January 12, 2006 Canada's Monetary Policy Framework: Dealing with Global Economic Change Remarks Sheryl Kennedy International Finance Club of Montréal Montréal, Quebec The constant economic change that we've been experiencing makes it critical for the central bank to stand on a firm foundation as it works to enhance the country's economic strength. The Bank of Canada's monetary policy framework is such a foundation. Content Type(s): Press, Speeches and appearances, Remarks
Habit Formation and the Persistence of Monetary Shocks Staff Working Paper 2002-27 Hafedh Bouakez, Emanuela Cardia, Francisco Ruge-Murcia This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E4, E5
Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence Staff Working Paper 2002-26 Hafedh Bouakez This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Market structure and pricing, Monetary policy transmission JEL Code(s): F, F3, F31, F4, F41
Nominal Rigidities and Monetary Policy in Canada Since 1981 Staff Working Paper 2002-25 Ali Dib This paper develops and estimates a dynamic, stochastic, general-equilibrium model with price and wage stickiness to analyze monetary policy in Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52
Employment Effects of Restructuring in the Public Sector in North America Staff Working Paper 2001-19 Paul Fenton, Irene Ip, Geoff Wright This paper examines whether restructuring in the public sector contributed to the slower cyclical recovery in Canada than in the United States during the 1990s. Changes in public sector employment are used to investigate this question. Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets JEL Code(s): J, J4, J45
January 18, 2010 Results of the 18 January 2010 Term PRA Transaction Results of today's term PRA operations Content Type(s): Press, Market notices
Consumption, Housing Collateral, and the Canadian Business Cycle Staff Working Paper 2009-26 Ian Christensen, Paul Corrigan, Caterina Mendicino, Shin-Ichi Nishiyama Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Monetary policy transmission JEL Code(s): E, E2, E21, E3, E32, E4, E44, E5, E52, R, R2, R21
The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework Staff Working Paper 2003-12 Alain Paquet, Louis Phaneuf, Nooman Rebei The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent with the sign, timing, and magnitude of how hours worked, after-tax real wages, and output actually respond to an upsurge in military purchases. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Fiscal policy JEL Code(s): E, E3, E32, E6, E62, H, H2
June 21, 2006 Global Economic Forces and the Need for Adjustment Remarks David Dodge Chambre de commerce du Montréal métropolitain and the Fédération des chambres de commerce du Québec Montréal, Quebec Since the start of the millennium, developments in the global economy have led to important changes throughout the Canadian economy and to serious challenges for many sectors and regions. Because nobody can anticipate precisely how the world will unfold, the best we can do is to ensure that our economy is as flexible as possible. Content Type(s): Press, Speeches and appearances, Remarks
May 30, 2006 Opening Statement before the House of Commons Standing Committee on Industry, Science and Technology Opening statement David Dodge House of Commons Standing Committee on Industry, Science and Technology 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." Over time, it has become clear that the best way for us to fulfill this mandate is to keep inflation low, stable, and predictable. Content Type(s): Press, Speeches and appearances, Opening statements