Working Time over the 20th Century Staff Working Paper 2006-18 Alexander Ueberfeldt From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Productivity JEL Code(s): E, E1, E13, E2, E24, O, O1, O11
LVTS, the Overnight Market, and Monetary Policy Staff Working Paper 2006-15 Nadja Kamhi Operational events in the Large Value Transfer System (LVTS) almost always result in a disturbance of the regular flow of payments. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E5
Forecasting Commodity Prices: GARCH, Jumps, and Mean Reversion Staff Working Paper 2006-14 Jean-Thomas Bernard, Lynda Khalaf, Maral Kichian, Sebastien McMahon Fluctuations in the prices of various natural resource products are of concern in both policy and business circles; hence, it is important to develop accurate price forecasts. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C5, C52, C53, E, E3, E37
Guarding Against Large Policy Errors under Model Uncertainty Staff Working Paper 2006-13 Gino Cateau How can policy-makers avoid large policy errors when they are uncertain about the true model of the economy? Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): D, D8, D81, E, E5, E58
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
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. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Monetary policy framework, Monetary policy implementation JEL Code(s): C, C2, C22, C5, C52, E, 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
Monetary Policy in an Estimated DSGE Model with a Financial Accelerator Staff Working Paper 2006-9 Ian Christensen, Ali Dib The authors estimate a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke, Gertler, and Gilchrist (1999), to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models JEL Code(s): E, E3, E32, E37, E4, E44
Regime Shifts in the Indicator Properties of Narrow Money in Canada Staff Working Paper 2006-6 Tracy Chan, Ramdane Djoudad, Jackson Loi Financial innovations and the removal of the reserve requirements in the early 1990s have made the distinction between demand and notice deposits arbitrary. Content Type(s): Staff research, Staff working papers Topic(s): Monetary aggregates JEL Code(s): E, E4, E40, E42, E5, E50
Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model Staff Working Paper 2006-5 Christopher Cornell, Raphael Solomon Suppose that the dynamics of the macroeconomy were given by (partly) random fluctuations between two equilibria: "good" and "bad." Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): C, C6, C62, E, E5, E59, F, F4, F41