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3029 Results

May 16, 2016

The Micro and Macro of Downward Nominal Wage Rigidity

The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed.

Central Bank Digital Currency and Banking Choices

Staff Working Paper 2024-4 Jiaqi Li, Andrew Usher, Yu Zhu
To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with.
Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58

Price-Level versus Inflation Targeting in a Small Open Economy

Staff Working Paper 2001-24 Gabriel Srour
This paper compares two types of monetary policy: price-level targeting and inflation targeting. It reviews recent arguments that favour price-level targeting, and examines how certain factors, such as the nature of the shocks affecting the economy and the degree to which agents are forward-looking, bear upon the arguments.
Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E5, E52

Domestic versus External Borrowing and Fiscal Policy in Emerging Markets

Staff Working Paper 2007-33 Garima Vasishtha
Domestic public debt issued by emerging markets has risen significantly relative to international debt in recent years. Some recent empirical evidence also suggests that sovereigns have defaulted differentially on debt held by domestic and external creditors.
Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, International topics JEL Code(s): F, F3, F30, H, H2, H21, H6, H63

Dynamic Factor Analysis for Measuring Money

Staff Working Paper 2003-21 Paul Gilbert, Lise Pichette
Technological innovations in the financial industry pose major problems for the measurement of monetary aggregates. The authors describe work on a new measure of money that has a more satisfactory means of identifying and removing the effects of financial innovations.

Central Bank Liquidity Facilities and Market Making

Staff Working Paper 2022-9 David Cimon, Adrian Walton
We create a theoretical model of central bank asset purchases. The model helps explain how, in a crisis, these purchases ease pressures on investment dealers.

'Lean' versus 'Rich' Data Sets: Forecasting during the Great Moderation and the Great Recession

Staff Working Paper 2010-37 Marco J. Lombardi, Philipp Maier
We evaluate forecasts for the euro area in data-rich and ‘data-lean' environments by comparing three different approaches: a simple PMI model based on Purchasing Managers' Indices (PMIs), a dynamic factor model with euro area data, and a dynamic factor model with data from the euro plus data from national economies (pseudo-real time data).
Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C50, C53, E, E3, E37, E4, E47
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