Uncategorized

• January 29, 1999

  Annual Report 1998

  

  Inflation remained low for the seventh consecutive year, and the inflation target range of 1 to 3 per cent was extended to 2001.

  Content Type(s): Publications, Annual Report
• January 20, 1999

  The euro: Its economic implications and its lessons for Canada

  Remarks Gordon Thiessen Canadian Club of Ottawa Ottawa, Ontario

  We have just witnessed the dawn of a new era in Europe. Beginning this month, 11 of the 15 member countries of the European Union have joined in a currency union. And they are using the euro as their common currency. The currency union is yet another step on the road to greater economic, social, and political integration in Europe - a vision some 50 years in the making.

  Content Type(s): Press, Speeches and appearances, Remarks

• Capital Gains and Inflation Taxes in a Life-cycle Model

  Staff Working Paper 1999-2 Charles Leung, Guang-Jia Zhang

  Inflation distorts an economy through many channels. This paper highlights the interaction between inflation and capital gains tax and how they distort an economy through the financial market. Several observations motivate this research. First, capital formation or investment is an important channel for economic agents to smooth their consumption over their life cycles. Second, capital […]

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E5, E6

• Dynamic Employment and Hours Effects of Government Spending Shocks

  Staff Working Paper 1999-1 Mingwei Yuan, Wenli Li

  In this paper, we analyze the dynamic behaviour of employment and hours worked per worker in a stochastic general equilibrium model with a matching mechanism between vacancies and unemployed workers. The model is estimated for the United States using the Generalized Methods of Moments (GMM) estimation technique. An increase in government spending raises hours worked […]

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Labour markets JEL Code(s): E, E2, E24, E3, E32, E6, E62, J, J6, J64

• Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire

  Staff Working Paper 1998-23 Pierre St-Amant, David Tessier

  Over the last few years, many countries have adopted inflation targets. The objective of this paper is to report some empirical results that bear on the link between the adoption of inflation targets and the behaviour of the main macroeconomic variables. After a discussion of some recent articles analyzing international experience, some simple statistical tests […]

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets
• December 7, 1998

  The Canadian economy and monetary policy in unsettled times

  Remarks Gordon Thiessen Greater Victoria Chamber of Commerce Victoria, British Columbia

  When the Asian crisis erupted in the summer of 1997, few observers anticipated that international financial markets would still be under its influence more than a year later.

  Content Type(s): Press, Speeches and appearances, Remarks
• November 19, 1998

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement Gordon Thiessen Standing Senate Committee on Banking, Trade and Commerce

  Mr. Chairman, my colleagues and I always welcome our appearances before your committee. We released our latest Monetary Policy Report this past Monday. It covers a broad range of economic and monetary issues and provides an account of our policy actions and their results. The ultimate objective of Canadian monetary policy is to help create […]

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 18, 1998

  Bank Rate Lowered by ¼ Percentage Point to 5¼ Per Cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today lowered its Bank Rate by ¼ of one percentage point to 5¼ per cent.

  Content Type(s): Press, Press releases
• November 17, 1998

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Gordon Thiessen House of Commons Standing Committee on Finance

  Mr. Chairman, my colleagues and I welcome these appearances before your committee following each edition of the Bank of Canada’s Monetary Policy Report. As you know, we published our latest report yesterday. It touches on a wide range of economic and monetary issues and provides an opportunity for us to account for our policy actions […]

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 16, 1998

  Monetary Policy Report – November 1998

  During the past six months, global economic uncertainties have intensified, largely as a result of developments in emerging-market economies.

  Content Type(s): Publications, Monetary Policy Report