Staff working papers

• The 1975–78 Anti-Inflation Program in Retrospect

  Staff Working Paper 2005-43 John Sargent

  The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Fiscal policy, Inflation and prices, Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E3, E31, E5, E52, E6, E63, E64, E65

• Order Submission: The Choice between Limit and Market Orders

  Staff Working Paper 2005-42 Ingrid Lo, Stephen Sapp

  Most financial markets allow investors to submit both limit and market orders, but it is not always clear what affects the choice of order type.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Financial institutions, Market structure and pricing JEL Code(s): D, D4, G, G1

• Modelling and Forecasting Housing Investment: The Case of Canada

  Staff Working Paper 2005-41 Frédérick Demers

  The author proposes and evaluates econometric models that try to explain and forecast real quarterly housing expenditures in Canada. Structural and leading-indicator models of the Canadian housing sector are described.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Economic models JEL Code(s): E, E2, E27, R, R2, R21

• Subordinated Debt and Market Discipline in Canada

  Staff Working Paper 2005-40 Greg Caldwell

  The author documents the use by Canadian banks of subordinated debt (SD) as a capital instrument.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, G28

• Measurement Bias in the Canadian Consumer Price Index

  Staff Working Paper 2005-39 James Rossiter

  The consumer price index (CPI) is the most commonly used measure of inflation in Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation targets JEL Code(s): E, E3, E31, E5, E52

• An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia

  Staff Working Paper 2005-38 Marc-André Gosselin, Nicolas Parent

  Over the past few years, the ability of the United States to finance its current account deficit has been facilitated by massive purchases of U.S.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial stability, International topics JEL Code(s): C, C2, C23, F, F3, F31, G, G1, G15

• Quantity, Quality, and Relevance: Central Bank Research, 1990–2003

  Staff Working Paper 2005-37 Pierre St-Amant, Greg Tkacz, Annie Guérard-Langlois, Louis Morel

  The authors document the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research productivity of central banks over this period.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research JEL Code(s): E, E5, E59

• The Canadian Macroeconomy and the Yield Curve: An Equilibrium-Based Approach

  Staff Working Paper 2005-36 René Garcia, Richard Luger

  The authors develop and estimate an equilibrium-based model of the Canadian term structure of interest rates.

  Content Type(s): Staff research, Staff working papers Topic(s): Interest rates JEL Code(s): E, E4, E43, E44, E47, E5, E52

• Testing the Parametric Specification of the Diffusion Function in a Diffusion Process

  Staff Working Paper 2005-35 Fuchun Li

  A new consistent test is proposed for the parametric specification of the diffusion function in a diffusion process without any restrictions on the functional form of the drift function.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Interest rates JEL Code(s): C, C1, C12, C14

• The Exchange Rate and Canadian Inflation Targeting

  Staff Working Paper 2005-34 Christopher Ragan

  The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Inflation targets, Monetary policy implementation JEL Code(s): E, E5, E50, E52, F, F4, F41