Forecasting Inflation with the M1-VECM: Part Two Staff Working Paper 1998-6 Walter Engert, Scott Hendry A central bank's main concern is the general direction of future inflation, and not transitory fluctuations of the inflation rate. As a result, this paper is concerned with forecasting a simple measure of the trend of inflation, the eight-quarter CPI-inflation rate. The primary objective is to improve the M1-based vector-error-correction model (VECM) developed by Hendry […] Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices, Monetary aggregates JEL Code(s): C, C3, C5, E, E3, E4, E5
February 24, 2015 Lessons New and Old: Reinventing Central Banking Remarks Stephen S. Poloz Western University President's Lecture London, Ontario Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Inflation and prices, Inflation targets, Monetary aggregates, Monetary policy, Monetary policy framework
Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering Staff Working Paper 2016-8 Angelika Welte Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): D, D1, D12, E, E5, E58, G, G2, G28
Learning-by-Doing or Habit Formation? Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models, Labour markets JEL Code(s): C, C5, C52, E, E3, E32, J, J2, J22
Labour Market Adjustments to Exchange Rate Fluctuations: Evidence from Canadian Manufacturing Industries Staff Working Paper 2005-14 Danny Leung, Terence Yuen The authors provide some of the first empirical evidence on labour market adjustments to exchange rate movements in Canadian manufacturing industries. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Labour markets JEL Code(s): E, E2, E23, F, F4
August 19, 2010 Monetary Policy and the Zero Bound on Nominal Interest Rates Bank of Canada Review - Summer 2010 Robert Amano, Malik Shukayev The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Inflation targets, Monetary policy framework
Housing and Tax Policy Staff Working Paper 2013-33 Sami Alpanda, Sarah Zubairy In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Fiscal policy, Housing JEL Code(s): E, E6, E62, H, H2, H24, R, R3, R38
The Canadian Phillips Curve and Regime Shifting Staff Working Paper 2003-32 Frédérick Demers Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C5, C52, E, E3, E31
Money in the Bank (of Canada) Technical Report No. 93 David Longworth With the demise of monetary targeting over the past 20 years in many major countries, the question has arisen as to whether central banks should look at money at all when formulating and conducting monetary policy. Content Type(s): Staff research, Technical reports Research Topic(s): Monetary aggregates, Monetary policy transmission JEL Code(s): E, E5, E50, E51, E52