Jamie Armour - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:25:58+00:00Evaluating Measures of Core Inflation
https://www.bankofcanada.ca/wp-content/uploads/2010/06/lafleche.pdf
Since the Bank of Canada adopted inflation targeting in 1991, it has focused on a measure of core inflation as a shorter-term guide for monetary policy. When the targets were renewed in 2001, the Bank adopted CPIX as its measure of core inflation because of the advantages it offered. Leflèche and Armour review the experience with CPIX and whether the criteria used to select it in 2001 still favour the measure today. They describe the various measures of core inflation monitored by the Bank and evaluate them on the basis of the volatility of the components, the volatility of the core measures themselves, absence of bias relative to total CPI, predictive power, and certain practical criteria, including timeliness and credibility. They conclude that CPIX still satisfies all the empirical and practical criteria.2006-06-11T11:42:51+00:00enEvaluating Measures of Core Inflation2006-06-11An Evaluation of Core Inflation Measures
https://www.bankofcanada.ca/2006/03/working-paper-2006-10/
The author provides a statistical evaluation of various measures of core inflation for Canada.2006-03-08T14:35:16+00:00enAn Evaluation of Core Inflation Measures2006-03-08Inflation and pricesWorking Paper 2006-10 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp06-10.pdfAn Evaluation of Core Inflation MeasuresJamie ArmourMarch 2006EE3E31Taylor Rules in the Quarterly Projection Model
https://www.bankofcanada.ca/2002/01/working-paper-2002-1/
In recent years, there has been a lot of interest in Taylor-type rules. Evidence in the literature suggests that Taylor-type rules are optimal in a number of models and are fairly robust across different models.2002-01-01T12:54:29+00:00enTaylor Rules in the Quarterly Projection Model2002-01-01Economic modelsMonetary policy and uncertaintyMonetary policy frameworkWorking Paper 2002-1 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-1.pdfTaylor Rules in the Quarterly Projection ModelBen FungDinah MacleanJamie ArmourJanuary 2002EE5E52Feedback Rules for Inflation Control: An Overview of Recent Literature
https://www.bankofcanada.ca/wp-content/uploads/2010/06/r001d-e.pdf
Feedback rules are rules aimed at guiding policy-makers as they face the problem of keeping inflation close to a desired path without causing variability elsewhere in the economy. These rules link short-term interest rates, controlled by the central bank, to the rate of inflation and/or its deviation from a target rate.
The authors describe the most popular types of feedback rules and review some simulation results.1999-12-13T09:52:10+00:00enFeedback Rules for Inflation Control: An Overview of Recent Literature1999-12-13A Distant-Early-Warning Model of Inflation Based on M1 Disequilibria
https://www.bankofcanada.ca/1996/04/working-paper-1996-5/
A vector error-correction model (VECM) that forecasts inflation between the current quarter and eight quarters ahead is found to provide significant leading information about inflation. The model focusses on the effects of deviations of M1 from its long-run demand but also includes, among other things, the influence of the exchange rate, a simple measure of the output gap and past prices.1996-04-01T15:11:56+00:00enA Distant-Early-Warning Model of Inflation Based on M1 Disequilibria1996-04-01Economic modelsMonetary aggregatesMonetary policy transmissionWorking Paper 1996-5 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp96-5.pdfA Distant-Early-Warning Model of Inflation Based on M1 DisequilibriaJoseph Atta-MensahWalter EngertScott HendryJamie ArmourApril 1996EE3E37E5E52Overnight Rate Innovations as a Measure of Monetary Policy Shocks in Vector Autoregressions
https://www.bankofcanada.ca/1996/03/working-paper-1996-4/
The authors examine the Bank of Canada's overnight rate as a measure of monetary policy in vector autoregression (VAR) models. Since the time series of the Bank's current measure of the overnight rate begins only in 1971, the authors splice it to day loan rate observations to obtain a sufficiently long period of data.1996-03-01T14:59:13+00:00enOvernight Rate Innovations as a Measure of Monetary Policy Shocks in Vector Autoregressions1996-03-01Economic modelsMonetary and financial indicatorsWorking Paper 1996-4 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp96-4.pdfOvernight Rate Innovations as a Measure of Monetary Policy Shocks in Vector AutoregressionsWalter EngertBen FungJamie ArmourMarch 1996EE5E52