An effective pension system enhances economic and financial efficiency. A majority of pension plans in Canada are defined-benefit (DB) plans, but DB plans are under stres[...]

The authors analyze the extent to which inflation-targeting frameworks should incorporate flexibility in order to respond to asset-price misalignments and other atypical [...]

Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation. As Stock and Watson (200[...]

An important challenge facing central banks is making decisions under uncertainty about the dynamic effects of monetary policy actions. The authors stress the importance [...]

The paper examines the hypothesis that high and variable inflation damages long-run macroeconomic performance. Empirical studies of this hypothesis are scarce despite num[...]

The basic responsibility of a central bank is to preserve the value of money—that is, to maintain stability in the general level of prices. This report pulls together the[...]

La présente étude contient une analyse détaillée de la structure et des propriétés sectorielles de SAM (Small Annual Model), modèle économétrique construit au département[...]

This volume contains a detailed description of the structure and sectoral properties of the Bank of Canada's Small Annual Model, SAM. The SAM model, constructed in the Re[...]

There are many models of fiscal policy in the economic literature and each has been based on a particular set of assumptions concerning the interaction of policy variable[...]

During recent years the Canadian economy has been simultaneously subjected to increasing rates of inflation and declining growth in labour productivity. Virtually all ana[...]