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Forecasting Inflation with the M1-VECM: Part Two
Engert, Walter; Hendry, Scott - Bank of Canada - 1998
-quarter CPI-inflation rate. The primary objective is to improve the M1-based vector-error-correction model (VECM) developed by … model, especially over a longer time horizon. This extended-VECM is shown to provide considerable leading information about … is illustrated with the extended VECM developed in this paper. Finally, the paper emphasizes that monetary policy is …
Persistent link: https://www.econbiz.de/10005162511
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The Role of Card Acceptance in the Transaction Demand for Money
Huynh, Kim; Schmidt-Dengler, Philipp; Stix, Helmut - Bank of Canada - 2014
The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant. We hypothesize that the lack of card acceptance at the point of sale is a key reason why cash continues to play an important role. We...
Persistent link: https://www.econbiz.de/10010960390
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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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Habit Formation and the Persistence of Monetary Shocks
Bouakez, Hafedh; Cardia, Emanuela; Ruge-Murcia, Francisco J. - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005673305
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E-Money: Efficiency, Stability and Optimal Policy
Chiu, Jonathan; Wong, Tsz-Nga - Bank of Canada - 2014
What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme? This paper provides a first attempt to develop a micro-founded, dynamic,...
Persistent link: https://www.econbiz.de/10010762052
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The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes
Weber, Warren E. - Bank of Canada - 2014
In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. It examines historical evidence on how well the bank...
Persistent link: https://www.econbiz.de/10010762053
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Labour Markets, Liquidity, and Monetary Policy Regimes
Andolfatto, David; Hendry, Scott; Moran, Kevin - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005808391
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Reactions of Canadian Interest Rates to Macroeconomic Announcements: Implications for Monetary Policy Transparency
Gravelle, Toni; Moessner, Richhild - Bank of Canada - 2001
In this study we statistically quantify the reactions of Canadian and U.S. interest rates to macroeconomic announcements released in Canada and in the United States. We find that Canadian interest rates react very little to Canadian macroeconomic news and are significantly affected by U.S....
Persistent link: https://www.econbiz.de/10005162508
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The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications
Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee - Bank of Canada - 2013
We study the cyclical properties of sales, regular price changes and average prices paid by consumers (“effective” prices) using data on prices and quantities sold for numerous retailers across many U.S. metropolitan areas. Inflation in the effective prices paid by consumers declines...
Persistent link: https://www.econbiz.de/10010601647
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Evaluating the Effect of the Bank of Canada's Conditional Commitment Policy
He, Zhongfang - Bank of Canada - 2010
The author evaluates the effect of the Bank of Canada's conditional commitment regarding the target overnight rate on longer-term market interest rates by taking into account the relationship between interest rates, inflation, and unemployment rates. By using vector autoregressive models of...
Persistent link: https://www.econbiz.de/10008484233