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Resurrecting the role of real money balance effects
Dorich, José - 2009
inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …
Persistent link: https://www.econbiz.de/10003933293
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On the Importance of Sales for Aggregate Price Flexibility
Kryvtsov, Oleksiy; Vincent, Nicolas - Bank of Canada - 2014
Macroeconomists have traditionally ignored the behavior of temporary price markdowns (“sales”) by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. We challenge this view. First, using the...
Persistent link: https://www.econbiz.de/10010960391
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Real-Time Nowcasting of Nominal GDP Under Structural Breaks
Barnett, William A.; Chauvet, Marcelle; Leiva-Leon, Danilo - Bank of Canada - 2014
containing information on real economic activity, inflation, interest rates and Divisia monetary aggregates produces the most …
Persistent link: https://www.econbiz.de/10010960400
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Time-Varying Effects of Oil Supply Shocks on the U.S. Economy
Baumeister, Christiane; Peersman, Gert - Bank of Canada - 2012
they help explain the "Great Inflation" of the 1970s and early 1980s. …
Persistent link: https://www.econbiz.de/10009493659
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The Role of Time-Varying Price Elasticities in Accounting for Volatility Changes in the Crude Oil Market
Baumeister, Christiane; Peersman, Gert - Bank of Canada - 2011
There has been a systematic increase in the volatility of the real price of crude oil since 1986, followed by a decline in the volatility of oil production since the early 1990s. We explore reasons for this evolution. We show that a likely explanation of this empirical fact is that both the...
Persistent link: https://www.econbiz.de/10009368874
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On Inflation and the Persistence of Shocks to Output
Luger, Richard; Kichian, Maral - Bank of Canada - 2001
inflation. The analysis extends Elwood’s (1998) framework by incorporating in the model an inflation-threshold process that can …, depending on the level of inflation: negative shocks are more detrimental when inflation is high, and positive shocks are more … persistent when inflation is low. …
Persistent link: https://www.econbiz.de/10005808321
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Fractional Cointegration and the Demand for M1
Tkacz, Greg - Bank of Canada - 2000
Persistent link: https://www.econbiz.de/10005808392
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Inventories, Stockouts, and ToTEM
Kryvtsov, Oleksiy; Zhang, Yang - Bank of Canada - 2010
Inventory investment is an important component of the Canadian business cycle. Despite its small average size – less than 1 per cent of output -- it exhibits volatile procyclical fluctuations, accounting for almost one-third of output variance. Procyclicality of inventories is somewhat smaller...
Persistent link: https://www.econbiz.de/10008539769
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Price-Level Targeting and Stabilization Policy: A Review
Ambler, Steve - Bank of Canada - 2007
The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting … how price-level targeting affects the short-run trade-off between output and inflation variability by influencing … expectations of future inflation. The author looks at the implications of this argument for assigning an objective based on price …
Persistent link: https://www.econbiz.de/10005162379
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State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?
Klenow, Peter J.; Kryvtsov, Oleksiy - Bank of Canada - 2005
Inflation equals the product of two terms: an extensive margin (the fraction of items with price changes) and an … intensive margin (the average size of those changes). The variance of inflation over time can be decomposed into contributions … margin is the sole source of inflation changes in staggered time-dependent pricing models. We use micro data collected by the …
Persistent link: https://www.econbiz.de/10005162413