Allan Crawford - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T05:10:13+00:00Predictability of Average Inflation over Long Time Horizons
https://www.bankofcanada.ca/wp-content/uploads/2010/06/crawforde.pdf
Uncertainty about the level of future inflation adversely affects the economy because it distorts the savings and investment decisions of households and businesses. Since these decisions typically involve planning horizons of many years, the adverse effects from inflation uncertainty can be reduced by adopting a policy framework that makes future inflation more predictable over long time horizons.
When the inflation-control target was renewed in May 2001, the agreement affirmed that monetary policy will be directed at moving inflation to the 2 per cent midpoint of the target range over a six-to-eight-quarter horizon. The author describes how this policy commitment increases the predictability of average inflation over periods longer than one year. This relationship is illustrated using the Canadian experience from the inflation-targeting period.2001-11-17T13:09:47+00:00enPredictability of Average Inflation over Long Time Horizons2001-11-17How Rigid Are Nominal-Wage Rates?
https://www.bankofcanada.ca/2001/05/working-paper-2001-8/
This study examines the effect of nominal-wage rigidities on wage growth in Canada using a hazard model and micro data for union contracts. The hazard model is specified in a way that allows considerable flexibility in the shape of the estimated notional wage-change distribution.2001-05-01T11:09:13+00:00enHow Rigid Are Nominal-Wage Rates?2001-05-01Inflation targetsLabour marketsWorking Paper 2001-8 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp01-8.pdfHow Rigid Are Nominal-Wage Rates?Allan CrawfordMay 2001EE2E24E5E52E6E61Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models
https://www.bankofcanada.ca/2001/05/working-paper-2001-7/
This paper uses Tobit models and data for union contracts to examine the extent of downward nominal-wage rigidity in Canada. To be consistent with important stylized facts, the models allow the variance of the notional wage-change distribution to be time-varying and test for menu-cost effects.2001-05-01T10:54:38+00:00enDownward Nominal-Wage Rigidity: Micro Evidence from Tobit Models2001-05-01Inflation targetsLabour marketsWorking Paper 2001-7 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp01-7.pdfDownward Nominal-Wage Rigidity: Micro Evidence from Tobit ModelsAllan CrawfordGeoff WrightMay 2001EE2E24E5E52E6E61