Pierre St-Amant - Latest

• Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire

  Staff Working Paper 1998-23 Pierre St-Amant, David Tessier

  Over the last few years, many countries have adopted inflation targets. The objective of this paper is to report some empirical results that bear on the link between the adoption of inflation targets and the behaviour of the main macroeconomic variables. After a discussion of some recent articles analyzing international experience, some simple statistical tests […]

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets

• Une nouvelle méthode d'estimation de l'écart de production et son application aux États-Unis, au Canada et à l'Allemagne

  Staff Working Paper 1998-21 René Lalonde, Jennifer Page, Pierre St-Amant

  This study introduces a new method for identifying the output gap, based on the estimation of multivariate autoregression (VAR) models. This approach, which involves using restrictions to identify structural shocks that have only a transitory effect on output but that affect the trend inflation rate, is compared with the decomposition method proposed by Blanchard and […]

  Content Type(s): Staff research, Staff working papers

• Evaluating Alternative Measures of the Real Effective Exchange Rate

  Staff Working Paper 1998-20 Robert Lafrance, Patrick Osakwe, Pierre St-Amant

  This paper discusses the merits and shortcomings of alternative price indices used in constructing real effective exchange rate indices and examines the effects of different weighting schemes. It also compares selected measures of the real effective exchange rate in terms of their ability to explain movements in Canadian net exports and real output. The paper […]

  Content Type(s): Staff research, Staff working papers

• A Discussion of the Reliability of Results Obtained with Long-Run Identifying Restrictions

  Staff Working Paper 1998-4 Pierre St-Amant, David Tessier

  In a recent article, Faust and Leeper (1997) discuss reasons why inference from structural VARs identified with long-run restrictions may not be reliable. In this paper, the authors argue that there are reasons to believe that Faust and Leeper's arguments are not devastating in practice. First, simulation exercises suggest that this approach does well when […]

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C3

• Tendance des dépenses publiques et de l'inflation et évolution comparative du taux de chômage au Canada et aux États-Unis

  Staff Working Paper 1998-3 Pierre St-Amant, David Tessier

  The authors' purpose in this paper is to isolate the respective contributions of budgetary and monetary policy in Canada and the United States to the behaviour of unemployment rates in the two countries. Their method consists of estimating VAR models and using long-term identification restrictions to perform a structural analysis. Budgetary policy shocks are defined […]

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy JEL Code(s): E, E6