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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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An Estimated Canadian DSGE Model with Nominal and Real Rigidities
Dib, Ali - Bank of Canada - 2001
This paper develops a dynamic, stochastic, general-equilibrium (DGSE) model for the Canadian economy and evaluates the real effects of monetary policy shocks. To generate high and persistent real effects, the model combines nominal frictions in the form of costly price adjustment with real...
Persistent link: https://www.econbiz.de/10005673281
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Nominal Rigidities and Monetary Policy in Canada Since 1981
Dib, Ali - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005673300
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The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy
Ortega, Eva; Rebei, Nooman - Bank of Canada - 2006
-traded-goods inflation, since prices are found to be more sticky in this production sector, but those gains come at the cost of substantially … estimated model for the Canadian economy, with a strict inflation-targeting rule where the central bank reacts to the next … period's expected deviation from the inflation target and does not target the output gap. …
Persistent link: https://www.econbiz.de/10005673357
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Information Flows and Aggregate Persistence
Kryvtsov, Oleksiy - Bank of Canada - 2009
Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...
Persistent link: https://www.econbiz.de/10005673373
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Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
Dib, Ali; Mendicino, Caterina; Zhang, Yahong - Bank of Canada - 2008
. Compared to the historical inflation targeting rule, an optimal price level targeting regime substantially reduces the welfare … also better than the optimal inflation targeting rule in minimizing the distortion generated by the presence of nominal …
Persistent link: https://www.econbiz.de/10005673378