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Canadian City Housing Prices and Urban Market Segmentation
Allen, Jason; Amano, Robert; Byrne, David P.; Gregory, … - Bank of Canada - 2006
The authors provide a detailed empirical analysis of Canadian city housing prices. They examine the long-run relationship between city house prices in Canada from 1981 to 2005 as well as idiosyncratic relations between city prices and city-specific variables. The results suggest that city house...
Persistent link: https://www.econbiz.de/10005673287
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Reconsidering Cointegration in International Finance: Three Case Studies of Size Distortion in Finite Samples
Godbout, Marie-Josée; Norden, Simon van - Bank of Canada - 1997
This paper reconsiders several recently published but controversial results about the behaviour of exchange rates. In particular, it explores finite-sample problems in the application of cointegration tests and shows how these may have affected the conclusions of recent research. It also...
Persistent link: https://www.econbiz.de/10005162509
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Common Trends and Common Cycles in Canadian Sectoral Output
Barillas, Francisco; Schleicher, Christoph - Bank of Canada - 2003
The authors examine evidence of long- and short-run co-movement in Canadian sectoral output data. Their framework builds on a vector-error-correction representation that allows them to test for and compute full-information maximum-likelihood estimates of models with codependent cycle...
Persistent link: https://www.econbiz.de/10005536877
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Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns
Aizenman, Joshua; Pasricha, Gurnain - Bank of Canada - 2013
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may...
Persistent link: https://www.econbiz.de/10010849944
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Money Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions
Porter, Nathan; Xu, TengTeng - Bank of Canada - 2013
Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China’s gradual process of interest rate liberalization. This paper investigates the main...
Persistent link: https://www.econbiz.de/10010670841
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The Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States
Lalonde, René; Parent, Nicolas - Bank of Canada - 2006
In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. Since the Fed directly controls only one instrument-the federal funds rate-the authors argue that the Fed's priorities continuously alternate between inflation and economic...
Persistent link: https://www.econbiz.de/10005162429
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International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada
Dahlhaus, Tatjana; Hess, Kristina; Reza, Abeer - Bank of Canada - 2014
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international...
Persistent link: https://www.econbiz.de/10010960398
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Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy
Lalonde, René - Bank of Canada - 2005
The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities. The author complements existing research by estimating a small forward-looking model of the U.S. economy with endogenous central bank credibility....
Persistent link: https://www.econbiz.de/10005162483
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Short-Run and Long-Run Causality between Monetary Policy Variables and Stock Prices
Dufour, Jean-Marie; Tessier, David - Bank of Canada - 2006
policy stance is set according to inflation forecasts. While most empirical studies on causality have examined this issue … using Granger's (1969) original definition, the authors examine the causality relations through the generalization proposed … horizons. It is therefore incorrect to dismiss the importance of monetary aggregates based on the usual Granger causality …
Persistent link: https://www.econbiz.de/10005162529
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The Impact of U.S. Monetary Policy Normalization on Capital Flows to Emerging-Market Economies
Dahlhaus, Tatjana; Vasishtha, Garima - Bank of Canada - 2014
The Federal Reserve’s path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs). This paper examines the potential impact of U.S. monetary policy normalization on portfolio flows...
Persistent link: https://www.econbiz.de/10011094223