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Do world shocks drive domestic business cycles? Some evidence from structural estimation
Lubik, Thomas; Teo, Wing Leong - 2005
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
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Uncover Latent PPP by Dynamic Factor Error Correction Model (DF-ECM) Approach: Evidence from Five OECD Countries
Qin, Duo - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-7, pp. 1-26
This study explores a new modelling approach that bridges the gap between multilateral country-level data and the bilateral-model based, goods-market specific purchasing power parity (PPP) hypothesis. Under this approach, PPP is embedded in latent common factors, extractable from a large set of...
Persistent link: https://www.econbiz.de/10010295305
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The reliability of Canadian output gap estimates
Cayen, Jean-Philippe; van Norden, Simon - 2004
Recent work on policy rules under uncertainty have highlighted the impact of output gap measurement errors on economic outcomes and their importance in the formulation of appropriate policy rules. This paper investigates the reliability of current estimates of the output gap in Canada. We begin...
Persistent link: https://www.econbiz.de/10010295656
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Central Bank accountability and transparency: theory and some evidence
Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000
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
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Monetary policy transparency, public commentary, and market perceptions about monetary policy in Canada
Siklos, Pierre L. - 2000
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
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International evidence on sticky consumption growth
Carroll, Christopher D.; Slacalek, Jirka; Sommer, Martin - 2008
We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...
Persistent link: https://www.econbiz.de/10010298392
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Exchange rate dynamics, expectations, and monetary policy
Chen, Qianying - 2011
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
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The Role of Card Acceptance in the Transaction Demand for Money
Huynh, Kim P.; Schmidt-Dengler, Philipp; Stix, Helmut - 2014
The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant. We hypothesize that the lack of card acceptance at the point of sale is a key reason why cash continues to play an important role. We...
Persistent link: https://www.econbiz.de/10011396660
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Does the Canadian Economy suffer from Dutch Disease?
Beine, Michel; Bos, Charles S.; Coulombe, Serge - 2009
We argue that the failure to disentangle the evolution of the Canadian currency from the U.S. currency leads to potentially incorrect conclusions regarding the case of Dutch disease in Canada. We propose a new approach that is aimed at extracting both currency components and energy- and...
Persistent link: https://www.econbiz.de/10010325816
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Women's part-time wage penalties across countries
Bardasi, Elena; Gornick, Janet C. - 2007
This paper investigates wage gaps between part- and full-time women workers in six OECD countries in the mid-1990s. Using comparable micro-data from the Luxembourg Income Study (LIS), for Canada, Germany, Italy, Sweden, the UK, and the US, the paper first assesses crossnational variation in the...
Persistent link: https://www.econbiz.de/10010335593