E - Macroeconomics and Monetary Economics

• 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

• The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation

  Staff Working Paper 2004-37 Jean-Paul Lam, Florian Pelgrin

  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.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E62

• The U.S. New Keynesian Phillips Curve: An Empirical Assessment

  Staff Working Paper 2004-35 Alain Guay, Florian Pelgrin

  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).

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31

• Counterfeiting: A Canadian Perspective

  Staff Working Paper 2004-33 John Chant

  Counterfeiting is a significant public policy issue, because paper money, despite rumours of its demise, remains an important part of our payments system.

  Content Type(s): Staff research, Staff working papers Topic(s): Bank notes JEL Code(s): E, E5, E58

• Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry

  Staff Working Paper 2004-32 Rose Cunningham

  Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles JEL Code(s): C, C3, C35, E, E3, E32, L, L6, L63

• The New Keynesian Hybrid Phillips Curve: An Assessment of Competing Specifications for the United States

  Staff Working Paper 2004-31 David Dupuis

  Inflation forecasting is fundamental to monetary policy. In practice, however, economists are faced with competing goals: accuracy and theoretical consistency.

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

• Uninsurable Investment Risks

  Staff Working Paper 2004-29 Césaire Meh, Vincenzo Quadrini

  The authors study a general-equilibrium economy in which agents have the ability to invest in a risky technology.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial institutions, Financial markets JEL Code(s): D, D3, D31, E, E2, E21, G, G0

• Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?

  Staff Working Paper 2004-28 Virginie Traclet

  Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities.

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy framework JEL Code(s): E, E5, E58, E6, E61, E63

• Financial Market Imperfection, Overinvestment, and Speculative Precaution

  Staff Working Paper 2004-27 Christian Calmès

  The author uses panel data to assess the sensitivity of investment to cash flow in non-financial firms, taking into account the role their financial health plays in investment decisions.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles JEL Code(s): D, D9, D92, E, E2, E22, E4, E44, G, G3, G33