Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We examine policy rate recommendations of the Bank of Canadas Governing Council (GC) and its shadow, the C.D. Howe Institutes Monetary Policy Council (MPC). Individual recommendations of the MPC are observed but not those of the GC. Differences in the two committees recommendations are small but persistent. The MPC is more responsive to the output gap than its GC counterpart. Both committees respond similarly to inflation. Disagreement within the MPC and with the GC is more likely when rates are rising. Finally, the Banks forward guidance had a significant influence on the MPCs views about the future inflation path.