The Bank of Canada's New Quarterly Projection Model PDF Download
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Author:
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 154
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Book Description
Author:
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 154
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Book Description
Author: Richard Black (Economist.)
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 114
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Book Description
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
ISBN: 1475578709
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Author: Leo Butler
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 108
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Book Description
The level of potential output plays a central role in the Bank of Canada's new Quarterly Projection Model (QPM). This report describes a general method to measure potential output, as well as its implementation in the QPM system. The report begins with a short history of the measurement of potential output. Building on this experience, a hybrid method of measuring potential output is developed that combines economic structure with a time-series filter. The resulting filter, known as the extended multivariate (EMV) filter, exploits theoretical relationships that are embodied in QPM in an effort to identify demand-side and supply-side influences on output. These various relationships are combined in a filter that imposes a smoothness property on the dynamics of potential output. The report describes the general structure of the EMV filter, the various economic relationships that it uses, and the weights applied to these different pieces of information. It concludes with an evaluation of the EMV filter and some suggestions for future improvements.
Author: Ms.Brenda Gonzalez-Hermosillo
Publisher: International Monetary Fund
ISBN: 1451858469
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty. This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.
Author: John Armstrong
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 50
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Book Description
In this report, we describe methods for solving economic models when expectations are presumed to have at least some element of consistency with the predictions of the model itself. We present analytical results that establish the convergence properties of alternative solution procedures for linear models with unique solutions. We discuss briefly the extension of our convergence results to applications with non-linear models, but the strong analytical conclusions for linear systems do not necessarily carry over to non-linear systems. We illustrate the analytical discussion and provide some evidence on comparative solution times and on the robustness of the procedures, using simulations of a simple, linear model of a hypothetical economy and of two much larger, non-linear models of the Canadian economy developed at the Bank of Canada.
Author:
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 76
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Book Description
This is the third of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. In this paper, we estimate a small quarterly projection model of the US, Euro Area, and Japanese economies that incorporates oil prices and allows us to trace out the effects of shocks to oil prices. The model is estimated with Bayesian techniques. We show how the model can be used to construct efficient baseline forecasts that incorporate judgment imposed on the near-term outlook.
Author: Mr.Carlo Cottarelli
Publisher: International Monetary Fund
ISBN: 9781557754196
Category : Business & Economics
Languages : en
Pages : 772
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Book Description
This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
ISBN: 1475584229
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Author: Władysław Welfe
Publisher: Springer Science & Business Media
ISBN: 3642344682
Category : Business & Economics
Languages : en
Pages : 435
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Book Description
This book gives a comprehensive description of macroeconometric modeling and its development over time. The first part depicts the history of macroeconometric model building, starting with Jan Tinbergen's and Lawrence R. Klein's contributions. It is unique in summarizing the development and specific structure of macroeconometric models built in North America, Europe, and various other parts of the world. The work thus offers an extensive source for researchers in the field. The second part of the book covers the systematic characteristics of macroeconometric models. It includes the household and enterprise sectors, disequilibria, financial flows, and money market sectors.
