movements have had important implications for inflation and economic activity in both Canada and the rest of the world. China … the Bank of Canada Commodity Price Index (BCPI). Two separate single-equation models are estimated for oil and the base …

This paper studies the long run welfare costs of inflation in a micro-founded model with trading frictions and costly … agent model, the welfare costs of inflation are significantly smaller due to distributional effects of inflation. The … welfare cost of increasing inflation from 0% to 10% is 0.62% of income for the U.S. economy and 0.20% of income for the …

is not an important source of potential mismeasurement of CPI inflation in Canada. … to estimate how price increases can be divided between quality growth and price inflation. I find that less than one … inflation close to inflation measured by the official index. I conclude that, according to Bils' methodology, the quality bias …

We provide a decomposition of nominal yields into real yields, expectations of future inflation and inflation risk … premiums when real bonds or inflation swaps are unavailable or unreliable due to their relative illiquidity. We combine nominal … yields with surveys of inflation forecasts within a no-arbitrage model where conditional expectations are latent but spanned …

inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework … assessing the redistributional effects of inflation in Canada that arise through the revaluation of nominal assets and … effects of inflation. This omission is likely to be important since the welfare costs of inflation depend not only on …

In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly … measures of underlying inflation monitored by the Bank of Canada. … distort the signal in many other measures of underlying inflation, and appears to capture price movements that are indicative …

be related to the explicit inflation target in Canada in comparison to the dual mandate in the US. …’ inflation expectations to their own lagged forecasts as well as proxies for the rational expectation forecasts. The model builds … in inflation expectations extensively documented in the literature. We estimate the model using data from two important …

from Japan, Canada and Nigeria, and find that the impact of inflation on RIV differs from its effect on RPV. In particular …Inflation can affect both the dispersion of commodity-specific price levels across locations (relative price … variability, RPV) and the dispersion of inflation rates (relative inflation variability, RIV). Some menu-cost models and models of …

We present a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections. We … then provide a forecast evaluation for GDP growth and CPI inflation since 1982: we compare the staff forecasts with those …