The evolution of the term structure of expected U.S. inflation is modeled using survey data to provide timely information on structural change not contained in lagged inf[...]

The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-[...]

A covariance-stationary vector of variables has a Wold representation whose coefficients can be semi-parametrically estimated by local projections (Jordà, 2005). Substitu[...]

The stability of the solution path in a macroeconomic model implies that it admits a Wold representation. This Wold representation can be estimated semi-parametrically by[...]

We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United Stat[...]

We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United Stat[...]

Prices of commodities, including metals, energy and agricultural products, rose markedly over the 2009–2010 period. Some observers have attributed a significant part of t[...]

Recent articles claiming convergence in macroeconomics take a narrow view of macro focused on the use of New Keynesian dynamic stochastic general equilibrium models. With[...]

A time-varying parameter framework is suggested for use with real-time multiperiod forecast data to estimate implied forecast equations. The framework is applied to histo[...]

Statistics Canada publishes a monthly series for real domestic product at factor cost and quarterly series for real domestic product at market price and the associated im[...]