March 5, 2008
Posts
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March 4, 2008
Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 1/2 per cent
The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 per cent. -
Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations
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. -
February 26, 2008
Summary of Comments - 2008/09 Debt Strategy Consultations
Today, a Summary of Comments on the Debt Strategy Consultations for 2008/09 is being published on the Bank of Canada's website in conjunction with the release of the government's Debt Management Strategy for 2008/09 on the Department of Finance's website. -
Understanding Productivity: A Review of Recent Technical Research
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […] -
February 18, 2008
Governor Carney Discusses Impacts of Globalization on Canada
Canada has adjusted well to sharp movements in its terms of trade and is enjoying the many benefits of a globalized economy, Bank of Canada Governor Mark Carney said today in a speech to the British Columbia Chamber of Commerce and the Business Council of British Columbia. -
February 18, 2008
The Implications of Globalization for the Economy and Public Policy
I chose to speak about globalization at the outset of my tenure because it will continue to be one of the forces shaping our economy and economic policy for years to come. Steady advances in transportation, communication, and information technologies, underpinned by the more widespread adoption of free-market economic policies, are shrinking the globe and expanding the global economy. -
Unsecured Debt, Consumer Bankruptcy, and Small Business
In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare. -
What Affects MFP in the Long-Run? Evidence from Canadian Industries
In this paper we explore variables that may have an impact on multifactor productivity (MFP) in the long-run using the KLEMS database for Canada. We estimate a dynamic heterogeneous panel error-correction model of twelve 2-digit level industries. -
Adopting Price-Level Targeting under Imperfect Credibility
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.