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3035 Results

Term Structure Transmission of Monetary Policy

Staff Working Paper 2007-30 Sharon Kozicki, P. A. Tinsley
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.
Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, Monetary policy transmission JEL Code(s): E, E3, E5, N, N1

Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire

Staff Working Paper 1998-23 Pierre St-Amant, David Tessier
Over the last few years, many countries have adopted inflation targets. The objective of this paper is to report some empirical results that bear on the link between the adoption of inflation targets and the behaviour of the main macroeconomic variables. After a discussion of some recent articles analyzing international experience, some simple statistical tests […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets

Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes

Staff Working Paper 2015-18 Warren E. Weber
The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.

The Role of Convenience and Risk in Consumers' Means of Payment

Staff Discussion Paper 2009-8 Carlos Arango, Varya Taylor
Using data from a 2004 survey of the Canadian public, the authors study the role of convenience and risk in consumers' use of cash relative to debit and credit cards. The authors find that consumers who perceive debit cards and credit cards to be more convenient and less risky than cash use them more frequently.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes JEL Code(s): E, E4, E41, L, L2

Short Changed? The Market's Reaction to the Short Sale Ban of 2008

Staff Working Paper 2009-23 Louis Gagnon, Jonathan Witmer
Do short sales restrictions have an impact on security prices? We address this question in the context of a natural experiment surrounding the short sale ban of 2008 using a comprehensive sample of Canadian stocks cross-listed in the U.S.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): F, F3, F30, G, G0, G01, G1, G18, G2, G20

An Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest Rates

Staff Working Paper 2004-48 David Bolder, Adam Metzler, Grahame Johnson
Zero-coupon interest rates are the fundamental building block of fixed-income mathematics, and as such have an extensive number of applications in both finance and economics.

Risk, Entropy, and the Transformation of Distributions

Staff Working Paper 2002-11 Mark Reesor, Don McLeish
The exponential family, relative entropy, and distortion are methods of transforming probability distributions. We establish a link between those methods, focusing on the relation between relative entropy and distortion.

Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy

Staff Working Paper 2011-9 Oleksiy Kryvtsov, Virgiliu Midrigan
Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal rigidities and storable goods with direct evidence on inventories for the U.S.
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