E - Macroeconomics and Monetary Economics

• Inflation Dynamics and the New Keynesian Phillips Curve: An Identification-Robust Econometric Analysis

  Staff Working Paper 2005-27 Jean-Marie Dufour, Lynda Khalaf, Maral Kichian

  The authors use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips curve (NKPC) equation.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31

• Uninsured Idiosyncratic Production Risk with Borrowing Constraints

  Staff Working Paper 2005-26 Francisco Covas

  The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial institutions, Financial markets JEL Code(s): E, E2, E22, G, G1, G11, M, M1, M13

• The Impact of Unanticipated Defaults in Canada's Large Value Transfer System

  Staff Working Paper 2005-25 Darcey McVanel

  Canada's Large Value Transfer System (LVTS) is designed to meet international risk-proofing standards at a minimum cost to participants in terms of collateral requirements.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, E47, G, G2, G21

• The Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian Dollar

  Staff Working Paper 2005-21 Rasmus Fatum, Michael R. King

  The Bank of Canada is one of very few central banks that has made records of the intraday timing of its intervention operations available to researchers.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial markets JEL Code(s): E, E5, E58, F, F3, F31, G, G1, G14, G15

• La fonction de production et les données canadiennes

  Staff Working Paper 2005-20 Patrick Perrier

  This study has two aspects. First, the author examines the theoretical properties of the constant elasticity of substitution (CES) production function and the implications of this formulation for the properties of a structural macroeconomic model.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): D, D2, D24, E, E2, E23, O, O4, O40

• Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy

  Staff Working Paper 2005-16 René Lalonde

  The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices, Monetary policy transmission JEL Code(s): C, C3, C32, E, E5, E52

• Learning-by-Doing or Habit Formation?

  Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano

  In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models, Labour markets JEL Code(s): C, C5, C52, E, E3, E32, J, J2, J22

• Labour Market Adjustments to Exchange Rate Fluctuations: Evidence from Canadian Manufacturing Industries

  Staff Working Paper 2005-14 Danny Leung, Terence Yuen

  The authors provide some of the first empirical evidence on labour market adjustments to exchange rate movements in Canadian manufacturing industries.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Labour markets JEL Code(s): E, E2, E23, F, F4

• Monetary Policy under Model and Data-Parameter Uncertainty

  Staff Working Paper 2005-6 Gino Cateau

  Policy-makers in the United States over the past 15 to 20 years seem to have been cautious in setting policy: empirical estimates of monetary policy rules such as Taylor's (1993) rule are much less aggressive than those derived from optimizing models.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy and uncertainty JEL Code(s): D, D8, D81, E, E5, E58

• Y a-t-il eu surinvestissement au Canada durant la seconde moitié des années 1990?

  Staff Working Paper 2005-5 Sylvain Martel

  This study on overinvestment differs from the existing literature in that investment in machinery and equipment is modelled as a structural vector autoregression with identification achieved by imposing long-run restrictions, as in Blanchard and Quah (1989).

  Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components JEL Code(s): C, C3, C32, E, E3, E37, F, F4, F47