Christopher Ragan

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Staff Working Papers

The Exchange Rate and Canadian Inflation Targeting

Staff Working Paper 2005-34 Christopher Ragan
The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy.

On the Believable Benefits of Low Inflation

Staff Working Paper 1998-15 Christopher Ragan
This paper reviews the existing theoretical and empirical literature addressing the benefits of low inflation. The ultimate goal is to arrive at a set of benefits in which a monetary authority can have genuine confidence. I argue that the current state of economic research—both empirical and theoretical—provides little basis for believing in significant observable benefits […]
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E3, E31

Deriving Agents' Inflation Forecasts from the Term Structure of Interest Rates

Staff Working Paper 1995-1 Christopher Ragan
In this paper, the author uses the term structure of nominal interest rates to construct estimates of agents' expectations of inflation over several medium-term forecast horizons. The Expectations Hypothesis is imposed together with the assumption that expected future real interest rates are given by current real rates. Under these maintained assumptions, it is possible to […]