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Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy
Vayid, Ianthi - Bank of Canada - 2013
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. In the wake of the 2007-09 global financial crisis, this...
Persistent link: https://www.econbiz.de/10010849959
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Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models
Amirault, David; O'Reilly, Brian - Bank of Canada - 2001
This paper uses Tobit models and data for union contracts to examine the extent of downward nominal-wage rigidity in Canada. To be consistent with important stylized facts, the models allow the variance of the notional wage-change distribution to be time-varying and test for menu-cost effects....
Persistent link: https://www.econbiz.de/10005162441
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Housework and Fiscal Expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi - Bank of Canada - 2014
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. We show that if substitutability between home and market goods is...
Persistent link: https://www.econbiz.de/10010885042
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What Does Downward Nominal-Wage Rigidity Imply for Monetary Policy?
Hogan, Seamus - Bank of Canada - 1997
A recent paper has suggested there might be a trade-off between inflation and unemployment at low inflation rates and this has led some economists to recommend that Canada increase its inflation rate. Underlying this view is the idea that, because firms are reluctant to cut workers' nominal...
Persistent link: https://www.econbiz.de/10005162391
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Should Central Banks Adjust Their Target Horizons in Response to House-Price Bubbles?
Roi, Meenakshi Basant; Mendes, Rhys R. - Bank of Canada - 2007
The authors investigate the implications of house-price bubbles for the optimal inflation-target horizon using a dynamic general-equilibrium model with credit frictions, house-price bubbles, and small open-economy features. They find that, given the distribution of shocks and inflation...
Persistent link: https://www.econbiz.de/10005673249
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Inflation Targeting Under Asymmetric Preferences
RUGE-MURCIA, Francisco .J. - Département de Sciences Économiques, Université de … - 2001
This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's...
Persistent link: https://www.econbiz.de/10005545659
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The Zero Bound on Nominal Interest Rates: How Important Is It?
Amirault, David; O'Reilly, Brian - Bank of Canada - 2001
credibility. …
Persistent link: https://www.econbiz.de/10005162504
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Gaining Credibility for Inflation Targets
Yetman, James - Bank of Canada - 2001
by observing the policy instrument or inflation outcomes. Measuring credibility as the distance between the perceived … target and the actual target, an increase in credibility is beneficial to the central bank because it brings the policy …-order approximation for reasonable degrees of initial credibility, and may actually be preferable if agents cannot determine the exact …
Persistent link: https://www.econbiz.de/10005162512
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Why central banks undershoot their inflation targets
Škop, Jiří - In: Politická ekonomie 2005 (2005) 2
The goal of this article is to explain why central banks undershoot their inflation targets as we can observe also in the case of the Czech Republic. In other words, I am trying to find out if this undershooting is due to unpredictable desinflation shocks or due to asymmetric behaviour of...
Persistent link: https://www.econbiz.de/10005036617
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Monetary Rules When Economic Behaviour Changes
Amano, Robert; Coletti, Don; Macklem, Tiff - Bank of Canada - 1999
credibility, changes in the slope of the Phillips curve, and changes in the degree of income stabilization from automatic fiscal … results are with respect to credibility. When monetary credibility increases, the central bank can attain more stable output … and inflation. But increasing credibility is a double-edged sword. To reap its benefits, the central bank must, in general …
Persistent link: https://www.econbiz.de/10005162443