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Persistent link: https://www.econbiz.de/10000343402
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The great recession of 2008-2009 resulted in a large fall in trade relative to output. Real trade fell roughly three times more than real GDP in the U.S. and Mexico, and by a factor of five in Canada. The decline in trade and output was particularly large in sectors with high levels of...
Persistent link: https://www.econbiz.de/10010291901
Existing results on the contribution of terms of trade and world interest rate shocks to output fluctuations in small open economies range from less than 10% to almost 90%. We argue that an identification problems lies at the heart of these vastly different results. In this paper, we overcome...
Persistent link: https://www.econbiz.de/10010293453
We estimate a small-scale, structural general equilibrium model of a small open economy using Bayesian methods. Our main focus is the conduct of monetary policy in Australia, Canada, New Zealand and the U.K., as measured by nominal interest rate rules. We consider generic Taylor-type rules,...
Persistent link: https://www.econbiz.de/10010293466
In this paper we examine the issue of asymmetry in the return and volatility spillover effects from the US equity market into the Canadian and Mexican equity markets. We model the conditional volatility of the returns in each of the three markets using the asymmetric power model of Ding, Granger...
Persistent link: https://www.econbiz.de/10010295295
The first part of this paper outlines the concept of democratic accountability of central banks, and compares the legal accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve System). In the second part, we present a theory...
Persistent link: https://www.econbiz.de/10010295694
Die Einführung von Inflationszielen in Kanada im Jahr 1991 verdeutlichte angeblich das Ziel der Geldpolitik, nämlich … können, inwieweit es der Bank von Kanada gelingt, die Inflation stabil auf niedrigem Niveau zu halten. Deshalb liegt die … Frage nahe, ob tatsächlich - wie der Präsident der Zentralbank kürzlich feststellte - ' ... die Erfolge der Bank von Kanada …
Persistent link: https://www.econbiz.de/10010295696
This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...
Persistent link: https://www.econbiz.de/10010305998
This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...
Persistent link: https://www.econbiz.de/10010321739