In this paper, we estimate a fully optimized BVAR model of the Canadian economy for the period 1971-87. The model is well-adapted to the features of a small open economy. We show how it can be used as an input in the monetary policy process either as a forecasting instrument or an analytical...

In this paper, we estimate a fully optimized BVAR model of the Canadian economy for the period 1971-87. The model is well-adapted to the features of a small open economy. We show how it can be used as an input in the monetary policy process either as a forecasting instrument or an analytical...

This article studies the role of risk sharing in dynamic credit relationships that are secured by physical collateral. It is shown that, when borrowers and lenders cannot commit not to terminate relationships (through default in the first case and liquidation in the second), overinvestment is...

It is often argued that risk-sharing employment relationships provide a better description of labour relations than the standard Walrasian framework. Such relationships have been introduced in macroeconomic models under an assumption of full commitment. In the absence of commitment, however,...

During its recent battle against inflation from 1988 to the present, the Bank of Canada has been accused of all the evils that plagued the Canadian economy: high dollar and interest rates, recession, and slow recovery. The purpose of this paper is to analyse the action taken by the Bank during...

The purpose of this paper is to investigate whether the checklist approach that the Bank of Canada has followed in one way or another over the last two decades is likely to lead us to the stated objective of price stability. The analysis of Canadian monetary policy is performed through the...

Starting in 1988, the Bank of Canada has adopted price stability as its sole long-run objective. In this paper, we critically assess the policy actions effectively undertaken in light of this objective. Instead of using the so-called monetary conditions (interest rates and the exchange rate), we...

Lors du trimestre d’été 2004, une quarantaine d’étudiants du programme de B.A.A. de HEC Montréal se sont inscrits à un cours de politique économique de deuxième année donné sous un format en ligne à distance. La formule pédagogique retenue qui ne nécessitait aucune présence en...