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The authors document the out-of-sample forecasting accuracy of the New Keynesian model for Canada. They estimate their variant of the model on a series of rolling subsamples, computing out-of-sample forecasts one to eight quarters ahead at each step. They compare these forecasts with those...
Persistent link: https://www.econbiz.de/10005808339
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The recent strengh of the U.S. economy and historically low rates of inflation have sparked considerable debate among economists and Federal Reserve officials. In order to better explain the recent behaviour of inflation, some observers have raised the concept of a non-accelerating inflation...
Persistent link: https://www.econbiz.de/10005808377
This paper revisits Canada's pioneering experience with floating exchange rate over the period 1950–1962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy. The model...
Persistent link: https://www.econbiz.de/10005673297
accelerator, are estimated using a maximum-likelihood procedure and post-1979 U.S. data. The estimation and simulation results …
Persistent link: https://www.econbiz.de/10005673338
Persistent link: https://www.econbiz.de/10000868698
Our paper reports on Monte Carlo experiments using Evans's data-generating process to gauge the performance of these two kinds of regime-switching tests.
Persistent link: https://www.econbiz.de/10005536884
This paper considers the adaptability of estimation methods for binary response panel data models to multiple fixed …. Econometric theory has mostly focused on the estimation of single fixed effects models. This paper investigates whether existing …
Persistent link: https://www.econbiz.de/10010849961
The good forecasting performance of factor models has been well documented in the literature. While many studies focus on a very limited set of variables (typically GDP and inflation), this study evaluates forecasting performance at disaggregated levels to examine the source of the improved...
Persistent link: https://www.econbiz.de/10008540710
The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research). The GEM is a dynamic stochastic...
Persistent link: https://www.econbiz.de/10005808259