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17 Results

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.

Micro Foundations of Price-Setting Behaviour: Evidence from Canadian Firms

Staff Working Paper 2007-31 Daniel de Munnik, Kuan Xu
How do firms adjust prices in the marketplace? Do they tend to adjust prices infrequently in response to changes in market conditions? If so, why? These remain key questions in macroeconomics, particularly for central banks that work to keep inflation low and stable.

ToTEM: The Bank of Canada's New Quarterly Projection Model

Technical Report No. 97 Stephen Murchison, Andrew Rennison
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy.
Content Type(s): Staff research, Technical reports Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E1, E17, E2, E20, E3, E30, E4, E40, E5, E50, F, F4, F41

The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis

Staff Working Paper 2004-44 Brigitte Desroches
The first step in designing effective policies to stabilize an economy is to understand business cycles. No country is isolated from the world economy and external shocks are becoming increasingly important.

Predetermined Prices and the Persistent Effects of Money on Output

Staff Working Paper 2001-13 Michael Devereux, James Yetman
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence.
Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E3, E30
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