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1138 Results

Real Return Bonds, Inflation Expectations, and the Break-Even Inflation Rate

Staff Working Paper 2004-43 Ian Christensen, Christopher Reid, Frédéric Dion
According to the Fisher hypothesis, the gap between Canadian nominal and Real Return Bond yields (or break-even inflation rate) should be a good measure of inflation expectations.

The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation

Staff Working Paper 2004-37 Jean-Paul Lam, Florian Pelgrin
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias.

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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