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2338
result(s)
A Discussion of the Reliability of Results Obtained with Long-Run Identifying Restrictions
Staff Working Paper 1998-4
Pierre St-Amant,
David Tessier
In a recent article, Faust and Leeper (1997) discuss reasons why inference from structural VARs identified with long-run restrictions may not be reliable. In this paper, the authors argue that there are reasons to believe that Faust and Leeper's arguments are not devastating in practice. First, simulation exercises suggest that this approach does well when […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C3
Tendance des dépenses publiques et de l'inflation et évolution comparative du taux de chômage au Canada et aux États-Unis
Staff Working Paper 1998-3
Pierre St-Amant,
David Tessier
The authors' purpose in this paper is to isolate the respective contributions of budgetary and monetary policy in Canada and the United States to the behaviour of unemployment rates in the two countries. Their method consists of estimating VAR models and using long-term identification restrictions to perform a structural analysis. Budgetary policy shocks are defined […]
The Financial Services Sector: Past Changes and Future Prospects
Technical Report No. 82
Charles Freedman,
Clyde Goodlet
The financial services industry has been undergoing significant change in recent years. This paper analyzes some key developments affecting the industry and examines some important issues facing the industry and its regulators.
The Canadian Banking System
Technical Report No. 81
Charles Freedman
This paper examines the major changes in the Canadian banking system since the Second World War, with special attention paid to the differences between Canadian and U.S. developments over this period.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Financial institutions
JEL Code(s):
G,
G2
International Borrowing, Specialization and Unemployment in a Small, Open Economy
Staff Working Paper 1998-2
Patrick Osakwe,
Shouyong Shi
Empirical evidence suggests that the unemployment rate and the export/GNP ratio are positively correlated with external debt across developing countries. This paper develops a dynamic model that provides an explanation for the aforementioned relationships. The central idea of our paper is that international borrowing affects unemployment and specialization patterns by unevenly changing the risk-sharing structure—across […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International topics
JEL Code(s):
F,
F3,
J,
J6
Food Aid Delivery, Food Security and Aggregate Welfare in a Small Open Economy: Theory and Evidence
Staff Working Paper 1998-1
Patrick Osakwe
A small-open-economy model is developed to examine how the method of food aid disbursement affects labor employment, food security and aggregate welfare, in recipient countries, in an environment in which private sector firms pay efficiency wages to induce effort. Two forms of food aid delivery are considered: first is project food aid, under which food […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Development economics
JEL Code(s):
J,
J4,
O,
O1,
Q,
Q1
December 14, 1997
Recent economic and financial developments
The Canadian economy expanded at an average rate of over 4 per cent through the second half of 1996 and the first three quarters of 1997. The expansion was supported by accommodative monetary conditions, substantial employment gains, low inflation, an improved fiscal postion, and strong U.S. demand. These factors will continue to underpin a scenario of sustained growth in output and employment in the period ahead. With the situation in Asia still evolving, it is difficult to be precise about the size of its overall impact on Canada. At the same time, there have been some positive developments including stronger-than-anticipated economic performance in the United States, Mexico, and Europe and declining longer-term interest rates in most industrial countries. The core rate of inflation slipped slightly below the 1 to 3 per cent target range in the closing months of 1997. With the unwinding of some of the special factors that contributed to the decline, trend inflation is expected to move back inside the range in coming months.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Recent economic and financial developments
December 13, 1997
The overnight market in Canada
The overnight market is an active forum where participants with a temporary surplus or shortage of funds can lend or borrow until the next business day. The level of interest rates in the overnight market has always been closely linked to the Bank of Canada's monetary policy operations. In this article, the authors describe the evolution of the market from its roots in the 1950s, the development of the Bank's monetary policy operations in the market, and how the market operates today. They also examine the outlook for the overnight market, particularly the implications of the new Large-Value Transfer System.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Monetary policy implementation
December 12, 1997
Potential output growth: Some long-term projections
This article examines factors that have affected the growth of potential output since the 1950s and presents three possible scenarios for its growth in the future. The authors conclude that there will be a marked slowing in the future growth of potential output as a result of slow population growth and a reduction in labour force participation as the population ages.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Potential output