interpretation: one factor captures the combined contribution of shocks that affect commodity markets only through general …

economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of … monetary policy in Canada. We show that it is crucial to take into account the break in the conduct of monetary policy caused … by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

. Consequently, decision-makers consider multiple models that provide different predictions and policy recommendations and then … synthesize that information into a policy decision. We use Bayesian predictive decision synthesis (BPDS) as a way formalize this … monetary policy decision-making process. BPDS draws on recent developments in model combination and statistical decision theory …

In the onset of the COVID-19 crisis, central banks purchased large volumes of assets in an effort to keep markets …

standard rule aiming exclusively at price stability against the other, where monetary policy additionally leans against fiscal … emphasize how the level and structure of government debt emerge as key factors affecting the credibility of monetary policy with …

This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada … stress conditions, the authors examine questions such as: Do contractionary and expansionary monetary policy shocks have … symmetric effects? Do financial stress conditions play a role as a nonlinear propagator of monetary policy shocks? Does monetary …

the econometric estimates for monetary policy analysis. First, by including real money balance effects into the standard … sticky price model, two stylized facts can be explained: the modestly procyclical real wage response to a monetary policy … shock and the supply side effects of monetary policy. Second, the existence of real money balance effects causes higher …