E - Macroeconomics and Monetary Economics
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Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy
The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities. -
Learning-by-Doing or Habit Formation?
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. -
Labour Market Adjustments to Exchange Rate Fluctuations: Evidence from Canadian Manufacturing Industries
The authors provide some of the first empirical evidence on labour market adjustments to exchange rate movements in Canadian manufacturing industries. -
Monetary Policy under Model and Data-Parameter Uncertainty
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. -
Y a-t-il eu surinvestissement au Canada durant la seconde moitié des années 1990?
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). -
State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?
Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an intensive margin (the average size of those changes). -
Self-Enforcing Labour Contracts and the Dynamics Puzzle
To properly account for the dynamics of key macroeconomic variables, researchers incorporate various internal-propagation mechanisms in their models. -
An Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest Rates
Zero-coupon interest rates are the fundamental building block of fixed-income mathematics, and as such have an extensive number of applications in both finance and economics. -
Une approche éclectique d'estimation du PIB potentiel pour le Royaume-Uni
The author describes results obtained by using a new methodology to estimate potential output for the United Kingdom.