E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit

• Price Level Targeting: What Is the Right Price?

  Staff Working Paper 2010-8 Malik Shukayev, Alexander Ueberfeldt

  Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52

• The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus

  Staff Discussion Paper 2010-1 Carlos De Resende, René Lalonde, Stephen Snudden

  The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and international linkages.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, Fiscal policy, International topics, Recent economic and financial developments JEL Code(s): E, E5, E52, E58, E6, E61, E63, F, F4, F42