E52 - Monetary Policy - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:53:43+00:00Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
https://www.bankofcanada.ca/2008/10/working-paper-2008-40/
How important are the benefits of low price-level uncertainty? This paper explores the desirability of price-level path targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations.2008-10-18T13:54:27+00:00enPrice Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis2008-10-18Financial stabilityInflation and pricesMonetary policy frameworkWorking Paper 2008-40 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-40.pdfPrice Level Targeting in a Small Open Economy with Financial Frictions: Welfare AnalysisAli DibCaterina MendicinoYahong ZhangOctober 2008EE3E31E32E5E52Adopting Price-Level Targeting under Imperfect Credibility: An Update
https://www.bankofcanada.ca/2008/10/working-paper-2008-37/
This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.2008-10-03T16:16:08+00:00enAdopting Price-Level Targeting under Imperfect Credibility: An Update2008-10-03CredibilityMonetary policy frameworkWorking Paper 2008-37 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-37.pdfAdopting Price-Level Targeting under Imperfect Credibility: An UpdateOleksiy KryvtsovMalik ShukayevAlexander UeberfeldtOctober 2008EE3E31E5E52The Role of Bank Capital in the Propagation of Shocks
https://www.bankofcanada.ca/2008/10/working-paper-2008-36/
Recent events in financial markets have underlined the importance of analyzing the link between the financial health of banks and real economic activity. This paper contributes to this analysis by constructing a dynamic general equilibrium model in which the balance sheet of banks affects the propagation of shocks.2008-10-02T14:41:35+00:00enThe Role of Bank Capital in the Propagation of Shocks2008-10-02Economic modelsFinancial institutionsFinancial system regulation and policiesMonetary policy transmissionWorking Paper 2008-36 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-36.pdfThe Role of Bank Capital in the Propagation of ShocksCésaire MehKevin MoranOctober 2008EE4E44E5E52GG2G21Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting
https://www.bankofcanada.ca/2008/09/working-paper-2008-31/
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth – between households and the government, between nationals and foreigners, and between households within the same country.2008-09-12T12:16:07+00:00enAggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting2008-09-12Economic modelsInflation and pricesInflation targetsInflation: costs and benefitsMonetary policy frameworkSectoral balance sheetWorking Paper 2008-31https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-31.pdfAggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level TargetingCésaire MehJosé-Víctor Ríos-RullYaz TerajimaSeptember 2008DD3D31EE2E21E3E31E4E44E5E52E6E63Are 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 2008EE3E31E5E52The Implementation of Monetary Policy in Canada
https://www.bankofcanada.ca/2008/07/discussion-paper-2008-9/
The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market.2008-07-21T14:43:57+00:00enThe Implementation of Monetary Policy in Canada2008-07-21Financial institutionsFinancial marketsMonetary policy implementationPayment clearing and settlement systemsDiscussion Paper 2008-9https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-9.pdfThe Implementation of Monetary Policy in CanadaWalter EngertToni GravelleDonna HowardJuly 2008EE5E52E58GG2G21Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
https://www.bankofcanada.ca/2008/03/discussion-paper-2008-4/
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves.2008-03-21T13:08:49+00:00enSterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks2008-03-21Exchange rate regimesFinancial stabilityInternational topicsDiscussion Paper 2008-4https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-4.pdfSterilized Intervention in Emerging-Market Economies: Trends, Costs, and RisksRobert LavigneMarch 2008EE5E52FF3F31OO2O24Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model
https://www.bankofcanada.ca/2008/03/working-paper-2008-8/
This paper develops a multi-sector New Keynesian model of a small open economy that includes commodity, manufacturing, non-tradable, and import sectors. Price and wage rigidities are sector specific, modelled à la Calvo-Yun style contracts.2008-03-18T11:50:45+00:00enWelfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model2008-03-18Economic modelsExchange rate regimesInternational topicsWorking Paper 2008-8https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-8.pdfWelfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy ModelAli DibMarch 2008EE4E5E52FF3F4Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations
https://www.bankofcanada.ca/2008/03/working-paper-2008-6/
This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to stabilize the macroeconomy, in response to a series of shocks, similar to those seen in Canada and the United States over the 1983 to 2004 period.2008-03-03T11:37:22+00:00enInflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations2008-03-03Economic modelsInflation and pricesInflation: costs and benefitsMonetary policy frameworkWorking Paper 2008-6 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-06.pdfInflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy ConsiderationsDonald ColettiRené LalondeDirk MuirMarch 2008CC5C51C52EE1E17E3E31E5E52Adopting Price-Level Targeting under Imperfect Credibility
https://www.bankofcanada.ca/2008/02/working-paper-2008-3/
This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.2008-02-03T10:46:39+00:00enAdopting Price-Level Targeting under Imperfect Credibility2008-02-03CredibilityMonetary policy frameworkWorking Paper 2008-3 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-3.pdfAdopting Price-Level Targeting under Imperfect CredibilityOleksiy KryvtsovMalik ShukayevAlexander UeberfeldtFebruary 2008EE3E31E5E52