Staff Research
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Fractional Cointegration and the Demand for M1
Using wavelets, the author estimates the fractional order of integration of a common long-run money-demand relationship whose parameters are obtained from a full-information maximum-likelihood procedure. -
Identifying Policy-makers' Objectives: An Application to the Bank of Canada
In this paper, we develop a new way to test hypotheses about policy-makers' targets, and we implement that test for Canadian monetary policy.