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9499 Results

Monetary Rules When Economic Behaviour Changes

Staff Working Paper 1999-8 Robert Amano, Donald Coletti, Tiff Macklem
This paper examines the implications of changes in economic behaviour for simple inflation-forecast–based monetary rules of the type currently used at two inflation-targeting central banks. Three types of changes in economic behaviour are considered, changes that are motivated by developments in monetary and fiscal policy in the 1990s: changes in monetary policy credibility, changes in […]

Switching Between Chartists and Fundamentalists: A Markov Regime-Switching Approach

Staff Working Paper 1996-1 Robert Vigfusson
Since the early 1980s, models based on economic fundamentals have been poor at explaining the movements in the exchange rate (Messe 1990). In response to this problem, Frankel and Froot (1988) developed a model that uses two approaches to forecast the exchange rate: the fundamentalist approach, which bases the forecast on economic fundamentals, and the chartist approach, which bases the forecast on the past behaviour of the exchange rate.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): C, C4, C40, G, G1, G12

An Intraday Analysis of the Effectiveness of Foreign Exchange Intervention

Staff Working Paper 1999-4 Neil Beattie, Jean-François Fillion
This paper assesses the effectiveness of Canada's official foreign exchange intervention in moderating intraday volatility of the Can$/US$ exchange rate, using a 2-1/2-year sample of 10-minute exchange rate data. The use of high frequency data (higher than daily frequency) should help in assessing the impact of intervention since the foreign exchange market is efficient and […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial markets JEL Code(s): F, F3, F31, G, G1, G15
May 27, 1998

Globalized Financial Markets and Monetary Policy

Remarks Gordon Thiessen La Conférence de Montréal Montréal, Quebec
Globalization - that is, the growing integration and interdependence of national economies - is changing dramatically the economic landscape. Countries are trading more goods and services, an increasing number of firms now operate across national borders, and savers and borrowers have greater access than ever before to global financial markets.
November 2, 1999

The Challenges for Canadian Monetary Policy in the Year 2000

Remarks Gordon Thiessen the Greater Charlottetown Area Chamber of Commerce Charlottetown, Prince Edward Island
Monetary policy actions take a relatively long time to affect the economy and inflation—anywhere between 12 to 24 months. Because of this, central banks must always look ahead and must put in place today the monetary conditions that are needed to help keep the economy on a sustainable path down the road. By 'sustainable' I mean a situation where economic growth and job creation are not at risk from rising inflation.
September 23, 1998

Global uncertainties and the Canadian economy

Remarks Gordon Thiessen St. John's Board of Trade St. John's, Newfoundland
This past year, we have had to deal with the implications for our economy and our currency of increased global uncertainty and pressures arising from the problems that originated in Southeast Asia. I am sure that the effects of these developments, especially on primary commodities, such as oil and nickel, are already very familiar to Newfoundlanders.
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