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1775
result(s)
Optimal Policy under Commitment and Price Level Stationarity
Staff Working Paper 2009-8
Gino Cateau
This paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
Assessing Indexation-Based Calvo Inflation Models
Staff Working Paper 2009-7
Jean-Marie Dufour,
Lynda Khalaf,
Maral Kichian
Using identification-robust methods, the authors estimate and evaluate for Canada and the United States various classes of inflation equations based on generalized structural Calvo-type models. The models allow for different forms of frictions and vary in their assumptions regarding the type of price indexation adopted by firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices
JEL Code(s):
C,
C1,
C13,
C5,
C52,
E,
E3,
E31
Are Commodity Prices Useful Leading Indicators of Inflation?
Staff Discussion Paper 2009-5
Calista Cheung
Commodity prices have increased dramatically and persistently over the past several years, followed by a sharp reversal in recent months. These large and persistent movements in commodity prices raise questions about their implications for global inflation. The process of globalization has motivated much debate over whether global factors have become more important in driving the […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Inflation and prices,
International topics,
Monetary policy transmission
JEL Code(s):
E,
E3,
E5,
E52,
E58
Relative Prices, Trading Gains, and Real GDI: The Case of Canada
Staff Discussion Paper 2009-4
Yi Zheng
Treating imports as intermediate inputs to domestic production, the author adopts the translog function approach to model real gross domestic income (GDI) in Canada over the 1961–2006 period. She explores the role of price ratios, such as terms of trade and the real effective exchange rate, in explaining changes in real GDI, trade openness, trade […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Productivity
JEL Code(s):
C,
C4,
C43,
D,
D3,
D33,
F,
F1,
F10,
O,
O4,
O47
Emerging Asia's Impact on Food and Oil Prices: A Model-Based Analysis
Staff Discussion Paper 2009-3
René Lalonde,
Philipp Maier,
Dirk Muir
The authors explore the usefulness of macroeconomic models in analyzing global economic developments by examining movements in commodity prices between July 2007 and July 2008. They use the Bank of Canada's version of the Global Economy Model and investigate the longer-term outlook for commodity prices by constructing two different, globally consistent, scenarios for emerging Asia.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics,
Recent economic and financial developments
JEL Code(s):
E,
E3,
E30,
E5,
E50,
E58,
E6,
E60
Labour Shares and the Role of Capital and Labour Market Imperfections
Staff Discussion Paper 2009-2
Lena Suchanek
In continental Europe, labour shares in national income have exhibited considerable variation since 1970. Empirical and theoretical research suggests that the evolution of labour markets and labour market imperfections can, in part, explain this phenomenon.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Financial institutions,
Labour markets
JEL Code(s):
C,
C7,
C78,
E,
E2,
E25,
J,
J6,
J64
Canada and the IMF: Trailblazer or Prodigal Son?
Staff Discussion Paper 2009-1
Michael Bordo,
Lawrence L. Schembri,
Tamara Gomes
Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also the first major member to challenge the orthodoxy of the BrettonWoods par value system by abandoning it in 1950 in favour of a floating, market-determined exchange rate.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes,
Exchange rates,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58,
F,
F4,
F41,
F5,
F55,
N,
N7,
N72
Inventories, Markups, and Real Rigidities in Menu Cost Models
Staff Working Paper 2009-6
Oleksiy Kryvtsov,
Virgiliu Midrigan
Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is directly related to that of inventories, data on which is readily available.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
F,
F1,
F12
Comparison of Auction Formats in Canadian Government Auctions
Staff Working Paper 2009-5
Olivier Armantier,
Nourredine Lafhel
Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets,
Market structure and pricing
JEL Code(s):
D,
D4,
D44,
D6,
D63,
G,
G2,
G28