000 02094nam  2200301za 4500
0019.827531
003CaOODSP
00520221107144828
007cr |||||||||||
008161115s2016    oncd    ob   f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-6/2016-20E-PDF
1001 |aPoloz, Stephen S.
24514|aThe Paul Storer Memorial Lecture |h[electronic resource] : |bcross-border trade integration and monetary policy / |cby Stephen S. Poloz.
260 |aOttawa : |bBank of Canada, |c2016.
300 |aiv, 22 p. : |bcharts
4901 |aStaff discussion paper, |x1914-0568 ; |v2016-20
500 |a"September 2016."
504 |aIncludes bibliographical references (p. 20-22).
5203 |a"In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously. The paper then discusses several channels by which increased integration might affect macroeconomic models. We introduce modifications to the Bank of Canada’s main policy model, ToTEM, to capture some of the impacts of integration suggested in the literature and generate stochastic simulations to compare versions of the model with low and high integration. The main conclusion is that increased integration may make it more challenging for central banks to control inflation, in the sense that doing so will require more variability in interest rates, exchange rates and the output gap."-- Abstract, p.iv.
546 |aText in English, abstract in English and French.
69207|2gccst|aExports
69207|2gccst|aMonetary policy
7102 |aBank of Canada.
830#0|aStaff discussion paper (Bank of Canada)|v2016-20.|w(CaOODSP)9.806273
85640|qPDF|s1008 KB|uhttps://publications.gc.ca/collections/collection_2016/banque-bank-canada/FB3-6-2016-20-eng.pdf