Staff research

• Structural Inflation Models with Real Wage Rigidities: The Case of Canada

  Staff Working Paper 2009-21 Jean-Marie Dufour, Lynda Khalaf, Maral Kichian

  Real wage rigidities have recently been proposed as a way of building intrinsic persistence in inflation within the context of New Keynesian Phillips Curves. Using two recent illustrative structural models, we evaluate empirically the importance of real wage rigidities in the data and the extent to which such models provide useful information regarding price stickiness.

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

• Strengthening IMF Surveillance: An Assessment of Recent Reforms

  Staff Discussion Paper 2009-10 Robert Lavigne, Lawrence L. Schembri

  The authors assess the potential impact of recently approved reforms to International Monetary Fund (IMF) surveillance; namely, the "2007 Decision on Bilateral Surveillance Over Members' Policies" and the "Statement of Surveillance Priorities" (SSP). They conclude that these complementary reforms have the potential to create a comprehensive and coherent framework for IMF surveillance. If implemented properly, […]

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

• The Outlook for the Global Supply of Oil: Running on Faith?

  Staff Discussion Paper 2009-9 Olivier Gervais, Ilan Kolet

  The dramatic reduction in global demand, and the decline in the spot price of crude oil in the second half of last year, may have significant implications for the future supply of oil. Investments in conventional methods of extraction have been constrained, since easily accessible oil reserves are typically concentrated in countries with geopolitical uncertainty and/or state-run oil companies.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, Inflation and prices, International topics JEL Code(s): Q, Q4, Q41, Q43

• The Role of Convenience and Risk in Consumers' Means of Payment

  Staff Discussion Paper 2009-8 Carlos Arango, Varya Taylor

  Using data from a 2004 survey of the Canadian public, the authors study the role of convenience and risk in consumers' use of cash relative to debit and credit cards. The authors find that consumers who perceive debit cards and credit cards to be more convenient and less risky than cash use them more frequently.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes JEL Code(s): E, E4, E41, L, L2