E - Macroeconomics and Monetary Economics

• Salaire réel, chocs technologiques et fluctuations économiques

  Staff Working Paper 2002-42 Dominique Tremblay

  The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): C, C3, C32, E, E2, E24, E3, E32

• Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System

  Staff Working Paper 2002-41 Carol Ann Northcott

  Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21

• Inflation Changes, Yield Spreads, and Threshold Effects

  Staff Working Paper 2002-40 Greg Tkacz

  Using interest rate yield spreads to explain changes in inflation, we investigate whether such relationships can be modelled using two-regime threshold models.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Interest rates JEL Code(s): C, C5, C51, E, E3, E31

• An Empirical Analysis of Dynamic Interrelationships Among Inflation, Inflation Uncertainty, Relative Price Dispersion, and Output Growth

  Staff Working Paper 2002-39 Francis Vitek

  Within a unified framework, the author conducts an empirical investigation of dynamic interrelationships among inflation, inflation uncertainty, relative price dispersion, and output growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices JEL Code(s): E, E3, E31

• The Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy

  Technical Report No. 92 Denise Côté, John Kuszczak, Jean-Paul Lam, Ying Liu, Pierre St-Amant

  In this report, we evaluate several simple monetary policy rules in twelve private and public sector models of the Canadian economy. Our results indicate that none of the simple policy rules we examined is robust to model uncertainty, in that no single rule performs well in all models.

  Content Type(s): Staff research, Technical reports Topic(s): Monetary policy and uncertainty JEL Code(s): E, E5, E52, E58

• Alternative Public Spending Rules and Output Volatility

  Staff Working Paper 2002-37 Jean-Paul Lam, William Scarth

  One of the central lessons learned from the Great Depression was that adjusting government spending each year to balance the budget increases the volatility of output.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E62

• An Eclectic Approach to Estimating U.S. Potential GDP

  Staff Working Paper 2002-36 Marc-André Gosselin, René Lalonde

  The authors describe the principal results obtained from a new method applied to the estimation of potential U.S. GDP.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Potential output JEL Code(s): C, C3, C32, E, E2, E23, E3, E32

• The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area

  Staff Working Paper 2002-35 Liliane Karlinger

  This paper reviews both the theoretical and empirical literature on the impact of common currencies on financial markets and evaluates the first three years of experience with Economic and Monetary Union (EMU).

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes, Financial markets JEL Code(s): E, E4, E44, F, F2, F21, F3, F36, G, G1, G15

• Labour Markets, Liquidity, and Monetary Policy Regimes

  Staff Working Paper 2002-32 David Andolfatto, Scott Hendry, Kevin Moran

  We develop an equilibrium model of the monetary policy transmission mechanism that highlights information frictions in the market for money and search frictions in the market for labour.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty, Monetary policy transmission JEL Code(s): E, E4, E5

• Inflation Expectations and Learning about Monetary Policy

  Staff Working Paper 2002-30 David Andolfatto, Scott Hendry, Kevin Moran

  Various measures indicate that inflation expectations evolve sluggishly relative to actual inflation. In addition, they often fail conventional tests of unbiasedness.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E4, E47, E5, E52, E58