Gabriel Srour - Latest

• The Monetary Transmission Mechanism at the Sectoral Level

  Staff Working Paper 2001-27 Jean Farès, Gabriel Srour

  This paper relies on simple vector autoregressions to investigate the monetary transmission mechanism in broad sectors of the Canadian economy. Two types of disaggregation are considered: one at the level of final expenditures, and one at the level of production.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E5, E52

• Price-Level versus Inflation Targeting in a Small Open Economy

  Staff Working Paper 2001-24 Gabriel Srour

  This paper compares two types of monetary policy: price-level targeting and inflation targeting. It reviews recent arguments that favour price-level targeting, and examines how certain factors, such as the nature of the shocks affecting the economy and the degree to which agents are forward-looking, bear upon the arguments.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E5, E52

• Why Do Central Banks Smooth Interest Rates?

  Staff Working Paper 2001-17 Gabriel Srour

  It is commonly observed that central banks respond gradually to economic shocks, moving the interest rate in small discrete steps in the same direction over an extended period of time. This paper examines the empirical evidence regarding central banks' smoothing of interest rates, paying particular attention to the case of Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy implementation JEL Code(s): E, E5