Some Explorations, Using Canadian Data, of the S-Variable in Akerlof, Dickens, and Perry (1996) Staff Working Paper 2000-6 Seamus Hogan, Lise Pichette A number of authors have suggested that economies face a long-run inflation-unemployment trade-off due to downward nominal-wage rigidity. This theory has implications for the nature of the short-run Phillips curve when wage inflation is low. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework, Monetary policy transmission JEL Code(s): C, C5, C52, E, E2, E24, E5, E50
April 6, 2000 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Gordon Thiessen Standing Senate Committee on Banking, Trade and Commerce When I appeared before you last April, there was still a high degree of uncertainty in the global economy related to the 1997-98 financial crisis in emerging markets and the associated fall in world commodity prices. Content Type(s): Press, Speeches and appearances, Opening statements
March 22, 2000 Bank Rate Raised by ¼ Percentage Point to 5½ Per Cent Media Relations Ottawa, Ontario The Bank of Canada raised its Bank Rate today by ¼ of one percentage point to 5½ per cent. The operating band for the overnight rate was correspondingly increased, and the Bank’s target for the overnight rate is now 5¼ per cent. Content Type(s): Press, Press releases
March 9, 2000 The Conduct of Monetary Policy When You Live Next Door to a Large Neighbour Remarks Gordon Thiessen Canadian Society of New York New York, New York Both in Canada and elsewhere, much ink has been spilled over the past year on the pros and cons of different exchange rate regimes and the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
March 9, 2000 Bank of Canada Governor speaks to the Canadian Society of New York Media Relations New York, New York In a speech today to the Canadian Society of New York, Bank of Canada Governor Gordon Thiessen talked about Canada’s experience with a floating exchange rate and an independent monetary policy, despite close integration with the much larger U.S. economy. Content Type(s): Press, Press releases
February 17, 2000 Bank of Canada Announces Appointments in Toronto and Montréal Media Relations To add to its presence in financial markets, the Bank of Canada has announced appointments to two new senior positions. Appointed are H. Ross MacKinnon as Director, Toronto Division and Jean-Pierre Aubry as Director, Montréal Division, both in the Financial Markets Department. In their new positions, Mr. MacKinnon and Mr. Aubry will contribute to the […] Content Type(s): Press, Press releases
February 16, 2000 Monetary Policy Report Update – February 2000 Information received since the last Monetary Policy Report, released on 17 November, points to a stronger pace of economic expansion in the United States and Europe than was expected at that time, and confirms the hesitant nature of the recovery in Japan. Content Type(s): Publications, Monetary Policy Report
February 16, 2000 Release of the Monetary Policy Report Update Opening statement Gordon Thiessen This morning, we released our update to the November 1999 Monetary Policy Report. It gives the Governing Council's latest outlook for the economy and for inflation. Information received since November confirms that our economy performed well last year - expanding by close to 4 per cent between the fourth quarter of 1998 and the fourth […] Content Type(s): Press, Speeches and appearances, Opening statements
Estimating the Fractional Order of Integration of Interest Rates Using a Wavelet OLS Estimator Staff Working Paper 2000-5 Greg Tkacz The debate on the order of integration of interest rates has long focused on the I(1) versus I(0) distinction. In this paper, we use instead the wavelet OLS estimator of Jensen (1999) to estimate the fractional integration parameters of several interest rates for the United States and Canada from 1948 to 1999. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Interest rates JEL Code(s): C, C1, C13, E, E4, E43
Quelques résultats empiriques relatifs à l'évolution du taux de change Canada/États-Unis Staff Working Paper 2000-4 Ramdane Djoudad, David Tessier This paper explores the extent to which factors other than commodity and energy prices may have contributed to the Canadian dollar's depreciation since the early 1970s. The variables considered include among others budgetary conditions and productivity. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates JEL Code(s): F, F3, F31