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). Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31
Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry Staff Working Paper 2004-32 Rose Cunningham Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles JEL Code(s): C, C3, C35, E, E3, E32, L, L6, L63
Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization Staff Working Paper 2004-23 Denise Côté, Christopher Graham Since the early 1980s, long-term government bond yields in the euro zone have declined, in line with those in other industrialized countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, International topics JEL Code(s): C, C2, C23, E, E4, E43, E44, F, F3, F36
Translog ou Cobb-Douglas? Le rôle des durées d'utilisation des facteurs Staff Working Paper 2004-19 Eric Heyer, Florian Pelgrin, Arnaud Sylvain Using French data on industrial firms over the period 1989-2001, the authors estimate a "flexible" Translog production function that accounts for the volumes and durations of factor utilization. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): C, C3, C33, D, D2, D24, J, J2, J23
National Saving–Investment Dynamics and International Capital Mobility Staff Working Paper 2004-14 Florian Pelgrin, Sebastian Schich The authors analyze the dynamics of national saving–investment relationships to determine the degree of international capital mobility. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): C, C2, C23, F, F3, F31
Durées d'utilisation des facteurs et fonction de production : une estimation par la méthode des moments généralisés en système Staff Working Paper 2004-12 Eric Heyer, Florian Pelgrin, Arnaud Sylvain Although a number of studies have demonstrated the importance of the degree of factor utilization in economic analysis, the impact of the durations of utilization in a production function remains largely unknown, particularly in terms of the duration of equipment utilization. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): C, C3, C33, D, D2, D24, J, J2, J23
Estimating New Keynesian Phillips Curves Using Exact Methods Staff Working Paper 2004-11 Lynda Khalaf, Maral Kichian The authors use simple new finite-sample methods to test the empirical relevance of the New Keynesian Phillips curve (NKPC) equation. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31
Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37
Structural Change and Forecasting Long-Run Energy Prices Staff Working Paper 2004-5 Jean-Thomas Bernard, Lynda Khalaf, Maral Kichian The authors test the statistical significance of Pindyck's (1999) suggested class of econometric equations that model the behaviour of long-run real energy prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C2, C22, C5, C52, C53, Q, Q4, Q40
Modélisation « PAC » du secteur extérieur de l'économie américaine Staff Working Paper 2004-3 Marc-André Gosselin, René Lalonde In this paper, the authors use polynomial adjustment cost (PAC) models to analyze and forecast the main components of the U.S. trade sector. Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Econometric and statistical methods, International topics JEL Code(s): C, C3, C32, E, E3, E37, F, F4, F47