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2371 result(s)

Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting

Staff Working Paper 2009-2 Shin-Ichi Nishiyama

Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of monetary policy and characterize the optimal monetary policy reaction function both in the absence and in the presence of the zero lower bound on the nominal interest rate.

Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): C, C6, C63, E, E5, E52, E58

The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure

Staff Working Paper 2009-1 Zhaoxia Xu

This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.

Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32

Financial Intermediation, Liquidity and Inflation

Staff Working Paper 2008-49 Jonathan Chiu, Césaire Meh

This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs.

Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E4, E40, E5, E50

India and the Global Demand for Commodities: Is There an Elephant in the Room?

Staff Discussion Paper 2008-18 Michael Francis, Corinne Luu

After 10 years of impressive growth, India is now the fourth largest economy in the world. Yet, to date, India's impact on global commodity markets has been muted. The authors examine how India's domestic and trade policies have distorted and constrained its demand for commodities.

Content Type(s): Staff research, Staff discussion papers Topic(s): Development economics, International topics JEL Code(s): F, F1, F14, O, O1, O13, O5, O53

December 21, 2008