Monetary aggregates

• November 1, 2016 25 Years of Inflation Targets: Certainty for Uncertain Times

  Remarks Stephen S. Poloz Business Council of British Columbia Vancouver, British Columbia

  Governor Stephen S. Poloz discusses the renewal of Canada’s inflation-targeting agreement and how it continues to help the economy.

  Content Type(s): Press, Speeches Topic(s): Central bank research, Credibility, Inflation targets, Inflation: costs and benefits, Monetary aggregates, Monetary policy framework

• February 24, 2015 Lessons New and Old: Reinventing Central Banking

  Remarks Stephen S. Poloz Western University President's Lecture London, Ontario

  Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis.

  Content Type(s): Press, Speeches Topic(s): Central bank research, Inflation and prices, Inflation targets, Monetary aggregates, Monetary Policy, Monetary policy framework

• Financial Conditions and the Money-Output Relationship in Canada

  Staff Working Paper 2012-33 Maral Kichian

  We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for that relationship. We show that such a time-varying approach can be a useful way of modelling the impact of money on growth, and can partly reconcile the lack of concensus in the literature on the question of whether money affects growth.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Monetary aggregates JEL Code(s): E, E4, E44, E5, E51

• Resurrecting the Role of Real Money Balance Effects

  Staff Working Paper 2009-24 José Dorich

  I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the early postwar period.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Monetary aggregates, Transmission of monetary policy JEL Code(s): E, E3, E31, E32, E5, E52

• June 16, 2008 A Money and Credit Real-Time Database for Canada

  Bank of Canada Review - Summer 2008 Roobina Keshishbanoosy, Pierre St-Amant, Devin Ball, Ivan Medovikov

  Model-based forecasts of important economic variables are part of the range of information considered for monetary policy decision making.

  Content Type(s): Publications, Bank of Canada Review Article Topic(s): Credit and credit aggregates, Monetary aggregates, Uncertainty and monetary policy

• Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation

  Staff Working Paper 2007-19 Sharon Kozicki, P. A. Tinsley

  This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Central bank research, Monetary aggregates, Monetary policy implementation JEL Code(s): E, E3, E5, N, N1

• 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

• Money and Credit Factors

  Staff Working Paper 2006-3 Paul Gilbert, Erik Meijer

  The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Credit and credit aggregates, Econometric and statistical methods, Monetary aggregates JEL Code(s): C, C4, C43, C8, C82, E, E5, E51

• Does Financial Structure Matter for the Information Content of Financial Indicators?

  Staff Working Paper 2005-33 Ramdane Djoudad, Jack Selody, Carolyn A. Wilkins

  Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Inflation and prices, Interest rates, Monetary aggregates JEL Code(s): E, E3, E31, E32

• June 25, 2005 Changes in the Indicator Properties of Narrow Monetary Aggregates

  Bank of Canada Review - Summer 2005 Tracy Chan, Ramdane Djoudad, Jackson Loi

  Although many countries have abandoned monetary targeting in recent decades, monetary aggregates are still useful indicators of future economic activity. Past research has shown that, compared with other monetary aggregates and expressed in real terms, net M1 and gross M1 have traditionally provided superior leading information for output growth.

  Content Type(s): Publications, Bank of Canada Review Article Topic(s): Monetary aggregates, Monetary and financial indicators