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• The Canadian Experience with Weighted Monetary Aggregates

  Staff Working Paper 1995-10 David Longworth, Joseph Atta-Mensah

  This paper compares the empirical performance of Canadian weighted monetary aggregates (in particular, Fisher ideal aggregates) with the current summation aggregates, for their information content and forecasting performance in terms of prices, real output and nominal spending for the period 1971Q1 to 1989Q3. The properties of money-demand equations for these aggregates, particularly their temporal stability, […]

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary aggregates

• Exchange Rates and Oil Prices

  Staff Working Paper 1995-8 Robert Amano, Simon van Norden

  This paper derives analytical gradients for a broad class of regime-switching models with Markovian state-transition probabilities. Such models are usually estimated by maximum likelihood methods, which require the derivatives of the likelihood function with respect to the parameter vector. These gradients are usually calculated by means of numerical techniques. The paper shows that analytical gradients […]

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates

• Analytical Derivatives for Markov Switching Models

  Staff Working Paper 1995-7 Jeff Gable, Simon van Norden, Robert Vigfusson

  This paper derives analytical gradients for a broad class of regime-switching models with Markovian state-transition probabilities. Such models are usually estimated by maximum likelihood methods, which require the derivatives of the likelihood function with respect to the parameter vector. These gradients are usually calculated by means of numerical techniques. The paper shows that analytical gradients […]

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods
• May 15, 1995

  Monetary Policy Report - May 1995

  This is the first in a series of semi-annual reports by the Bank of Canada on Canadian monetary policy.

  Content Type(s): Publications, Monetary Policy Report
• March 30, 1995

  Uncertainty and the Transmission of Monetary Policy in Canada

  Lecture Gordon Thiessen York University, Glendon College Toronto, Ontario

  Just over seven years ago, my predecessor, John Crow, delivered the Hanson Memorial Lecture at the University of Alberta. In it, he discussed a number of issues relating to the conduct of Canadian monetary policy, including the goal of monetary policy, the transmission mechanism, the use of monetary aggregates as policy guides, financial market uncertainty, and the role of the exchange rate

  Content Type(s): Press, Speeches and appearances, Lectures

• The Bank of Canada's New Quarterly Projection Model, Part 2. A Robust Method for Simulating Forward-Looking Models

  Technical Report No. 73 John Armstrong, Richard Black, Douglas Laxton, David Rose

  In this report, we describe methods for solving economic models when expectations are presumed to have at least some element of consistency with the predictions of the model itself. We present analytical results that establish the convergence properties of alternative solution procedures for linear models with unique solutions. Only one method is guaranteed to converge, […]

  Content Type(s): Staff research, Technical reports Topic(s): Economic models JEL Code(s): C, C3, C32, C5, C53

• Searching for the Liquidity Effect in Canada

  Staff Working Paper 1994-12 Ben Fung, Rohit Gupta

  This paper examines the empirical evidence of the liquidity effect in Canada. In the presence of the liquidity effect, the initial impact of an unanticipated expansionary monetary policy is to lower nominal and real interest rates for a short period of time.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary aggregates

• The Bank of Canada's New Quarterly Projection Model, Part 1. The Steady-State Model: SSQPM

  Technical Report No. 72 Richard Black, Douglas Laxton, David Rose, Robert Tetlow

  This report is the first documenting the Bank of Canada's new model of the Canadian economy, the Quarterly Projection Model (QPM). QPM is used at the Bank of Canada for both economic projections and policy analysis. Here the authors focus on the model's long-run properties, describing SSQPM, a model of the steady state of QPM […]

  Content Type(s): Staff research, Technical reports Topic(s): Economic models JEL Code(s): C, C5, C51, E, E1, E13

• Wealth, Disposable Income and Consumption: Some Evidence for Canada

  Technical Report No. 71 Tiff Macklem

  The author develops a measure of aggregate private sector wealth in Canada and examines its ability to explain aggregate consumption of non-durables and services. This wealth measure includes financial, physical and human wealth. The author measures human wealth as the expected present value of aggregate labour income, net of government expenditures, based on a discrete […]

  Content Type(s): Staff research, Technical reports Topic(s): Domestic demand and components JEL Code(s): D, D9, D91, E, E2, E21

• The Implications of the FTA and NAFTA for Canada and Mexico

  Technical Report No. 70 William White

  This report highlights the possible implications of the Free Trade Agreement (FTA) and the North American Free Trade Agreement (NAFTA) for Canada and Mexico. While it is still early, the initial evidence indicates that these treaties are contributing to a continental process of industrial restructuring that will contribute to higher living standards over time. The […]

  Content Type(s): Staff research, Technical reports Topic(s): International topics JEL Code(s): F, F1, F13