Staff Working Papers
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The New Keynesian Hybrid Phillips Curve: An Assessment of Competing Specifications for the United States
Inflation forecasting is fundamental to monetary policy. In practice, however, economists are faced with competing goals: accuracy and theoretical consistency. -
The New Basel Capital Accord and the Cyclical Behaviour of Bank Capital
The authors conduct a counterfactual simulation of the proposed rules under the new Basel Capital Accord (Basel II), including the revised treatment of expected and unexpected credit losses proposed by the Basel Committee in October 2003. -
Uninsurable Investment Risks
The authors study a general-equilibrium economy in which agents have the ability to invest in a risky technology. -
Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?
Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities.