1996
DOI: 10.2307/3551749
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The Ends of Three Small Inflations: Australia, New Zealand and Canada

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Cited by 40 publications
(28 citation statements)
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“…In Canada, the appointment of John Crow to Governor of the Bank of Canada in February 1987 heralded a shift towards greater emphasis on the goal of price stability. This shift was more gradual and less transparent in Australia (see Debelle (1996)). …”
Section: Estimating a Policy Reaction Functionmentioning
confidence: 99%
“…In Canada, the appointment of John Crow to Governor of the Bank of Canada in February 1987 heralded a shift towards greater emphasis on the goal of price stability. This shift was more gradual and less transparent in Australia (see Debelle (1996)). …”
Section: Estimating a Policy Reaction Functionmentioning
confidence: 99%
“…Indeed, one notable feature of studies assessing the performance of countries with inflation targeting (Debelle (1996) and Bernanke et al (1999)) is that they contrast Australia's low sacrifice ratio with those for Canada and New Zealand; our results tend to make this argument less compelling. Belgium's overall rank changed little, as an improvement in actual developments has largely been offset by a flattening of the aggregate supply curve.…”
Section: Comparison Of the Estimated Sacrifice Ratiosmentioning
confidence: 70%
“…The CB must recognize that benefits for the economy would be achieved sooner and more completely by abstaining from inconsistent policies. Another way of looking at this issue is to recognize that there is no required trade-off between commitment and flexibility (as argued by Lohmann, 1992, andDebelle andFischer, 1995) when faced with the occurrence of unusually large shocks: in such cases, even a vigorous response does not necessarily imply inappropriate trends in the inflation rate.…”
Section: Mccallum (1995)mentioning
confidence: 99%