Gabriel Srour

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Some Notes on Monetary Policy Rules with Uncertainty

Staff Working Paper 2003-16 Gabriel Srour
The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Uncertainty and monetary policy JEL Code(s): E, E5, E52

The Monetary Transmission Mechanism at the Sectoral Level

Staff Working Paper 2001-27 Jean Farès, Gabriel Srour
This paper relies on simple vector autoregressions to investigate the monetary transmission mechanism in broad sectors of the Canadian economy. Two types of disaggregation are considered: one at the level of final expenditures, and one at the level of production.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Transmission of monetary policy JEL Code(s): E, E5, E52

Price-Level versus Inflation Targeting in a Small Open Economy

Staff Working Paper 2001-24 Gabriel Srour
This paper compares two types of monetary policy: price-level targeting and inflation targeting. It reviews recent arguments that favour price-level targeting, and examines how certain factors, such as the nature of the shocks affecting the economy and the degree to which agents are forward-looking, bear upon the arguments.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy framework JEL Code(s): E, E5, E52

Why Do Central Banks Smooth Interest Rates?

Staff Working Paper 2001-17 Gabriel Srour
It is commonly observed that central banks respond gradually to economic shocks, moving the interest rate in small discrete steps in the same direction over an extended period of time. This paper examines the empirical evidence regarding central banks' smoothing of interest rates, paying particular attention to the case of Canada.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy implementation JEL Code(s): E, E5

Inflation Targeting under Uncertainty

Technical Report No. 85 Gabriel Srour
This paper studies the implications of certain kinds of uncertainty for monetary policy. It first describes the optimum policy rule in a simple model of the transmission mechanism as in Ball and Svensson.

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