October 5, 2005
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786
result(s)
La fonction de production et les données canadiennes
Staff Working Paper 2005-20
Patrick Perrier
This study has two aspects. First, the author examines the theoretical properties of the constant elasticity of substitution (CES) production function and the implications of this formulation for the properties of a structural macroeconomic model.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
D,
D2,
D24,
E,
E2,
E23,
O,
O4,
O40
Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy
Staff Working Paper 2005-16
René Lalonde
The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
C,
C3,
C32,
E,
E5,
E52
April 20, 2005
Conference Summary: Canada in the Global Economy
The Bank of Canada's 2004 research conference examined the real and financial linkages between the Canadian economy and the economies in the rest of the world. Although Canada has profited enormously from its openness to international trade in goods, services, and financial assets, many of the most significant shocks to the Canadian economy in recent years have come from abroad. For these reasons, understanding the extent and nature of the external linkages, their implications for the Canadian economy, and the process by which the Canadian economy adjusts to external shocks is of critical importance both for monetary policy and for monitoring the financial system. This article describes the purpose of the conference—to deepen economists' understanding of these important issues—and provides highlights of the papers presented in each of the five sessions, as well as summaries of the keynote lecture and the discussion of the policy panel.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Balance of payments and components,
Exchange rates,
International topics
April 19, 2005
Communication: A Vital Tool in the Implementation of Monetary Policy
Remarks by Paul Jenkins, Senior Deputy Governor, Bank of Canada, to the FMAC/FMA-USA Joint Conference 2004
Content Type(s):
Publications,
Bank of Canada Review articles
Y a-t-il eu surinvestissement au Canada durant la seconde moitié des années 1990?
Staff Working Paper 2005-5
Sylvain Martel
This study on overinvestment differs from the existing literature in that investment in machinery and equipment is modelled as a structural vector autoregression with identification achieved by imposing long-run restrictions, as in Blanchard and Quah (1989).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Domestic demand and components
JEL Code(s):
C,
C3,
C32,
E,
E3,
E37,
F,
F4,
F47
Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?
Staff Working Paper 2005-3
Michael R. King,
Maksym Padalko
The authors study the price - volume dynamics ahead of the first public announcement of a takeover for 420 Canadian firms from 1985 to 2002.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets
JEL Code(s):
G,
G1,
G14,
G18,
G3,
G34
November 23, 2004
Real Return Bonds: Monetary Policy Credibility and Short-Term Inflation Forecasting
The break-even inflation rate (BEIR) is calculated by comparing the yields on conventional and Real Return Bonds. Defined as the average rate of inflation that equates the expected returns on these two bonds, the BEIR has the potential to contain useful information about long-run inflation expectations. Yet the BEIR has been higher, on average, and more variable than survey measures of inflation expectations, which may be explained by the effects of premiums and distortions embedded in the BEIR. Because of the difficulty in accounting for these distortions, the BEIR should not be given a large weight as a measure of long-run inflation expectations at this time. However, as the Real Return Bond market continues to develop, the BEIR should become a more useful indicator of inflation expectations. At present, it demonstrates no clear advantage over survey measures and even past inflation rates in forecasting near-term inflation.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Inflation and prices,
Interest rates,
Market structure and pricing
November 20, 2004
Monetary Policy and Uncertainty
Remarks by David Longworth, Deputy Governor of the Bank of Canada to the Canadian Association for Business Economics
Content Type(s):
Publications,
Bank of Canada Review articles
International Equity Flows and Returns: A Quantitative Equilibrium Approach
Staff Working Paper 2004-42
Rui Albuquerque,
Martin Schneider,
Gregory Bauer
The authors model trading by foreign and domestic investors in developed-country equity markets.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
International topics,
Market structure and pricing
JEL Code(s):
F,
F3,
F30,
G,
G1,
G12,
G14,
G15