E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering
Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers. -
Understanding Firms' Inflation Expectations Using the Bank of Canada's Business Outlook Survey
Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada’s Business Outlook Survey, spanning the 2001 to 2015 period. -
Monetary Commitment and the Level of Public Debt
We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities.