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3035 Results

August 27, 2007

The Bank of Canada's Research Agenda and the Future of Inflation Targeting

Remarks Pierre Duguay Canadian Association for Business Economics Kingston, Ontario
The last few weeks have been a time of turbulence in financial markets. In times such as these, it is common for people to focus on day-by-day or even hour-by-hour events, and to lose sight of the future. But tonight, I want to focus on the future; specifically, the future of inflation targeting in Canada.

Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy

Staff Working Paper 2024-39 Felipe Alves, Giovanni L. Violante
We explore the long-run effects of a monetary policy shock in a Heterogeneous Agent New Keynesian model built on the micro evidence that job losses lead to persistently lower individual earnings through a combination of skill decay and abandonment of the labour force.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Monetary policy transmission JEL Code(s): E, E2, E21, E24, E3, E31, E32, E5, E52, J, J2, J24, J6, J64

The Stochastic Discount Factor: Extending the Volatility Bound and a New Approach to Portfolio Selection with Higher-Order Moments

Staff Working Paper 2005-2 Fousseni Chabi-Yo, René Garcia, Eric Renault
The authors extend the well-known Hansen and Jagannathan (HJ) volatility bound. HJ characterize the lower bound on the volatility of any admissible stochastic discount factor (SDF) that prices correctly a set of primitive asset returns.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Market structure and pricing JEL Code(s): C, C6, C61, G, G1, G11, G12
May 23, 2004

Bank of Canada Review - Spring 2004

BoC Review - Spring 2004

Cover page

The Millennial Celebrations in Ancient Rome

The coins pictured on the cover range from approximately 20 to 35 mm in diameter and form part of the National Currency Collection, Bank of Canada.

Photography by Gord Carter, Ottawa

August 21, 2002

Monetary Policy and Uncertainty

Central banks must cope with considerable uncertainty about what will happen in the economy when formulating monetary policy. This article describes the different types of uncertainty that arise and looks at examples of uncertainty that the Bank has recently encountered. It then reviews the strategies employed by the Bank to deal with this problem. The other articles in this special issue focus on three of these major strategies.

Electronic Transactions as High-Frequency Indicators of Economic Activity

Staff Working Paper 2007-58 John Galbraith, Greg Tkacz
Since the advent of standard national accounts data over 60 years ago, economists have traditionally relied on monthly or quarterly data supplied by central statistical agencies for macroeconomic modelling and forecasting.
Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles JEL Code(s): E, E1, E17, E2, E27, E6, E66
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