E3 - Prices, Business Fluctuations, and Cycles - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T10:35:49+00:00Common Trends and Common Cycles in Canadian Sectoral Output
https://www.bankofcanada.ca/2003/12/working-paper-2003-44/
The authors examine evidence of long- and short-run co-movement in Canadian sectoral output data. Their framework builds on a vector-error-correction representation that allows them to test for and compute full-information maximum-likelihood estimates of models with codependent cycle restrictions.2003-12-08T16:38:29+00:00enCommon Trends and Common Cycles in Canadian Sectoral Output2003-12-08Business fluctuations and cyclesEconometric and statistical methodsWorking Paper 2003-44 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-44.pdfCommon Trends and Common Cycles in Canadian Sectoral OutputFrancisco BarillasChristoph SchleicherDecember 2003CC1C15C2C22C3C32EE3E32Why Does Private Consumption Rise After a Government Spending Shock?
https://www.bankofcanada.ca/2003/12/working-paper-2003-43/
Recent empirical evidence suggests that private consumption is crowded-in by government spending. This outcome violates existing macroeconomic theory, according to which the negative wealth effect brought about by a rise in public expenditure should decrease consumption.2003-12-07T16:25:17+00:00enWhy Does Private Consumption Rise After a Government Spending Shock?2003-12-07Business fluctuations and cyclesEconomic modelsFiscal policyWorking Paper 2003-43 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-43.pdfWhy Does Private Consumption Rise After a Government Spending Shock?Hafedh BouakezNooman RebeiDecember 2003EE3E32E6E62The Canadian Phillips Curve and Regime Shifting
https://www.bankofcanada.ca/2003/10/working-paper-2003-32/
Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance.2003-10-03T14:06:57+00:00enThe Canadian Phillips Curve and Regime Shifting2003-10-03Econometric and statistical methodsInflation and pricesWorking Paper 2003-32 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-32.pdfThe Canadian Phillips Curve and Regime ShiftingFrédérick DemersOctober 2003CC5C52EE3E31Monetary Policy in Estimated Models of Small Open and Closed Economies
https://www.bankofcanada.ca/2003/09/working-paper-2003-27/
The author develops and estimates a quantitative dynamic-optimizing model of a small open economy (SOE) with domestic and import price stickiness and capital-adjustment costs. A monetary policy rule allows the central bank to systematically manage the short-term nominal interest rate in response to deviations of inflation, output, and money growth from their steadystate levels.2003-09-03T12:34:40+00:00enMonetary Policy in Estimated Models of Small Open and Closed Economies2003-09-03Business fluctuations and cyclesExchange ratesMonetary policy transmissionWorking Paper 2003-27 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-27.pdfMonetary Policy in Estimated Models of Small Open and Closed EconomiesAli DibSeptember 2003EE3E31E5E52FF2F3A Small Dynamic Hybrid Model for the Euro Area
https://www.bankofcanada.ca/2003/07/working-paper-2003-19/
The authors estimate and solve a small structural model for the euro area over the 1983–2000 period. Given the assumption of rational expectations, the model implies a set of orthogonality conditions that provide the basis for estimating the model's parameter by generalized method of moments.2003-07-01T15:42:46+00:00enA Small Dynamic Hybrid Model for the Euro Area2003-07-01Monetary policy transmissionWorking Paper 2003-19 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-19.pdfA Small Dynamic Hybrid Model for the Euro AreaRamdane DjoudadCéline GauthierJuly 2003EE3E31Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico
https://www.bankofcanada.ca/2003/06/working-paper-2003-17/
The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico.2003-06-01T11:44:29+00:00enExplaining and Forecasting Inflation in Emerging Markets: The Case of Mexico2003-06-01Inflation and pricesInternational topicsWorking Paper 2003-17 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-17.pdfExplaining and Forecasting Inflation in Emerging Markets: The Case of MexicoJeannine BailliuDaniel GarcésMark KrugerMiguel MessmacherJune 2003EE3E31E37Un modèle « PAC » d'analyse et de prévision des dépenses des ménages américains
https://www.bankofcanada.ca/2003/05/working-paper-2003-13/
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have been induced by changes in expectations, and responses to expectations, that have been delayed because of adjustment costs.2003-05-01T09:47:18+00:00frUn modèle « PAC » d'analyse et de prévision des dépenses des ménages américains2003-05-01Business fluctuations and cyclesEconometric and statistical methodsEconomic modelsWorking Paper 2003-13 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-13.pdfUn modèle « PAC » d’analyse et de prévision des dépenses des ménages américainsMarc-André GosselinRené LalondeMay 2003CC3C32EE2E21E3E32The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework
https://www.bankofcanada.ca/2003/04/working-paper-2003-12/
The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent with the sign, timing, and magnitude of how hours worked, after-tax real wages, and output actually respond to an upsurge in military purchases.2003-04-01T16:37:55+00:00enThe Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework2003-04-01Business fluctuations and cyclesEconomic modelsFiscal policyWorking Paper 2003-12 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-12.pdfThe Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis FrameworkAlain PaquetLouis PhaneufNooman RebeiApril 2003EE3E32E6E62HH2Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy
https://www.bankofcanada.ca/2003/04/working-paper-2003-9/
The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks.2003-04-01T11:27:17+00:00enBank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy2003-04-01Financial institutionsMonetary policy frameworkMonetary policy transmissionWorking Paper 2003-9 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-9.pdfBank Lending, Credit Shocks, and the Transmission of Canadian Monetary PolicyJoseph Atta-MensahAli DibApril 2003EE3E32E4E5E51Comparing Alternative Output-Gap Estimators: A Monte Carlo Approach
https://www.bankofcanada.ca/2003/03/working-paper-2003-8/
The author evaluates the ability of a variety of output-gap estimators to accurately measure the output gap in a model economy. A small estimated model of the Canadian economy is used to generate artificial data.2003-03-01T11:14:35+00:00enComparing Alternative Output-Gap Estimators: A Monte Carlo Approach2003-03-01Business fluctuations and cyclesEconometric and statistical methodsPotential outputWorking Paper 2003-8 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-8.pdfComparing Alternative Output-Gap Estimators: A Monte Carlo ApproachAndrew RennisonMarch 2003CC1C15EE3E32