Staff research, Publications
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Finance Constraints and Inventory Investment: Empirical Tests with Panel Data
The author empirically tests two aspects of the interaction between financial variables and inventory investment: negative cash flow and finance constraints due to asymmetric information. -
The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias. -
Optimal Taylor Rules in an Estimated Model of a Small Open Economy
The authors compute welfare-maximizing Taylor rules in a dynamic general-equilibrium model of a small open economy. -
The U.S. New Keynesian Phillips Curve: An Empirical Assessment
The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC). -
Market Valuation and Risk Assessment of Canadian Banks
The authors apply the asset-valuation model developed by Rabinovitch (1989) to six publicly traded Canadian banks over the period 1982–2002. -
Counterfeiting: A Canadian Perspective
Counterfeiting is a significant public policy issue, because paper money, despite rumours of its demise, remains an important part of our payments system. -
Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry
Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour. -
August 24, 2004
The Efficiency of Canadian Capital Markets: Some Bank of Canada Research
Capital markets and their related financial instruments make an important contribution to the welfare of Canadians. The Bank of Canada is interested in the efficient functioning of capital markets through each of its responsibilities for monetary policy, the financial system, and funds management. Hendry and King highlight the key findings of Bank research published over the past year that addresses capital market efficiency and summarize lessons that have been learned. The research conducted thus far suggests that Canadian capital markets are efficient for a capital market of Canada's size but are less diverse than the U.S. capital markets, indicating that there is room for improvement in certain areas. -
August 24, 2004
Bank of Canada Review - Summer 2004
Cover page
Promissory Note, 1712
The note measures 28 cm x 16 cm and forms part of the National Currency Collection, Bank of Canada.
Photography by Gord Carter, Ottawa