E - Macroeconomics and Monetary Economics

• Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?

  Staff Working Paper 2004-28 Virginie Traclet

  Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Monetary policy framework JEL Code(s): E, E5, E58, E6, E61, E63

• Financial Market Imperfection, Overinvestment, and Speculative Precaution

  Staff Working Paper 2004-27 Christian Calmès

  The author uses panel data to assess the sensitivity of investment to cash flow in non-financial firms, taking into account the role their financial health plays in investment decisions.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles JEL Code(s): D, D9, D92, E, E2, E22, E4, E44, G, G3, G33

• Money Demand and Economic Uncertainty

  Staff Working Paper 2004-25 Joseph Atta-Mensah

  The author examines the impact of economic uncertainty on the demand for money.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary aggregates JEL Code(s): E, E4, E41, E5, E50

• Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization

  Staff Working Paper 2004-23 Denise Côté, Christopher Graham

  Since the early 1980s, long-term government bond yields in the euro zone have declined, in line with those in other industrialized countries.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, International topics JEL Code(s): C, C2, C23, E, E4, E43, E44, F, F3, F36

• Financial Conditions Indexes for Canada

  Staff Working Paper 2004-22 Céline Gauthier, Christopher Graham, Ying Liu

  The authors construct three financial conditions indexes (FCIs) for Canada based on three approaches: an IS-curve-based model, generalized impulse-response functions, and factor analysis.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary and financial indicators, Monetary conditions index JEL Code(s): E, E4, E44, E5, E52

• Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation

  Staff Working Paper 2004-21 Jeannine Bailliu, Eiji Fujii

  This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in monetary policy, results in a decline in the degree of pass-through of exchange rate movements to consumer prices.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation and prices, International topics JEL Code(s): E, E3, E31, E4, E42, F, F3, F31

• When Bad Things Happen to Good Banks: Contagious Bank Runs and Currency Crises

  Staff Working Paper 2004-18 Raphael Solomon

  The author develops a twin crisis model featuring multiple banks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial institutions JEL Code(s): E, E5, E58, F, F3, F30, G, G2, G21

• The Bank of Canada's Business Outlook Survey: An Assessment

  Staff Working Paper 2004-15 Monica Martin, Cristiano Papile

  Since the autumn of 1997, the Bank of Canada's regional offices (located in Halifax, Montréal, Toronto, Calgary, and Vancouver) have conducted consultations with businesses across Canada on a quarterly basis. These consultations are now referred to as the Business Outlook Survey (BOS).

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Domestic demand and components JEL Code(s): E, E3, E32, E6, E66

• Estimating New Keynesian Phillips Curves Using Exact Methods

  Staff Working Paper 2004-11 Lynda Khalaf, Maral Kichian

  The authors use simple new finite-sample methods to test the empirical relevance of the 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

• Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework

  Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz

  In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37