ElasticSearch Score: 8.433049
Under bond-rate transmission of monetary policy, the authors show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of unity. This result helps explain how bond rates may exhibit stable responses to inflation, even in periods of passive policy.
ElasticSearch Score: 8.42756
This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits.
ElasticSearch Score: 8.426482
Proportional reduction is a common cartel practice in which cartel members reduce their output proportionately. We develop a method to quantify this reduction relative to a benchmark market equilibrium scenario and relate the reduction to the traditional conduct parameter.
ElasticSearch Score: 8.401195
Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China’s gradual process of interest rate liberalization.
ElasticSearch Score: 8.314112
January 30, 2006
In 2005, the Bank of Canada celebrated its 70th anniversary. Since the Bank opened its doors in March 1935, it has evolved into a national institution at the heart of Canada’s economy. We had a lot to celebrate in 2005—particularly our progress over the past 70 yearsand our continuing contribution to the economic and financial well-being of Canadians.
ElasticSearch Score: 8.233014
The authors estimate a small monthly macroeconometric model (BEAM, for bonds, equity, and money) of the Canadian economy built around three cointegrating relationships linking financial and real variables over the 1975–2002 period.
ElasticSearch Score: 8.212058
May 15, 1995
This is the first in a series of semi-annual reports by the Bank of Canada on Canadian monetary policy.
ElasticSearch Score: 8.1539345
How can policy-makers avoid large policy errors when they are uncertain about the true model of the economy?
ElasticSearch Score: 8.153787
We propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We study the implications of financial integration on monetary policy transmission. Among various aspects of financial integration, the bond duration plays a major role. These results hold for conventional and unconventional monetary policies.
ElasticSearch Score: 8.116008
Monte Carlo evidence has made it clear that asymptotic tests based on generalized method of moments (GMM) estimation have disappointing size. The problem is exacerbated when the moment conditions are serially correlated.