Posts

• Interpreting Money-Supply and Interest-Rate Shocks as Monetary-Policy Shocks

  Staff Working Paper 1996-8 Marcel Kasumovich

  In this paper two shocks are analysed using Canadian data: a money-supply shock ("M-shock") and an interest-rate shock ("R-shock"). Money-supply shocks are derived using long-run restrictions based on long-run propositions of monetary theory. Thus, an M-shock is represented by an orthogonalized innovation in the trend shared by money and prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary and financial indicators, Monetary policy transmission JEL Code(s): E, E4, E43, E5, E51

• Excess Volatility and Speculative Bubbles in the Canadian Dollar: Real or Imagined?

  Technical Report No. 76 John Murray, Simon van Norden, Robert Vigfusson

  Greater intervention by the public sector is often proposed as a solution to the increased speculation and excessive price volatility thought to characterize today's competitive world financial system.

  Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): C, C4, C40, F, F3, F31