摘要：In February of 1991, Canada became
the second country (after
New Zealand) to announce inflation
control targets. Key elements of
the new policy were set out at the
time or articulated over the next few
months. Policy would focus on core
inflation, abstracting from volatile
food and energy CPI components,
and excluding the first round effects
of indirect tax changes. The target
range would be one per cent above
and below the centre of the target.
The impact of supply shocks on the
price level could be accommodated,
but not the induced second round
effects on wage and price increases.
If a shock took inflation outside the
inflation range, action would be
taken to gradually return it to the
target.
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