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1901
result(s)
Price Level versus Inflation Targeting under Model Uncertainty
Staff Working Paper 2008-15
Gino Cateau
The purpose of this paper is to make a quantitative contribution to the inflation versus price level targeting debate. It considers a policy-maker that can set policy either through an inflation targeting rule or a price level targeting rule to minimize a quadratic loss function using the actual projection model of the Bank of Canada (ToTEM).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy and uncertainty
JEL Code(s):
D,
D8,
D81,
E,
E5,
E58
Driving Forces of the Canadian Economy: An Accounting Exercise
Staff Working Paper 2008-14
Simona Cociuba,
Alexander Ueberfeldt
This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
E,
E2,
E24,
E6,
E65,
O,
O4,
O41,
O5,
O51
Uncertainty, Inflation, and Welfare
Staff Working Paper 2008-13
Jonathan Chiu,
Miguel Molico
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation: costs and benefits,
Monetary policy framework
JEL Code(s):
E,
E4,
E40,
E5,
E50
A Model of Tiered Settlement Networks
Staff Working Paper 2008-12
James Chapman,
Jonathan Chiu,
Miguel Molico
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
G,
G2,
G21
An Examination of Canadian Firms Delisting from U.S. Exchanges
Staff Working Paper 2008-11
Jonathan Witmer
This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics
JEL Code(s):
G,
G3,
G30,
G38
Credit, Asset Prices, and Financial Stress in Canada
Staff Working Paper 2008-10
Miroslav Misina,
Greg Tkacz
Historical narratives typically associate financial crises with credit expansions and asset price misalignments. The question is whether some combination of measures of credit and asset prices can be used to predict these events.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial stability
JEL Code(s):
E,
E5,
G,
G1,
G10
A Model of Housing Boom and Bust in a Small Open Economy
Staff Working Paper 2008-9
Hajime Tomura
This paper considers a dynamic stochastic general equilibrium model for a small open economy and finds that an improvement in the terms of trade causes a housing boom-bust cycle if the duration of the improvement is uncertain.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates
JEL Code(s):
E,
E4,
E44,
F,
F4,
F41
China's Exchange Rate Policy: A Survey of the Literature
Staff Discussion Paper 2008-5
Robert Lafrance
China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes
JEL Code(s):
F,
F3,
F33,
F36
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
Staff Discussion Paper 2008-4
Robert Lavigne
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes,
Financial stability,
International topics
JEL Code(s):
E,
E5,
E52,
F,
F3,
F31,
O,
O2,
O24