Andrew Rennison

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Trend Inflation, Wage and Price Rigidities, and Welfare

This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E0, E5

ToTEM: The Bank of Canada's New Quarterly Projection Model

Technical Report No. 97 Stephen Murchison, Andrew Rennison
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy.
Content Type(s): Technical Reports Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E1, E17, E2, E20, E3, E30, E4, E40, E5, E50, F, F4, F41

A Structural Small Open-Economy Model for Canada

Staff Working Paper 2004-4 Stephen Murchison, Andrew Rennison, Zhenhua Zhu
The authors develop a small open-economy dynamic stochastic general-equilibrium (DSGE) model in an attempt to understand the dynamic relationships in Canadian macroeconomic data.

Comparing Alternative Output-Gap Estimators: A Monte Carlo Approach

Staff Working Paper 2003-8 Andrew Rennison
The author evaluates the ability of a variety of output-gap estimators to accurately measure the output gap in a model economy. A small estimated model of the Canadian economy is used to generate artificial data.

Evaluating the Quarterly Projection Model: A Preliminary Investigation

Staff Working Paper 2002-20 Robert Amano, Kim McPhail, Hope Pioro, Andrew Rennison
This paper summarizes the results of recent research evaluating the Bank of Canada's Quarterly Projection Model (QPM).
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models JEL Code(s): C, C5, C52, E, E1, E17, E3, E30, E37

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