000 02276nam  2200325za 4500
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008171030s2017    oncd    obs  f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---|an-us---|ae-uk---
0861 |aFB3-5/2017-39E-PDF
1001 |aChampagne, Julien.
24510|aChanges in monetary regimes and the identification of monetary policy shocks |h[electronic resource] : |bnarrative evidence from Canada / |cby Julien Champagne and Rodrigo Sekkel.
260 |a[Ottawa] : |bBank of Canada, |c2017.
300 |aii, 72 p. : |bcharts (some col.)
4901 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-39
500 |a"September 2017."
504 |aIncludes bibliographical references (38-42).
5203 |a“We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to take into account the break in the conduct of monetary policy caused by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find that a 100-basis-point increase in our new shock series leads to a 1.0 per cent decrease in real GDP and a 0.4 percent fall in the price level, while not accounting for the break leads to a permanent decrease in real GDP and a price puzzle. Finally, we compare our results with updated narrative evidence for the U.S. and the U.K. and argue that taking into account changes in the conduct of monetary policy in these countries also yields significantly different effects of monetary policy"--Abstract, p. ii.
546 |aIncludes abstract in French.
69207|2gccst|aMonetary policy
69207|2gccst|aEconomic impact
69207|2gccst|aStatistical analysis
7001 |aSekkel, Rodrigo M.
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-39|w(CaOODSP)9.806221
85640|qPDF|s964 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-39-eng.pdf