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Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?

Friedrich, Christian - Bank of Canada - 2014

Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected, although economic slack in advanced countries reached...

Persistent link: https://www.econbiz.de/10010885041

Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework

Pichette, Lise; St-Amant, Pierre; Tomlin, Ben; Anoma, Karine - Bank of Canada - 2015

Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is...

Persistent link: https://www.econbiz.de/10011253083

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

Corporate Bond Spreads and the Business Cycle

Zhang, Zhiwei - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005673326

Survey-Based Estimates of the Term Structure of Expected U.S. Inflation

Kozicki, Sharon; Tinsley, P.A. - Bank of Canada - 2006

Surveys provide direct information on expectations, but only short histories are available at quarterly frequencies or for long-horizon expectations. Longer histories typically contain only semi-annual observations of short-horizon forecasts. The authors fill in the gaps by constructing a...

Persistent link: https://www.econbiz.de/10005808300

Term Structure Transmission of Monetary Policy

Kozicki, Sharon; Tinsley, P.A. - Bank of Canada - 2007

Under bond-rate transmission of monetary policy, the authors show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of unity. This result helps explain how bond rates may exhibit stable responses to...

Persistent link: https://www.econbiz.de/10005808353

Perhaps the FOMC Did What It Said It Did: An Alternative Interpretation of the Great Inflation

Kozicki, Sharon; Tinsley, P.A. - Bank of Canada - 2007

This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an...

Persistent link: https://www.econbiz.de/10005162415

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 …

Persistent link: https://www.econbiz.de/10005162511

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 …

Persistent link: https://www.econbiz.de/10010601647

Asset-Price Misalignments and Monetary Policy: How Flexible Should Inflation-Targeting Regimes Be?

Selody, Jack; Wilkins, Carolyn - Bank of Canada - 2007

respond to asset-price misalignments and other atypical events. They examine the costs and benefits of adding flexibility to … the Bank's current inflation-targeting framework, and conclude that maintaining low and stable consumer price inflation is … flexibility in the target horizon may allow monetary policy to deal appropriately with asset-price bubbles and other atypical …

Persistent link: https://www.econbiz.de/10005808264