Staff research

• Assessing the Implementation of the IMF's 2007 Surveillance Decision

  Staff Discussion Paper 2009-6 Robert Lavigne, Garima Vasishtha

  The International Monetary Fund (IMF) recently adopted the "2007 Decision on Bilateral Surveillance Over Members' Policies," a landmark reform that modernizes the general principles of IMF surveillance. However, support for the reform was not unanimous, and doubts have been expressed about how the Decision would be applied in practice. The authors assess the first year […]

  Content Type(s): Staff research, Staff discussion papers Topic(s): International topics JEL Code(s): F, F3, F33

• Inventories and Real Rigidities in New Keynesian Business Cycle Models

  Staff Working Paper 2009-9 Oleksiy Kryvtsov, Virgiliu Midrigan

  Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E31, F, F1, F12

• Optimal Policy under Commitment and Price Level Stationarity

  Staff Working Paper 2009-8 Gino Cateau

  This paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E5, E52, E58

• Assessing Indexation-Based Calvo Inflation Models

  Staff Working Paper 2009-7 Jean-Marie Dufour, Lynda Khalaf, Maral Kichian

  Using identification-robust methods, the authors estimate and evaluate for Canada and the United States various classes of inflation equations based on generalized structural Calvo-type models. The models allow for different forms of frictions and vary in their assumptions regarding the type of price indexation adopted by firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31