E - Macroeconomics and Monetary Economics
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Linear and Threshold Forecasts of Output and Inflation with Stock and Housing Prices
The authors examine whether simple measures of Canadian equity and housing price misalignments contain leading information about output growth and inflation. -
Are Average Growth Rate and Volatility Related?
The empirical relationship between the average growth rate and the volatility of growth rates, both over time and across countries, has important policy implications, which depend critically on the sign of the relationship. -
Launching the NEUQ: The New European Union Quarterly Model, A Small Model of the Euro Area and U.K. Economies
The authors develop a projection model of the euro area and the United Kingdom. The model consists of two country blocks, endogenous to each other via the foreign demand channel. -
Examining the Trade-Off between Settlement Delay and Intraday Liquidity in Canada's LVTS: A Simulation Approach
The author explores a fundamental trade-off that occurs between settlement delay and intraday liquidity in the daily operation of large-value payment systems (LVPS), with specific application to Canada's Large Value Transfer System (LVTS). -
Working Time over the 20th Century
From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. -
LVTS, the Overnight Market, and Monetary Policy
Operational events in the Large Value Transfer System (LVTS) almost always result in a disturbance of the regular flow of payments. -
Forecasting Commodity Prices: GARCH, Jumps, and Mean Reversion
Fluctuations in the prices of various natural resource products are of concern in both policy and business circles; hence, it is important to develop accurate price forecasts. -
Guarding Against Large Policy Errors under Model Uncertainty
How can policy-makers avoid large policy errors when they are uncertain about the true model of the economy? -
The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy
The authors analyze the welfare implications of simple monetary policy rules in the context of an estimated model of a small open economy for Canada with traded and non-traded goods, and with sticky prices and wages.