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Analyzing and Forecasting the Canadian Economy through the LENS Model

Gervais, Olivier; Gosselin, Marc-André - Bank of Canada - 2014

The authors describe the key features of a new large-scale Canadian macroeconomic forecasting model developed over the … combine forward-looking expectations with adjustment costs. Compared to ToTEM, the Bank’s main model for projection and policy …

Persistent link: https://www.econbiz.de/10011265714

MUSE: The Bank of Canada's New Projection Model of the U.S. Economy

Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2005

-looking rational expectations, the PAC approach strikes a balance between theoretical structure and forecasting accuracy. MUSE …The analysis and forecasting of developments in the U.S. economy have always played a critical role in the formulation …, therefore, makes an explicit distinction between dynamic movements caused by changes in expectations and those caused by …

Persistent link: https://www.econbiz.de/10005162366

The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus

Resende, Carlos de; Lalonde, René; Snudden, Stephen - Bank of Canada - 2010

The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...

Persistent link: https://www.econbiz.de/10008631206

Alternative Public Spending Rules and Output Volatility

Lam, Jean-Paul; Scarth, William - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005673318

Commodities and Monetary Policy: Implications for Inflation and Price Level Targeting

Coletti, Donald; Lalonde, René; Masson, Paul; Muir, Dirk; … - Bank of Canada - 2012

We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices. We find that...

Persistent link: https://www.econbiz.de/10010552498

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

Resurrecting the role of real money balance effects

Dorich, José - 2009

I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the...

Persistent link: https://www.econbiz.de/10003933293

The Zero Bound on Nominal Interest Rates: How Important Is It?

Amirault, David; O'Reilly, Brian - Bank of Canada - 2001

This paper surveys the literature on the zero bound on the nominal interest rate. It addresses questions ranging from the conditions under which the zero bound on the nominal interest rate might occur to policy options to avoid or use to exit from such a situation. We discuss literature that...

Persistent link: https://www.econbiz.de/10005162504

Targeting Inflation from Below - How Do Inflation Expectations Behave?

Ehrmann, Michael - Bank of Canada - 2014

bring inflation up to target. In this paper, the author tests to what extent inflation expectations are anchored in such … - inflation expectations are more dependent on lagged inflation; forecasters tend to disagree more; and inflation expectations get … inflation expectations in IT countries are substantially better anchored than those in the control group, policy rates in IT …

Persistent link: https://www.econbiz.de/10011094224

On Inflation and the Persistence of Shocks to Output

Luger, Richard; Kichian, Maral - Bank of Canada - 2001

This paper empirically investigates the possibility that the effects of shocks to output depend on the level of inflation. The analysis extends Elwood’s (1998) framework by incorporating in the model an inflation-threshold process that can potentially influence the stochastic properties of...

Persistent link: https://www.econbiz.de/10005808321