E31 - Price Level; Inflation; Deflation - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T13:53:19+00:00Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment
https://www.bankofcanada.ca/2009/12/working-paper-2009-36/
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence.2009-12-15T16:03:27+00:00enReal and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment2009-12-15Monetary policy transmissionWorking Paper 2009-36 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-36.pdfReal and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price AdjustmentMichael K. JohnstonDecember 2009EE1E12E2E22E3E31Resurrecting the Role of Real Money Balance Effects
https://www.bankofcanada.ca/2009/09/working-paper-2009-24/
I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the early postwar period.2009-09-15T10:36:19+00:00enResurrecting the Role of Real Money Balance Effects2009-09-15Business fluctuations and cyclesMonetary aggregatesMonetary policy transmissionWorking Paper 2009-24 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-24.pdfResurrecting the Role of Real Money Balance EffectsJosé DorichSeptember 2009EE3E31E32E5E52Structural Inflation Models with Real Wage Rigidities: The Case of Canada
https://www.bankofcanada.ca/2009/07/working-paper-2009-21/
Real wage rigidities have recently been proposed as a way of building intrinsic persistence in inflation within the context of New Keynesian Phillips Curves. Using two recent illustrative structural models, we evaluate empirically the importance of real wage rigidities in the data and the extent to which such models provide useful information regarding price stickiness.2009-07-12T15:38:01+00:00enStructural Inflation Models with Real Wage Rigidities: The Case of Canada2009-07-12Econometric and statistical methodsInflation and pricesLabour marketsWorking Paper 2009-21 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-21.pdfStructural Inflation Models with Real Wage Rigidities: The Case of CanadaJean-Marie DufourLynda KhalafMaral KichianJuly 2009CC1C13C5C52EE3E31Adopting Price-Level Targeting under Imperfect Credibility in ToTEM
https://www.bankofcanada.ca/2009/05/working-paper-2009-17/
Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.2009-05-03T15:26:15+00:00enAdopting Price-Level Targeting under Imperfect Credibility in ToTEM2009-05-03Monetary policy frameworkMonetary policy implementationWorking Paper 2009-17https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-17.pdfAdopting Price-Level Targeting under Imperfect Credibility in ToTEMGino CateauOleksiy KryvtsovMalik ShukayevAlexander UeberfeldtMay 2009EE3E31E5E52Real Effects of Price Stability with Endogenous Nominal Indexation
https://www.bankofcanada.ca/2009/05/working-paper-2009-16/
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997).2009-05-03T12:42:40+00:00enReal Effects of Price Stability with Endogenous Nominal Indexation2009-05-03Economic modelsFinancial marketsMonetary policy frameworkMonetary policy transmissionWorking Paper 2009-16 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-16.pdfReal Effects of Price Stability with Endogenous Nominal IndexationCésaire MehVincenzo QuadriniYaz TerajimaMay 2009EE2E21E3E31E4E44E5E52Information Flows and Aggregate Persistence
https://www.bankofcanada.ca/2009/04/working-paper-2009-11/
Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of information is determined endogenously.2009-04-03T11:13:05+00:00enInformation Flows and Aggregate Persistence2009-04-03Business fluctuations and cyclesInflation and pricesMonetary policy transmissionWorking Paper 2009-11 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-11.pdfInformation Flows and Aggregate PersistenceOleksiy KryvtsovApril 2009DD8D83EE3E31E32Inventories and Real Rigidities in New Keynesian Business Cycle Models
https://www.bankofcanada.ca/2009/02/working-paper-2009-9/
Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle.2009-02-02T14:53:06+00:00enInventories and Real Rigidities in New Keynesian Business Cycle Models2009-02-02Business fluctuations and cyclesMonetary policy transmissionWorking Paper 2009-9 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-91.pdfInventories and Real Rigidities in New Keynesian Business Cycle ModelsOleksiy KryvtsovVirgiliu MidriganFebruary 2009EE3E31FF1F12Assessing Indexation-Based Calvo Inflation Models
https://www.bankofcanada.ca/2009/02/working-paper-2009-7/
Using identification-robust methods, the authors estimate and evaluate for Canada and the United States various classes of inflation equations based on generalized structural Calvo-type models. The models allow for different forms of frictions and vary in their assumptions regarding the type of price indexation adopted by firms.2009-02-02T14:11:09+00:00enAssessing Indexation-Based Calvo Inflation Models2009-02-02Econometric and statistical methodsInflation and pricesWorking Paper 2009-7 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-7.pdfAssessing Indexation-Based Calvo Inflation ModelsJean-Marie DufourLynda KhalafMaral KichianFebruary 2009CC1C13C5C52EE3E31Inventories, Markups, and Real Rigidities in Menu Cost Models
https://www.bankofcanada.ca/2009/01/working-paper-2009-6/
Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available.2009-01-01T16:24:20+00:00enInventories, Markups, and Real Rigidities in Menu Cost Models2009-01-01Business fluctuations and cyclesMonetary policy transmissionWorking Paper 2009-6 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-6.pdfInventories, Markups, and Real Rigidities in Menu Cost ModelsOleksiy KryvtsovVirgiliu MidriganJanuary 2009EE3E31FF1F12