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...

We construct new indicators of the imbalance between demand and supply for the Canadian economy by using natural language processing techniques to analyze earnings calls of publicly listed firms. The results show that the text-based indicators are highly correlated with official inflation data...

In this study, the author presents a new forecast and analysis model for the U.S. economy (i.e., the USM model) constructed at the Bank of Canada. The USM has a number of advantages over its predecessor, the VSM model. First, it utilizes new methods of identifying potential GDP based on...