@article{Policy-makers':853,
      recid = {853},
      author = {Rowe, Nicholas and Yetman, James},
      title = {Identifying Policy-makers' Objectives: An Application to  the Bank of Canada},
      publisher = {Bank of Canada},
      address = {2000},
      pages = {1 online resource (v, 21 pages)},
      abstract = {In this paper, we develop a new way to test hypotheses  about policy-makers' targets, and we implement that test  for Canadian monetary policy. If, for example, the Bank of  Canada is using interest rates to target an inflation rate  of 2 per cent and there is an 8-quarter lag in the effect  of the interest rate on inflation, then deviations of  inflation from 2 per cent should be unforecastable and  uncorrelated with any information in the Bank of Canada's  information set lagged by 8 quarters. This would imply that  empirical causality tests of monetary policy on inflation  could be very misleading. Our test indicates that there was  indeed a major change in the Bank of Canada's objectives  about the time when formal inflation targets were  announced.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/853},
      doi = {https://doi.org/10.34989/swp-2000-11},
}