Technical reports provide detailed descriptions of staff research project methodologies and model development.
93
result(s)
A Comparison of Twelve Macroeconomic Models of the Canadian Economy
Technical Report No. 94
Denise Côté,
John Kuszczak,
Jean-Paul Lam,
Ying Liu,
Pierre St-Amant
In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties. These open-economy models can be grouped into two economic paradigms.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Economic models,
Monetary policy and uncertainty
JEL Code(s):
C,
C5,
E,
E5,
E52,
E58
Money in the Bank (of Canada)
Technical Report No. 93
David Longworth
With the demise of monetary targeting over the past 20 years in many major countries, the question has arisen as to whether central banks should look at money at all when formulating and conducting monetary policy.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Monetary aggregates,
Monetary policy transmission
JEL Code(s):
E,
E5,
E50,
E51,
E52
The Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy
Technical Report No. 92
Denise Côté,
John Kuszczak,
Jean-Paul Lam,
Ying Liu,
Pierre St-Amant
In this report, we evaluate several simple monetary policy rules in twelve private and public sector models of the Canadian economy. Our results indicate that none of the simple policy rules we examined is robust to model uncertainty, in that no single rule performs well in all models.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Monetary policy and uncertainty
JEL Code(s):
E,
E5,
E52,
E58
The Financial Services Sector: An Update on Recent Developments
Technical Report No. 91
Charles Freedman,
Clyde Goodlet
The Canadian financial industry continues to experience significant changes. This report provides an update on recent developments and re-examines a number of issues facing financial service providers that were identified in Technical Report No. 82.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Financial institutions,
Financial services
JEL Code(s):
G,
G2
Dollarization in Canada: The Buck Stops There
Technical Report No. 90
John Murray,
James Powell
The sharp depreciation of the Canadian dollar and the successful launch of the euro have spawned an animated debate in Canada concerning the potential benefits of formally adopting the U.S. dollar as our national currency.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Exchange rate regimes
JEL Code(s):
E,
E3,
E32,
F,
F3,
F33,
F36
Core Inflation
Technical Report No. 89
Seamus Hogan,
Marianne Johnson,
Thérèse Laflèche
The Bank of Canada uses core CPI inflation, the year-over-year rate of change of the consumer price index excluding food, energy, and the effects of changes in indirect taxes, as the operational guide for monetary policy.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation and prices
JEL Code(s):
E,
E3,
E31
International Financial Crises and Flexible Exchange Rates: Some Policy Lessons from Canada
Technical Report No. 88
John Murray,
Mark Zelmer,
Zahir Antia
This paper examines the behaviour of the Canadian dollar from 1997 to 1999 to see if there is any evidence of excess volatility or significant overshooting. A small econometric model of the exchange rate, based on market fundamentals, is presented and used to make tentative judgments about the extent to which the currency might have been systematically over- or undervalued.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Exchange rate regimes,
Exchange rates
JEL Code(s):
F,
F3,
F31
The Regulation of Central Securities Depositories and the Linkages between CSDs and Large-Value Payment Systems
Technical Report No. 87
Charles Freedman
This paper first describes the Bank of Canada's approach to the design of large-value clearing and settlement systems. It then examines the way the Bank has operated under the Payment Clearing and Settlement Act, passed by Parliament in July 1996.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
G20
Greater Transparency in Monetary Policy: Impact on Financial Markets
Technical Report No. 86
Philippe Muller,
Mark Zelmer
Measures have been taken by the Bank of Canada to increase the transparency of Canadian monetary policy. This paper examines whether the greater transparency has improved financial markets' understanding of the conduct of monetary policy.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Financial markets,
Monetary policy implementation
JEL Code(s):
E,
E5,
E52,
E58,
G,
G1,
G14