Paul Masson - Latest - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-29T00:04:41+00:00Commodities and Monetary Policy: Implications for Inflation and Price Level Targeting
https://www.bankofcanada.ca/2012/06/working-paper-2012-16/
We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices.2012-06-14T09:51:31+00:00enCommodities and Monetary Policy: Implications for Inflation and Price Level Targeting2012-06-14Economic modelsInflation and pricesInternational topicsMonetary policy frameworkWorking Paper 2012-16https://www.bankofcanada.ca/wp-content/uploads/2012/06/wp2012-16.pdfCommodities and Monetary Policy: Implications for Inflation and Price Level TargetingDonald ColettiRené LalondePaul MassonDirk MuirStephen SnuddenJune 2012EE1E17E3E31E37E5E52FF4F41QQ4Q43Are Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold Standard
https://www.bankofcanada.ca/2008/08/working-paper-2008-27/
Like the gold standard, price level targeting (PT) involves not letting past deviations of inflation be bygones; both regimes return the price level (or price of gold) to its target. The experience of suspension of the gold standard in World War I, resumption in the 1920s (for some countries at a different parity), and final abandonment is reviewed.2008-08-28T11:03:43+00:00enAre Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold Standard2008-08-28CredibilityMonetary policy frameworkWorking Paper 2008-27 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-27.pdfAre Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold StandardPaul MassonMalik ShukayevAugust 2008EE3E31E5E52China's Integration into the Global Financial System
https://www.bankofcanada.ca/wp-content/uploads/2010/06/masson.pdf
Despite having the world's largest GDP when measured in terms of purchasing-power parities, the third-largest share in world exports, and the world's largest foreign exchange reserves, China has only a minor role in the global financial system. Its banks have a modest international presence; China's currency, the renminbi, is virtually not used outside the country; and Chinese capital markets are not a significant source of financing for foreign borrowers. China's modest level of integration into the global financial system is explained by the emphasis given to domestic policy priorities. As the Chinese economy matures, and as reforms strengthen the domestic financial system, China will become more important in global financial markets. Changes are already occurring as China's financial might is being channeled towards overseas investments, and the authorities have committed to greater exchange rate flexibility. These changes will facilitate integration into the global financial system. In this article, the authors describe the current situation and speculate on the future evolution of Chinese financial institutions and markets.2008-06-19T16:11:45+00:00enChina's Integration into the Global Financial System2008-06-19La non-neutralité du mode de financement du gouvernement
https://www.bankofcanada.ca/1983/06/technical-report-no36/
It has long been a subject of debate among economists as to whether different methods of financing government expenditures—issuing bonds or raising taxes—will bring about different effects on the economy. The purpose of this technical report is to quantify the substitution effects brought about by tax rate changes and to see to what extent they […]1983-06-11T14:57:40+00:00frLa non-neutralité du mode de financement du gouvernement1983-06-11Debt managementPaul MassonJune 1983HH6H60Asset Stocks and the Use of Monetary and Fiscal Policies to Reduce Inflation
https://www.bankofcanada.ca/1983/05/technical-report-no35/
This paper analyzes the dynamic behaviour of a country's economy under different policy regimes, by examining the cyclical effects that occur when certain intermediate macroeconomic targets are adopted. To highlight the differences in the adjustment paths that result, the study deliberately limits policy choice: either money supply or nominal income as targets, and either real […]1983-05-11T14:49:20+00:00enAsset Stocks and the Use of Monetary and Fiscal Policies to Reduce Inflation1983-05-11Fiscal policyInflation and pricesMonetary policy and uncertaintyPaul MassonMay 1983EE3E31E6E63