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278
result(s)
Changes in the Inflation Process in Canada: Evidence and Implications
Staff Working Paper 1995-5
Doug Hostland
The Canadian economy is currently in transition from a period of disinflation to one with a very low and relatively stable inflation rate. Against this background, the author asks whether reduced-form parameters should be expected to be invariant to changes in the inflation process. This raises two empirical issues. The first relates to whether shifts […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices
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 […]
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Interest rates
Measurement Biases in the Canadian CPI
Technical Report No. 64
Allan Crawford
The consumer price index (CPI) may be an imperfect measure of changes in the cost of living owing to measurement biases known as commodity substitution bias, new goods bias, quality bias and outlet substitution bias. When the sum of these individual biases is positive, the rate of change in the CPI overstates the increase in […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation and prices
JEL Code(s):
E,
E3,
E31
Monetary Policy, Uncertainty and the Presumption of Linearity
Technical Report No. 63
Douglas Laxton,
David Rose,
Robert Tetlow
This report shows that extreme conditions and volatility in markets are much more likely to result from systematic policy errors in gauging and responding to inflationary pressures in an economy than from unfortunate random shocks. We describe a simple model that incorporates the key features of the policy control process. We use two versions of […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Economic models,
Inflation and prices,
Monetary policy and uncertainty
JEL Code(s):
E,
E5,
E52
Wage and Price Dynamics in Canada
Technical Report No. 56
Barry Cozier
This paper examines wage and price dynamics in Canada with a view towards testing the implications of a wage-price dynamics, according to which unit labour costs are determined by a wage Phillips curve while prices are set as a markup over unit labour costs. This model is compared to an alternative model in which excess […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation and prices
JEL Code(s):
C,
C5,
C51,
C52,
E,
E2,
E24,
E3,
E31
The Goal of Price Stability: A Review of the Issues
Technical Report No. 54
Jack Selody
The basic responsibility of a central bank is to preserve the value of money—that is, to maintain stability in the general level of prices. This report pulls together the main arguments for and against price stability as the appropriate goal for monetary policy. The available evidence suggests that the benefits of price stability are many […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation targets
JEL Code(s):
E,
E3,
E31,
E5,
E50
Asset Stocks and the Use of Monetary and Fiscal Policies to Reduce Inflation
Technical Report No. 35
Paul Masson
This paper analyzes the dynamic behaviour of a country's economy under different policy regimes, by examining the cyclical effects that occur when certain intermediate macroeconomic targets are adopted. To highlight the differences in the adjustment paths that result, the study deliberately limits policy choice: either money supply or nominal income as targets, and either real […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Fiscal policy,
Inflation and prices,
Monetary policy and uncertainty
JEL Code(s):
E,
E3,
E31,
E6,
E63