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A stable 4% inflation could get Canadians one half million more jobs

Author: Pierre Fortin; Centre interuniversitaire sur le risque, les politiques économiques et l'emploi,
Publisher: [Montréal, Québec.] : Centre interuniversitaire sur le risque, les politiques économiques et l'emploi, Ottawa, Ontario : Canadian Electronic Library, [2016] [2016]
Series: Cahier de recherche (Centre interuniversitaire sur le risque, les politiques économiques et l'emploi), $v16-04.
Edition/Format:   eBook : Document : English
Summary:
The Inflation-Control Agreement between the Government and the Bank of Canada is reviewed and renewed every five years. In this paper, I propose that the upcoming 2016 agreement increase the inflation target by 2 percentage points, from the current 2% to 4%. I first note that the room to stimulate economic activity and employment when the Bank of Canada judges that it is needed has narrowed dangerously in the past  Read more...
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Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Pierre Fortin; Centre interuniversitaire sur le risque, les politiques économiques et l'emploi,
OCLC Number: 985294320
Notes: "Avril/April 2016."
Description: 1 online resource (51 pages) : color illustrations
Series Title: Cahier de recherche (Centre interuniversitaire sur le risque, les politiques économiques et l'emploi), $v16-04.
Responsibility: Pierre Fortin.
More information:

Abstract:

The Inflation-Control Agreement between the Government and the Bank of Canada is reviewed and renewed every five years. In this paper, I propose that the upcoming 2016 agreement increase the inflation target by 2 percentage points, from the current 2% to 4%. I first note that the room to stimulate economic activity and employment when the Bank of Canada judges that it is needed has narrowed dangerously in the past 25 years. I argue that the only fully effective means of freeing the Bank from the operational straightjacket into which it has fallen is setting the inflation target at 4% instead of 2%. I then report of evidence that the strong resistance of Canadian employers and employees to money wage cuts generates a significant permanent trade-off between inflation and unemployment at the macro level when inflation is less than 5%.

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/985294320<\/a>> # A stable 4% inflation could get Canadians one half million more jobs<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:MediaObject<\/a>, schema:CreativeWork<\/a>, schema:Book<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"985294320<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/quc<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/business<\/a>> ; # Business<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/inflation_finance_canada_prevention<\/a>> ; # Inflation (Finance)--Canada--Prevention<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/anti_inflationary_policies<\/a>> ; # Anti-inflationary policies<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/federal_reserve_system<\/a>> ; # Federal reserve system<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/finance<\/a>> ; # Finance<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/aggregate_demand<\/a>> ; # Aggregate demand<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/central_bank<\/a>> ; # Central bank<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economic_growth<\/a>> ; # Economic growth<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economics<\/a>> ; # Economics<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Organization\/bank_of_canada<\/a>> ; # Bank of Canada.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/bank_of_canada<\/a>> ; # Bank of canada<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economy<\/a>> ; # Economy<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/anti_inflationary_policies_canada<\/a>> ; # Anti-inflationary policies--Canada<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/employment<\/a>> ; # Employment<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Place\/canada<\/a>> ; # Canada.<\/span>\n\u00A0\u00A0\u00A0\nschema:author<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Person\/fortin_pierre<\/a>> ; # Pierre Fortin<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2016<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"The Inflation-Control Agreement between the Government and the Bank of Canada is reviewed and renewed every five years. In this paper, I propose that the upcoming 2016 agreement increase the inflation target by 2 percentage points, from the current 2% to 4%. I first note that the room to stimulate economic activity and employment when the Bank of Canada judges that it is needed has narrowed dangerously in the past 25 years. I argue that the only fully effective means of freeing the Bank from the operational straightjacket into which it has fallen is setting the inflation target at 4% instead of 2%. I then report of evidence that the strong resistance of Canadian employers and employees to money wage cuts generates a significant permanent trade-off between inflation and unemployment at the macro level when inflation is less than 5%.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/4193848885<\/a>> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"Electronic books<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Series\/cahier_de_recherche_centre_interuniversitaire_sur_le_risque_les_politiques_economiques_et_l_emploi<\/a>> ; # Cahier de recherche (Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi) ;<\/span>\n\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Series\/cahier_de_recherche_working_paper<\/a>> ; # Cahier de recherche\/Working paper ;<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"A stable 4% inflation could get Canadians one half million more jobs<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"985294320<\/span>\" ;\u00A0\u00A0\u00A0\nschema:publisher<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Organization\/centre_interuniversitaire_sur_le_risque_les_politiques_economiques_et_l_emploi<\/a>> ; # Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi,<\/span>\n\u00A0\u00A0\u00A0\nschema:url<\/a> <https:\/\/www.deslibris.ca\/ID\/10090380<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/www.cirpee.org\/fileadmin\/documents\/Cahiers_2016\/CIRPEE16-04.pdf<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <https:\/\/www.deslibris.ca\/ID\/10063198<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/985294320<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Related Entities<\/h3>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Organization\/bank_of_canada<\/a>> # Bank of Canada.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Bank of Canada.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Organization\/centre_interuniversitaire_sur_le_risque_les_politiques_economiques_et_l_emploi<\/a>> # Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi,<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi,<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Person\/fortin_pierre<\/a>> # Pierre Fortin<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Fortin<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Pierre<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Pierre Fortin<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Place\/canada<\/a>> # Canada.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Canada.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Series\/cahier_de_recherche_centre_interuniversitaire_sur_le_risque_les_politiques_economiques_et_l_emploi<\/a>> # Cahier de recherche (Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi) ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/985294320<\/a>> ; # A stable 4% inflation could get Canadians one half million more jobs<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Cahier de recherche (Centre interuniversitaire sur le risque, les politiques \u00E9conomiques et l\'emploi) ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Series\/cahier_de_recherche_working_paper<\/a>> # Cahier de recherche\/Working paper ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/985294320<\/a>> ; # A stable 4% inflation could get Canadians one half million more jobs<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Cahier de recherche\/Working paper ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/aggregate_demand<\/a>> # Aggregate demand<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Aggregate demand<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/anti_inflationary_policies<\/a>> # Anti-inflationary policies<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Anti-inflationary policies<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/anti_inflationary_policies_canada<\/a>> # Anti-inflationary policies--Canada<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Anti-inflationary policies--Canada<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/bank_of_canada<\/a>> # Bank of canada<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Bank of canada<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/business<\/a>> # Business<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Business<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/central_bank<\/a>> # Central bank<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Central bank<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economic_growth<\/a>> # Economic growth<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Economic growth<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economics<\/a>> # Economics<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Economics<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/economy<\/a>> # Economy<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Economy<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/employment<\/a>> # Employment<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Employment<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/federal_reserve_system<\/a>> # Federal reserve system<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Federal reserve system<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/finance<\/a>> # Finance<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Finance<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/4193848885#Topic\/inflation_finance_canada_prevention<\/a>> # Inflation (Finance)--Canada--Prevention<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Inflation (Finance)--Canada--Prevention<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/vocabulary\/countries\/quc<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\ndcterms:identifier<\/a> \"quc<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.cirpee.org\/fileadmin\/documents\/Cahiers_2016\/CIRPEE16-04.pdf<\/a>>\u00A0\u00A0\u00A0\nrdfs:comment<\/a> \"Document originally acquired from<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n