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A financial conditions index for the United States
Beaton, Kimberly; Lalonde, René; Luu, Corinne - 2009
The financial crisis of 200709 has highlighted the importance of developments in financial conditions for real economic activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by constructing two growthbased financial conditions indexes...
Persistent link: https://www.econbiz.de/10003933229
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Financial conditions indexes for Canada
Gauthier, Céline; Graham, Christopher; Liu, Ying - 2004
Persistent link: https://www.econbiz.de/10002123717
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Core inflation
Hogan, Seamus D.; Johnson, Marianne F.; Laflèche, Thérèse - 2001
Persistent link: https://www.econbiz.de/10001555173
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Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy
Vayid, Ianthi - Bank of Canada - 2013
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. In the wake of the 2007-09 global financial crisis, this...
Persistent link: https://www.econbiz.de/10010849959
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Are Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold Standard
Masson, Paul R.; Shukayev, Malik D. - Bank of Canada - 2008
some parameterizations, there is a low credibility equilibrium (with high expectation of a reset) associated with high …
Persistent link: https://www.econbiz.de/10005673288
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The 1975-78 Anti-Inflation Program in Retrospect
Sargent, John - Bank of Canada - 2005
The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a seminar organized by the Bank of Canada to mark the AIP's 30th anniversary. After reviewing Canada's experience with, and policy response to, inflation in the decade preceding...
Persistent link: https://www.econbiz.de/10005808363
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Adopting Price-Level Targeting under Imperfect Credibility
Kryvtsov, Oleksiy; Shukayev, Malik; Ueberfeldt, Alexander - Bank of Canada - 2008
credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as …
Persistent link: https://www.econbiz.de/10005808399
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Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models
Amirault, David; O'Reilly, Brian - Bank of Canada - 2001
This paper uses Tobit models and data for union contracts to examine the extent of downward nominal-wage rigidity in Canada. To be consistent with important stylized facts, the models allow the variance of the notional wage-change distribution to be time-varying and test for menu-cost effects....
Persistent link: https://www.econbiz.de/10005162441
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Monetary Rules When Economic Behaviour Changes
Amano, Robert; Coletti, Don; Macklem, Tiff - Bank of Canada - 1999
credibility, changes in the slope of the Phillips curve, and changes in the degree of income stabilization from automatic fiscal … results are with respect to credibility. When monetary credibility increases, the central bank can attain more stable output … and inflation. But increasing credibility is a double-edged sword. To reap its benefits, the central bank must, in general …
Persistent link: https://www.econbiz.de/10005162443
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The Zero Bound on Nominal Interest Rates: How Important Is It?
Amirault, David; O'Reilly, Brian - Bank of Canada - 2001
credibility. …
Persistent link: https://www.econbiz.de/10005162504