discussion Paper 2008-9
Abstract: 
The authors present a detailed discussion of the Bank of Canadas' framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Key features of the large-value payments system, which is integral to the implementation of monetary policy, are also explained. The authors then discuss in some detail the operating framework for the implementation of monetary policy. An assessment of the effectiveness of the Bank of Canadas' framework is also provided, including an analysis of monetary policy implementation in the period of financial market stress beginning in August 2007.
Subjects: 
Financial institutions
Financial markets
Monetary policy implementation
Payment, clearing, and settlement systems
JEL: 
E52
E58
G21
Document Type: 
Working Paper
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