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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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Forecasting Inflation with the M1-VECM: Part Two
Engert, Walter; Hendry, Scott - Bank of Canada - 1998
A central bank's main concern is the general direction of future inflation, and not transitory fluctuations of the inflation rate. As a result, this paper is concerned with forecasting a simple measure of the trend of inflation, the eight-quarter CPI-inflation rate. The primary objective is to...
Persistent link: https://www.econbiz.de/10005162511
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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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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 … welfare in a cash economy. A model that features both trading frictions and two-sided platforms is then built and used to …-money depends critically on whether cash is a viable alternative to e-money as a means of payment. When it is not (e.g., for online …
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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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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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
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Consumer Interest Rates and Retail Mutual Fund Flows
Sierra, Jesus - Bank of Canada - 2012
This paper documents a link between the real and financial sides of the economy. We find that retail equity mutual fund flows in Canada are negatively related to current and past changes in a component of the prime and 5-year mortgage rates that is uncorrelated with government rates. The effect...
Persistent link: https://www.econbiz.de/10010598590
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Measuring Uncertainty in Monetary Policy Using Implied Volatility and Realized Volatility
Chang, Bo Young; Feunou, Bruno - Bank of Canada - 2013
We measure uncertainty surrounding the central bank’s future policy rates using implied volatility computed from interest rate option prices and realized volatility computed from intraday prices of interest rate futures. Both volatility measures show that uncertainty decreased following the...
Persistent link: https://www.econbiz.de/10010849956