Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence Staff Working Paper 2007-36 Carlos De Resende This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Fiscal policy, Inflation: costs and benefits JEL Code(s): E, E3, E31, E4, E42, E5, E50, E6, E63
Gold Prices and Inflation Staff Working Paper 2007-35 Greg Tkacz Using data for 14 countries over the 1994 to 2005 period, we assess the leading indicator properties of gold at horizons ranging from 6 to 24 months. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, E4, E44
Central Bank Performance under Inflation Targeting Staff Working Paper 2007-18 Marc-André Gosselin The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Inflation targets, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52, E58
Does Indexation Bias the Estimated Frequency of Price Adjustment? Staff Working Paper 2007-15 Maral Kichian, Oleksiy Kryvtsov We assess the implications of price indexation for estimated frequency of price adjustment in sticky price models of business cycles. These models predominantly assume that non-reoptimized prices are indexed to lagged or average inflation. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Economic models, Inflation and prices JEL Code(s): E, E3, E31, E37
The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy Staff Working Paper 2006-12 Eva Ortega, Nooman Rebei The authors analyze the welfare implications of simple monetary policy rules in the context of an estimated model of a small open economy for Canada with traded and non-traded goods, and with sticky prices and wages. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates, Inflation targets JEL Code(s): E, E3, E31, E32, E5, E52
An Evaluation of Core Inflation Measures Staff Working Paper 2006-10 Jamie Armour The author provides a statistical evaluation of various measures of core inflation for Canada. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices JEL Code(s): E, E3, E31
Structural Change in Covariance and Exchange Rate Pass-Through: The Case of Canada Staff Working Paper 2006-2 Lynda Khalaf, Maral Kichian The authors address empirically the implications of structural breaks in the variance-covariance matrix of inflation and import prices for changes in pass-through. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C5, C52, E, E3, E31, F, F3, F31, F4, F40
The 1975–78 Anti-Inflation Program in Retrospect Staff Working Paper 2005-43 John Sargent The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary. Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Fiscal policy, Inflation and prices, Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E3, E31, E5, E52, E6, E63, E64, E65
Measurement Bias in the Canadian Consumer Price Index Staff Working Paper 2005-39 James Rossiter The consumer price index (CPI) is the most commonly used measure of inflation in Canada. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation targets JEL Code(s): E, E3, E31, E5, E52
Does Financial Structure Matter for the Information Content of Financial Indicators? Staff Working Paper 2005-33 Ramdane Djoudad, Jack Selody, Carolyn A. Wilkins Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Inflation and prices, Interest rates, Monetary aggregates JEL Code(s): E, E3, E31, E32