What Affects MFP in the Long-Run? Evidence from Canadian Industries Staff Working Paper 2008-4 Danny Leung, Yi Zheng In this paper we explore variables that may have an impact on multifactor productivity (MFP) in the long-run using the KLEMS database for Canada. We estimate a dynamic heterogeneous panel error-correction model of twelve 2-digit level industries. Content Type(s): Staff research, Staff working papers Topic(s): Productivity JEL Code(s): C, C2, C23, D, D2, D24, O, O3, O30
Adopting Price-Level Targeting under Imperfect Credibility Staff Working Paper 2008-3 Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting. Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52
January 30, 2008 Opening Statement before the House of Commons Standing Committee on Industry, Science and Technology Opening statement Paul Jenkins House of Commons Standing Committee on Industry, Science and Technology To begin, as a little background I would like to quickly review the framework within which we conduct Canada's monetary policy. The Bank of Canada Act calls on us to mitigate "fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada." Content Type(s): Press, Speeches and appearances, Opening statements
January 30, 2008 Annual Report 2007 The year 2007 was marked by sharply increased volatility in financial and foreign exchange markets, and a widening of credit spreads. Despite financial market turbulence, the Canadian economy continued to expand, and inflation remained close to our target of 2 per cent. In this, my final Annual Report message, I begin by reviewing the economic and financial developments and challenges of the past year. I then highlight seven important ongoing challenges faced by Canada and the Bank during my seven years as Governor. Content Type(s): Publications, Annual Report
January 24, 2008 Bank of Canada releases Monetary Policy Report Update Media Relations Ottawa, Ontario The Bank of Canada today released its January Monetary Policy Report Update. Content Type(s): Press, Press releases
January 24, 2008 Monetary Policy Report Update – January 2008 The Canadian economy grew broadly in line with the Bank’s expectations in the second half of 2007. Content Type(s): Publications, Monetary Policy Report
January 24, 2008 Release of the Monetary Policy Report Update Opening statement David Dodge The Canadian economy continues to operate above its production capacity, despite some slowing in growth and inflation in the fourth quarter of 2007. Financial conditions have deteriorated since October, leading to tighter credit conditions in industrialized countries. Content Type(s): Press, Speeches and appearances, Opening statements
January 22, 2008 Bank of Canada lowers overnight rate target by 1/4 percentage point to 4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 4 per cent. Content Type(s): Press, Press releases
A Wave of Protectionism? An Analysis of Economic and Political Considerations Staff Working Paper 2008-2 Philipp Maier In light of the U.S. current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some U.S. policymakers for tariffs on imports from China has sparked fears that this could trigger a world-wide surge in protectionism. Content Type(s): Staff research, Staff working papers Topic(s): International topics, Recent economic and financial developments, Regional economic developments JEL Code(s): E, E6, E66, F, F3, F32, F4, F47