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Dancing together at arm’s length? – The interaction of central banks with governments in the G7
Bodea, Cristina; Huemer, Stefan - 2010
Central bank independence is a common feature in advanced economies. Delegation of monetary policy to an independent central bank with a clear mandate for price stability has proven to be successful in keeping a check on inflation and providing a trusted currency. However, it is also a fact that...
Persistent link: https://www.econbiz.de/10011606272
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Do central banks respond to exchange rate movements? A structural investigation
Lubik, Thomas A.; Schorfheide, Frank - 2003
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
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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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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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Computing optimal policy in a timeless-perspective: An application to a small-open economy
Juillard, Michel; Pelgrin, Florian - 2007
Since the contribution of Kydland and Prescott (1977), it is well known that the optimal Ramsey policy is time inconsistent. In a series of recent contributions, Woodford (2003) proposes a new methodology to circumvent this problem, namely the timeless perspective solution. However, one main...
Persistent link: https://www.econbiz.de/10010279862
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Computing the accuracy of complex non-random sampling methods: The case of the Bank of Canada's Business Outlook Survey
De Munnik, Daniel; Dupuis, David; Illing, Mark - 2009
A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these...
Persistent link: https://www.econbiz.de/10010279889
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Inventories, markups and real rigidities in sticky price models of the Canadian economy
Kryvtsov, Oleksiy; Midrigan, Virgiliu - 2011
Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal...
Persistent link: https://www.econbiz.de/10010279896
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How changes in oil prices affect the macroeconomy
DePratto, Brian; De Resende, Carlos; Maier, Philipp - 2009
We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side...
Persistent link: https://www.econbiz.de/10010279904
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Financial stress, monetary policy, and economic activity
Li, Fuchun; St-Amant, Pierre - 2010
This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada. The model used is a threshold vector autoregression in which a regime change occurs if financial stress conditions cross a critical threshold. Using the financial stress index...
Persistent link: https://www.econbiz.de/10010279923