The Bank of Canada's New Quarterly Projection Model PDF Download
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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: 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:
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ISBN:
Category : Canada
Languages : en
Pages : 154
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Category :
Languages : en
Pages :
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Author: Leo Butler
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Category : Canada
Languages : en
Pages : 108
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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: Richard Black (Economist.)
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 114
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Author:
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ISBN: 9780662226796
Category : Canada
Languages : en
Pages :
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![The Bank of Canada's New Quarterly Projection Model. Part 2, A Robust Method for Simulating Forward-looking Models [electronic Resource] PDF](https://books.google.com/books/content/images/frontcover/-ibVtwEACAAJ?fife=w80-h100)
Author: Armstrong, John B
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Category :
Languages : en
Pages :
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Category :
Languages : en
Pages :
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Author: Stephen Murchison
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Category : Monetary policy
Languages : en
Pages : 120
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Category :
Languages : en
Pages :
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