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Bank of Canada RSS Feedsen2024-03-29T12:10:26+00:00The Empirical Performance of Alternative Monetary and Liquidity Aggregates
https://www.bankofcanada.ca/1995/12/working-paper-1995-12/
This paper examines the empirical performance of alternatives to the monetary aggregates currently published by the Bank of Canada. The results show that real M1 and real M1a perform about equally well in providing leading information about real output at short horizons. However, on theoretical grounds, M1a is a more attractive aggregate, since it excludes […]1995-12-01T15:14:10+00:00enThe Empirical Performance of Alternative Monetary and Liquidity Aggregates1995-12-01Monetary and financial indicatorsWorking Paper 1995-12 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-12.pdfThe Empirical Performance of Alternative Monetary and Liquidity AggregatesJoseph Atta-MensahDecember 1995Long-Run Demand for M1
https://www.bankofcanada.ca/1995/11/working-paper-1995-11/
The goal of this paper is to investigate and estimate long-run relationships among M1, prices, output and interest rates, with a view to determining if there is a stable relationship that can be interpreted as long-run money demand. The paper uses a maximum-likelihood multiple-equation cointegration technique, developed by Johansen, to fit a system of equations […]1995-11-01T15:09:18+00:00enLong-Run Demand for M11995-11-01Economic modelsMonetary aggregatesWorking Paper 1995-11 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-11.pdfLong-Run Demand for M1Scott HendryNovember 1995The Canadian Experience with Weighted Monetary Aggregates
https://www.bankofcanada.ca/1995/10/working-paper-1995-10/
This paper compares the empirical performance of Canadian weighted monetary aggregates (in particular, Fisher ideal aggregates) with the current summation aggregates, for their information content and forecasting performance in terms of prices, real output and nominal spending for the period 1971Q1 to 1989Q3. The properties of money-demand equations for these aggregates, particularly their temporal stability, […]1995-10-02T14:59:52+00:00enThe Canadian Experience with Weighted Monetary Aggregates1995-10-02Monetary aggregatesWorking Paper 1995-10 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-10.pdfThe Canadian Experience with Weighted Monetary AggregatesDavid LongworthJoseph Atta-MensahOctober 1995Selection of the Truncation Lag in Structural VARs (or VECMs) with Long-Run Restrictions
https://www.bankofcanada.ca/1995/10/working-paper-1995-9/
authors examine the issue of lag-length selection in the context of a structural vector autoregression (VAR) and a vector error-correction model with long-run restrictions. First, they show that imposing long-run restrictions implies, in general, a moving-average (MA) component in the stationary multivariate representation. Then they examine the sensitivity of estimates of the permanent and transitory […]1995-10-01T14:50:23+00:00enSelection of the Truncation Lag in Structural VARs (or VECMs) with Long-Run Restrictions1995-10-01Econometric and statistical methodsWorking Paper 1995-9 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-9.pdfSelection of the Truncation Lag in Structural VARs (or VECMs) with Long-Run RestrictionsAlain DeSerresAlain GuayOctober 1995Exchange Rates and Oil Prices
https://www.bankofcanada.ca/1995/09/working-paper-1995-8/
This paper derives analytical gradients for a broad class of regime-switching models with Markovian state-transition probabilities. Such models are usually estimated by maximum likelihood methods, which require the derivatives of the likelihood function with respect to the parameter vector. These gradients are usually calculated by means of numerical techniques. The paper shows that analytical gradients […]1995-09-01T14:43:46+00:00enExchange Rates and Oil Prices1995-09-01Exchange ratesWorking Paper 1995-8 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-8.pdfExchange Rates and Oil PricesRobert AmanoSimon van NordenSeptember 1995Analytical Derivatives for Markov Switching Models
https://www.bankofcanada.ca/1995/08/working-paper-1995-7/
This paper derives analytical gradients for a broad class of regime-switching models with Markovian state-transition probabilities. Such models are usually estimated by maximum likelihood methods, which require the derivatives of the likelihood function with respect to the parameter vector. These gradients are usually calculated by means of numerical techniques. The paper shows that analytical gradients […]1995-08-01T14:37:40+00:00enAnalytical Derivatives for Markov Switching Models1995-08-01Econometric and statistical methodsWorking Paper 1995-7 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-7.pdfAnalytical Derivatives for Markov Switching ModelsJeff GableSimon van NordenRobert VigfussonAugust 1995Inflation, Learning and Monetary Policy Regimes in The G-7 Economies
https://www.bankofcanada.ca/1995/06/working-paper-1995-6/
In this paper, the authors report estimates of two- and three-state Markov switching models applied to inflation, measured using consumer price indexes, in the G-7 countries. They report tests that show that two-state models are preferred to simple one-state representations of the data, and argue that three-state representations are more satisfactory than two-state representations for […]1995-06-01T11:09:38+00:00enInflation, Learning and Monetary Policy Regimes in The G-7 Economies1995-06-01Inflation and pricesWorking Paper 1995-6 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-6.pdfInflation, Learning and Monetary Policy Regimes in The G-7 EconomiesNicholas RickettsDavid RoseJune 1995Changes in the Inflation Process in Canada: Evidence and Implications
https://www.bankofcanada.ca/1995/05/working-paper-1995-5/
The Canadian economy is currently in transition from a period of disinflation to one with a very low and relatively stable inflation rate. Against this background, the author asks whether reduced-form parameters should be expected to be invariant to changes in the inflation process. This raises two empirical issues. The first relates to whether shifts […]1995-05-03T11:04:45+00:00enChanges in the Inflation Process in Canada: Evidence and Implications1995-05-03Inflation and pricesWorking Paper 1995-5 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-5.pdfChanges in the Inflation Process in Canada: Evidence and ImplicationsDoug HostlandMay 1995Government Debt and Deficits In Canada: A Macro Simulation Analysis
https://www.bankofcanada.ca/1995/05/working-paper-1995-4/
This paper examines the macroeconomic implications of rising government debt in Canada and the short-run costs and long-run benefits of stemming the rise. The discussion begins with an evaluation of the long-run consequences of increasing government indebtedness, first based on the simple arithmetic of the government's long-run budget constraint, and then based on simulations of […]1995-05-02T10:49:13+00:00enGovernment Debt and Deficits In Canada: A Macro Simulation Analysis1995-05-02Fiscal policyWorking Paper 1995-4 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-4.pdfGovernment Debt and Deficits In Canada: A Macro Simulation AnalysisTiff MacklemDavid RoseRobert TetlowMay 1995Empirical Evidence on the Cost of Adjustment and Dynamic Labour Demand
https://www.bankofcanada.ca/1995/05/working-paper-1995-3/
In this paper the author examines whether there is significant evidence of the effect of adjustment costs on Canadian labour demand. This is an important question, as sluggish adjustment of labour demand resulting from significant adjustment costs may be one factor that could help explain some of the unemployment persistence found in Canadian data. The […]1995-05-01T10:41:04+00:00enEmpirical Evidence on the Cost of Adjustment and Dynamic Labour Demand1995-05-01Labour marketsWorking Paper 1995-3 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp95-3.pdfEmpirical Evidence on the Cost of Adjustment and Dynamic Labour DemandRobert AmanoMay 1995