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2399
result(s)
A Simple Multivariate Filter for the Measurement of Potential Output
Technical Report No. 59
Douglas Laxton,
Robert Tetlow
This paper examines techniques that have been used to estimate potential output and finds them wanting. We suggest a simple multivariate-filtering technique that is a generalization of the Hodrick-Prescott univariate filter. In univariate filters, only information about a variable itself is used in eliminating noise in order to obtain an estimate of the underlying trend. […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Potential output
JEL Code(s):
C,
C1,
C15,
E,
E2
Is Hysteresis a Characteristic of the Canadian Labour Market? A Tale of Two Studies
Staff Working Paper 1992-3
Stephen S. Poloz,
Gordon Wilkinson
This paper replicates and extends the econometric work of two previous studies of output-inflation dynamics in Canada -- Fortin (1991) and Cozier and Wilkinson (1991) -- in an attempt to reconcile their divergent conclusions.
Content Type(s):
Staff research,
Staff working papers
Government Debt in an Open Economy
Technical Report No. 58
Douglas Laxton,
Robert Tetlow
This paper introduces the CORE model, a prototype for a new quarterly model of the Canadian economy, designed for projections and policy analysis with focus beyond the very short run. The model has a clearly defined equilibrium and explicit adjustment mechanisms, primarily through relative prices, that are dynamically stable. Overlaid on a neo-classical growth model […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Fiscal policy
JEL Code(s):
C,
C5,
C53,
F,
F3,
F32,
H,
H3,
H30,
H6,
H60
Some Implications of International Financial Integration for Canadian Public Policy
Technical Report No. 57
William White
The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological change. This paper considers some of the implications of those changes for Canadian public policy. While no profound implications are found for Canadian macroeconomic policies, which probably reflects a long […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
International topics
JEL Code(s):
E,
E5,
E50,
F,
F3,
F33,
H,
H3,
H30
Wage and Price Dynamics in Canada
Technical Report No. 56
Barry Cozier
This paper examines wage and price dynamics in Canada with a view towards testing the implications of a wage-price dynamics, according to which unit labour costs are determined by a wage Phillips curve while prices are set as a markup over unit labour costs. This model is compared to an alternative model in which excess […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation and prices
JEL Code(s):
C,
C5,
C51,
C52,
E,
E2,
E24,
E3,
E31
Some Evidence on Hysteresis and the Costs of Disinflation in Canada
Technical Report No. 55
Barry Cozier,
Gordon Wilkinson
This paper addresses the following questions: How large are the output costs of disinflation in Canada? Are these costs temporary, as predicted by natural-rate models, or are they permanent, as predicted by hysteresis models? Are the costs of disinflation higher at lower rates of inflation? Are they higher when the economy is at or below […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Labour markets
JEL Code(s):
E,
E2,
E24,
E3,
E31
The Goal of Price Stability: A Review of the Issues
Technical Report No. 54
Jack Selody
The basic responsibility of a central bank is to preserve the value of money—that is, to maintain stability in the general level of prices. This report pulls together the main arguments for and against price stability as the appropriate goal for monetary policy. The available evidence suggests that the benefits of price stability are many […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Inflation targets
JEL Code(s):
E,
E3,
E31,
E5,
E50
Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence
Technical Report No. 53
John Murray,
Mark Zelmer,
Shane Williamson
When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31,
G,
G1,
G14
International Interest Rate Linkages and Monetary Policy: A Canadian Perspective
Technical Report No. 52
John Murray,
Ritha Khemani
This paper examines the implications of increased international capital mobility and asset substitutability for domestic monetary policy in a small open economy such as Canada. Alternative definitions of international financial market integration are presented and tested in the context of two popular macro models. In the main, results suggest that interest rate relationships in Canada […]
Content Type(s):
Staff research,
Technical reports
Topic(s):
Interest rates,
International topics
JEL Code(s):
E,
E5,
E50,
F,
F3,
F33