November 23, 2003
Monetary policy and uncertainty
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Some Notes on Monetary Policy Rules with Uncertainty
The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty. -
A Comparison of Twelve Macroeconomic Models of the Canadian Economy
In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties. These open-economy models can be grouped into two economic paradigms.