E - Macroeconomics and Monetary Economics

• Y a-t-il eu surinvestissement au Canada durant la seconde moitié des années 1990?

  Staff Working Paper 2005-5 Sylvain Martel

  This study on overinvestment differs from the existing literature in that investment in machinery and equipment is modelled as a structural vector autoregression with identification achieved by imposing long-run restrictions, as in Blanchard and Quah (1989).

  Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components JEL Code(s): C, C3, C32, E, E3, E37, F, F4, F47

• State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?

  Staff Working Paper 2005-4 Peter J. Klenow, Oleksiy Kryvtsov

  Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an intensive margin (the average size of those changes).

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices JEL Code(s): E, E3, E31, E32

• Self-Enforcing Labour Contracts and the Dynamics Puzzle

  Staff Working Paper 2005-1 Christian Calmès

  To properly account for the dynamics of key macroeconomic variables, researchers incorporate various internal-propagation mechanisms in their models.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Labour markets JEL Code(s): E, E1, E12, E4, E49, J, J3, J30, J31, J4, J41

• An Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest Rates

  Staff Working Paper 2004-48 David Bolder, Adam Metzler, Grahame Johnson

  Zero-coupon interest rates are the fundamental building block of fixed-income mathematics, and as such have an extensive number of applications in both finance and economics.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets, Interest rates JEL Code(s): C, C0, C6, E, E4, G, G1

• Une approche éclectique d'estimation du PIB potentiel pour le Royaume-Uni

  Staff Working Paper 2004-46 Charles St-Arnaud

  The author describes results obtained by using a new methodology to estimate potential output for the United Kingdom.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Potential output JEL Code(s): C, C3, C32, E, E2, E23, E3, E32

• The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis

  Staff Working Paper 2004-44 Brigitte Desroches

  The first step in designing effective policies to stabilize an economy is to understand business cycles. No country is isolated from the world economy and external shocks are becoming increasingly important.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes, International topics, Monetary policy transmission JEL Code(s): E, E3, E30, E32, E6, E61, F, F0, F02

• Real Return Bonds, Inflation Expectations, and the Break-Even Inflation Rate

  Staff Working Paper 2004-43 Ian Christensen, Christopher Reid, Frédéric Dion

  According to the Fisher hypothesis, the gap between Canadian nominal and Real Return Bond yields (or break-even inflation rate) should be a good measure of inflation expectations.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Interest rates, Market structure and pricing JEL Code(s): E, E3, E31, E4, E43

• Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy

  Staff Working Paper 2004-41 Nooman Rebei

  The author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates, Fiscal policy JEL Code(s): E, E3, E32, E6, E62

• A Forecasting Model for Inventory Investments in Canada

  Staff Working Paper 2004-39 Marwan Chacra, Maral Kichian

  The authors present an empirical model to forecast short-run inventory investment behaviour for Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components, Econometric and statistical methods JEL Code(s): C, C5, C53, E, E2, E22, E6, E62

• Finance Constraints and Inventory Investment: Empirical Tests with Panel Data

  Staff Working Paper 2004-38 Rose Cunningham

  The author empirically tests two aspects of the interaction between financial variables and inventory investment: negative cash flow and finance constraints due to asymmetric information.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial institutions JEL Code(s): E, E2, E22, G, G1, G14