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45 Results

The Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States

Staff Working Paper 2006-11 René Lalonde, Nicolas Parent
In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. Since the Fed directly controls only one instrument - the federal funds rate - the authors argue that the Fed's priorities continuously alternate between inflation and economic activity.

Intertemporal Substitution in Macroeconomics: Evidence from a Two-Dimensional Labour Supply Model with Money

Staff Working Paper 2005-30 Ali Dib, Louis Phaneuf
The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data.

Learning-by-Doing or Habit Formation?

Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano
In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity.

The U.S. New Keynesian Phillips Curve: An Empirical Assessment

Staff Working Paper 2004-35 Alain Guay, Florian Pelgrin
The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC).
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