E3 - Prices, Business Fluctuations, and Cycles
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Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy
The author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada. -
The U.S. New Keynesian Phillips Curve: An Empirical Assessment
The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC). -
Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry
Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour. -
The New Keynesian Hybrid Phillips Curve: An Assessment of Competing Specifications for the United States
Inflation forecasting is fundamental to monetary policy. In practice, however, economists are faced with competing goals: accuracy and theoretical consistency. -
Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation
This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in monetary policy, results in a decline in the degree of pass-through of exchange rate movements to consumer prices. -
The Bank of Canada's Business Outlook Survey: An Assessment
Since the autumn of 1997, the Bank of Canada's regional offices (located in Halifax, Montréal, Toronto, Calgary, and Vancouver) have conducted consultations with businesses across Canada on a quarterly basis. These consultations are now referred to as the Business Outlook Survey (BOS). -
Estimating New Keynesian Phillips Curves Using Exact Methods
The authors use simple new finite-sample methods to test the empirical relevance of the New Keynesian Phillips curve (NKPC) equation. -
Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework
In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy. -
A Structural Small Open-Economy Model for Canada
The authors develop a small open-economy dynamic stochastic general-equilibrium (DSGE) model in an attempt to understand the dynamic relationships in Canadian macroeconomic data.