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Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting
Meh, Césaire A.; Rios-Rull, José-Victor; Terajima, Yaz - Bank of Canada - 2008
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major … same country. Two types of monetary policy, inflation targeting (IT) and price level targeting (PT), have very different …
Persistent link: https://www.econbiz.de/10005673256
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Estimating the Policy Rule from Money Market Rates when Target Rate Changes Are Lumpy
Fontaine, Jean-Sébastien - Bank of Canada - 2012
Most central banks effect changes to their target or policy rate in discrete increments (e.g., multiples of 0.25%) following public announcements on scheduled dates. Still, for most applications, researchers rely on the assumption that the policy rate changes linearly with economic conditions...
Persistent link: https://www.econbiz.de/10010598589
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Uncertain Fiscal Consolidations
Bi, Huixin; Leeper, Eric M.; Leith, Campbell - Bank of Canada - 2013
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...
Persistent link: https://www.econbiz.de/10010849954
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The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus
Resende, Carlos de; Lalonde, René; Snudden, Stephen - Bank of Canada - 2010
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...
Persistent link: https://www.econbiz.de/10008631206
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Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence
Resende, Carlos de - Bank of Canada - 2007
This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level ...
Persistent link: https://www.econbiz.de/10005673298
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Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?
Traclet, Virginie - Bank of Canada - 2004
Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities. Although they have chosen the same objectives to promote economic growth—price stability and fiscal sustainability—the Canadian and European economic authorities have adopted...
Persistent link: https://www.econbiz.de/10005808335
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The 1975-78 Anti-Inflation Program in Retrospect
Sargent, John - Bank of Canada - 2005
The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a … policy response to, inflation in the decade preceding the introduction of the AIP, the author sets out the elements of the … AIP's monetary and fiscal policy, and prices and incomes controls. He then compares the program's inflation objectives …
Persistent link: https://www.econbiz.de/10005808363
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The Welfare Implications of Fiscal Dominance
Resende, Carlos De; Rebei, Nooman - Bank of Canada - 2008
-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government … measured by (1 - k), is positively related to trend inflation, and 2) when prices are sticky, k has significant effects on the …
Persistent link: https://www.econbiz.de/10005536893
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Measures of aggregate credit conditions and their potential use by central banks
García, Alejandro; Prokopiw, Andrei - 2009
Understanding the nature of credit risk has important implications for financial stability. Since authorities notably, central banks focus on risks that have systemic implications, it is crucial to develop ways to measure these risks. The difficulty lies in finding reliable measures of aggregate...
Persistent link: https://www.econbiz.de/10003933233