E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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The Exchange Rate and Canadian Inflation Targeting
The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy. -
The Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian Dollar
The Bank of Canada is one of very few central banks that has made records of the intraday timing of its intervention operations available to researchers. -
Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy
The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities. -
Monetary Policy under Model and Data-Parameter Uncertainty
Policy-makers in the United States over the past 15 to 20 years seem to have been cautious in setting policy: empirical estimates of monetary policy rules such as Taylor's (1993) rule are much less aggressive than those derived from optimizing models. -
The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias. -
Counterfeiting: A Canadian Perspective
Counterfeiting is a significant public policy issue, because paper money, despite rumours of its demise, remains an important part of our payments system. -
Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?
Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities. -
Money Demand and Economic Uncertainty
The author examines the impact of economic uncertainty on the demand for money. -
Financial Conditions Indexes for Canada
The authors construct three financial conditions indexes (FCIs) for Canada based on three approaches: an IS-curve-based model, generalized impulse-response functions, and factor analysis.