Uncategorized

• May 30, 1997

  Flexible Exchange Rates in a World of Low Inflation

  Remarks Gordon Thiessen FOREX '97 Conference Toronto, Ontario

  There is a good deal of discussion these days about Economic and Monetary Union (EMU) in Europe - about the benefits and difficulties of organizing such a union. However, today I would like to examine a somewhat different issue, one that is at the other end of the spectrum; namely, How is the international system of flexible exchange rates working these days?

  Content Type(s): Press, Speeches and appearances, Remarks
• May 20, 1997

  Monetary Policy Report – May 1997

  Since the last Report, the Canadian economy has advanced broadly in line with expectations.

  Content Type(s): Publications, Monetary Policy Report
• May 1, 1997

  Price Stability, Inflation Targets and Monetary Policy

  Proceedings of a conference - May 1997 (proceedings volume, available in electronic format only)

  Content Type(s): Conferences and workshops
• April 23, 1997

  Bank of Canada Announces Appointment of Senior Regional Representatives

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced the appointment of senior representatives who will staff its five regional offices across Canada.

  Content Type(s): Press, Press releases
• March 21, 1997

  Monetary Policy and the Prospects for a Stronger Canadian Economy

  Remarks Gordon Thiessen Canadian Association for Business Economics and the Ottawa Economics Association Ottawa, Ontario

  Anyone who has read our last Monetary Policy Report, the winter issue of the Bank of Canada Review, or our just-released Annual Report knows that the Bank has been positive about Canada's economic outlook. Basically, we are looking for a solid pickup in the pace of economic expansion in coming months, with inflation remaining low. And, with improvements in the basic foundation of our economy, we see the potential for sustained good economic performance over the medium term.

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

• Monetary Shocks in the G-6 Countries: Is There a Puzzle?

  Staff Working Paper 1997-7 Ben Fung, Marcel Kasumovich

  This paper attempts to reduce the uncertainty about the dynamics of the monetary transmission mechanism. Central to this attempt is the identification of monetary policy shocks. Recently, VAR approaches that use over-identifying restrictions have shown success in isolating such shocks.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Monetary policy transmission JEL Code(s): E, E5, E52, E58

• A Comparison of Alternative Methodologies for Estimating Potential Output and the Output Gap

  Staff Working Paper 1997-5 Chantal Dupasquier, Alain Guay, Pierre St-Amant

  In this paper, the authors survey some of the recent techniques proposed in the literature to measure the trend component of output or potential output. Given the reported shortcomings of mechanical filters and univariate approaches to estimate potential output, the paper focusses on three simple multivariate methodologies: the multivariate Beveridge-Nelson methodology (MBN), Cochrane's methodology (CO), and the structural VAR methodology with long-run restrictions applied to output (LRRO).

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C13, C5, C52, E, E5, E52
• January 14, 1997

  Annual Report 1996

  

  In 1996 inflation remained within the Bank’s target range but was subject to downward pressure. The low rate of inflation contributed to a major easing in monetary conditions, and interest rates reached their lowest level in 30 years.

  Content Type(s): Publications, Annual Report

• Fads or Bubbles?

  Staff Working Paper 1997-2 Huntley Schaller, Simon van Norden

  This paper tests between fads and bubbles using a new empirical strategy (based on switching-regression econometrics) for distinguishing between competing asset-pricing models. By extending the Blanchard and Watson (1982) model, we show how stochastic bubbles can lead to regime-switching in stock market returns.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets JEL Code(s): C, C4, C40, G, G1, G12
• November 20, 1996

  Monetary Policy Report – November 1996

  This Report outlines recent developments in the Canadian economy that affect the rate of inflation and provides an account of the measures taken by the Bank of Canada to control inflation.

  Content Type(s): Publications, Monetary Policy Report