Working Time over the 20th Century Staff Working Paper 2006-18 Alexander Ueberfeldt From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Labour markets, Productivity JEL Code(s): E, E1, E13, E2, E24, O, O1, O11
Gaining Credibility for Inflation Targets Staff Working Paper 2001-11 James Yetman In this paper, I consider a simple model in which agents learn about the inflation target of a central bank over time by observing the policy instrument or inflation outcomes. Measuring credibility as the distance between the perceived target and the actual target, an increase in credibility is beneficial to the central bank because it brings the policy consistent with attaining the inflation target closer to that required to attain the output target. Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Inflation targets JEL Code(s): E, E5, E52
Central Bank Digital Currency and Monetary Policy Staff Working Paper 2018-36 Mohammad Davoodalhosseini Many central banks are contemplating whether to issue central bank digital currency. This piece explores the implications as well as potential motivators of such a step. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy JEL Code(s): E, E4, E42, E5, E50
Time-Consistent Control in Non-Linear Models Staff Working Paper 2007-3 Steve Ambler, Florian Pelgrin We show how to use optimal control theory to derive optimal time-consistent Markov-perfect government policies in nonlinear dynamic general equilibrium models, extending the result of Cohen and Michel (1988) for models with quadratic objective functions and linear dynamics. We replace private agents' costates by flexible functions of current states in the government's maximization problem. Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Monetary policy framework JEL Code(s): C, C6, C63, E, E6, E61, E62
Endogenous Credibility and Wage-Price Spirals Staff Working Paper 2024-14 Olena Kostyshyna, Tolga Özden, Yang Zhang We quantitively assess the risks of a wage-price spiral occurring in Canada over history. We find the risk of a wage-price spiral increases when the inflation expectations become unanchored and the credibility of central banks declines. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credibility, Inflation and prices, Monetary policy JEL Code(s): C, C2, C22, E, E0, E00, E4, E47, E7
GAUSS™ Programs for the Estimation of State-Space Models with ARCH Errors: A User's Guide Staff Working Paper 2000-2 Maral Kichian State-space models have long been popular in explaining the evolution of various economic variables. This is mainly because they generally have more economic content than do others in their class of parsimonious models (for example, VARs). Yet, in spite of their advantages, use of these models until recently was limited by the assumption that all […] Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C3, C32, C8, C82, C87, C89
February 1, 2012 Valuation of Canadian- versus U.S.-Listed Equities: Is There a Discount? Financial System Review - December 2003 Michael R. King, Dan Segal Content Type(s): Publications, Financial System Review articles
An Introduction to Wavelets for Economists Staff Working Paper 2002-3 Christoph Schleicher Wavelets are mathematical expansions that transform data from the time domain into different layers of frequency levels. Compared to standard Fourier analysis, they have the advantage of being localized both in time and in the frequency domain, and enable the researcher to observe and analyze data at different scales. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1
Global Real Activity for Canadian Exports: GRACE Staff Discussion Paper 2017-2 André Binette, Tony Chernis, Daniel de Munnik Canadian exports have often disappointed since the Great Recession. The apparent disconnect between exports and the Bank of Canada’s current measure of foreign demand has created an impetus to search for an alternative. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Balance of payments and components, Econometric and statistical methods, Exchange rates JEL Code(s): F, F1, F10, F14, F4, F43
The U.S. Stock Market and Fundamentals: A Historical Decomposition Staff Working Paper 2003-20 David Dupuis, David Tessier The authors identify the fundamentals behind the dynamics of the U.S. stock market over the past 30 years. They specify a structural vector-error-correction model following the methodology of King, Plosser, Stock, and Watson (1991). Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): G, G1