E - Macroeconomics and Monetary Economics
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The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias. -
The U.S. New Keynesian Phillips Curve: An Empirical Assessment
The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC). -
Counterfeiting: A Canadian Perspective
Counterfeiting is a significant public policy issue, because paper money, despite rumours of its demise, remains an important part of our payments system. -
Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry
Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour.