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Bank of Canada Working Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/53842
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Covas, Francisco | | en_US |
| dc.contributor.author | | Zhang, Yahong | | en_US |
| dc.date.accessioned | | 2011-12-15T12:56:40Z | | - |
| dc.date.available | | 2011-12-15T12:56:40Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/53842 | | - |
| dc.description.abstract | | This paper compares price-level-path targeting (PT) with inflation targeting (IT) in a sticky-price, dynamic, general equilibrium model augmented with imperfections in both the debt and equity markets. Using a Bayesian approach, we estimate this model for the Canadian economy. We show that the model with both debt and equity market imperfections fits the data better and use it to compare PT versus the estimated current IT regime. We find that in general PT outperforms the current IT regime. However, the gain is lower when financial market imperfections are taken into account. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Bank of Canada Ottawa | | en_US |
| dc.relation.ispartofseries | | Bank of Canada Working Paper 2008,26 | | en_US |
| dc.subject.jel | | E40 | | en_US |
| dc.subject.jel | | E50 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Monetary policy framework | | en_US |
| dc.subject.keyword | | Inflation targets | | en_US |
| dc.subject.keyword | | Economic models | | en_US |
| dc.subject.stw | | Finanzmarkt | | en_US |
| dc.subject.stw | | Unvollkommener Markt | | en_US |
| dc.subject.stw | | Preisniveau | | en_US |
| dc.subject.stw | | Inflation Targeting | | en_US |
| dc.subject.stw | | Preisrigidität | | en_US |
| dc.subject.stw | | Gesamtwirtschaftliche Produktion | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.subject.stw | | Kanada | | en_US |
| dc.title | | Price-level versus inflation targeting with financial market imperfections | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 577296205 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Bank of Canada Working Papers
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