In this paper, we develop a theoretical model which identifies four channels–import prices, competition with domestic suppliers and workers, and commodity prices–through which price- and wage-setting conditions in country j may affect inflation in country i.
In this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position of non-financial corporations (i.e., debt-to-equity ratio) is material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of corporate financing i.e., bank-based or market-oriented financing structures.
In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties. These open-economy models can be grouped into two economic paradigms.
In this report, we evaluate several simple monetary policy rules in twelve private and public sector models of the Canadian economy. Our results indicate that none of the simple policy rules we examined is robust to model uncertainty, in that no single rule performs well in all models.
"A Comparison of Twelve Macroeconomic Models of the Canadian Economy" (with Jean-Paul Lam, John Kuszczak, Ying Liu, and Pierre St-Amant). Journal of Policy Modeling, Vol. 28, No. 5, July 2006.
"The performance and robustness of simple monetary policy rules in models of the canadian economy" (with Jean-Paul Lam, John Kuszczak, Ying Liu, and Pierre St-Amant). Canadian Journal of Economics, Vol. 37, No. 4, November 2004.
Other Research
Workshop papers on Taylor Rules held 25 October 2001 at the Bank of Canada
"Simple Rules in the M1-VECM" (with Jean-Paul Lam). Presented at the 35th Annual Meetings of the Canadian Economics Association, May 31 - June 3, 2001, McGill University, Montréal, Québec.
