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This volume brings together some of the world's leading economists, to focus primarily on Canadian policy issues and case study debates in honour of David Laidler. Commemorating his success and active participation in the research and analysis of monetary policy.
Building on the work presented in Styran and Taylor’s This Great National Object, which told the story of the first three Welland canals built in the nineteenth century, This Colossal Project chronicles an impressive milestone in the history of Canadian technological achievement and nation building.
A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.
What are the goals of monetary policy and how are they transmitted? Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis - Explores the ingredients, properties, and implications of models that inform monetary policy - Observes changes in the formulation of monetary policies over the last 25 years
How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis - Explores the policies and practices used in formulating and transmitting monetary policies - Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself - Observes changes in the formulation of monetary policies over the last 25 years
Understanding the changing role of central banks and their recent novel policies is essential for analysing many economic and financial issues, ranging from financial regulation and crisis, to exchange rate dynamics and regime changes, and QE and prolonged low interest rates. This book features contributions by the world's leading experts on central banking, providing in accessible essays a fascinating review of today's key issues for central banks. Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil Kashyap, Mervyn King, Donald Kohn, Otmar Issing and Hyun Shin are joined by Charles Goodhart of the London School of Economics and Political Science, whose many achievements in the field of central banking are honoured as the inspiration for this book. The Changing Fortunes of Central Banking discusses the developing role of central banks in seeking monetary and financial stabilisation, while also giving suggestions for model strategies. This comprehensive review will appeal to central bankers, financial supervisors and academics.
Canada's fifth effort at "mega-constitutional politics" was a period of popular discussion and leadership negotiation, that ran from the defeat in 1990 of the Meech Lake Accord through the Charlottetown Accord and the referendum of 26 October 1992. Constitutional Predicament explores the referendum in relation to the democratic process; nationalism (Canadian, Aboriginal, Québécois) and pluralism; principles of constitutionalism, constitution-making, and popular participation in constitution-making; the role of the Charter and Supreme Court; future constitutional efforts; and worldwide trends. The contributors agree that Canadian voters rejected the Charlottetown proposals because they disapproved of both their content and the procedure by which they were drawn up. They conclude that, while Quebec remains the chief problem for the Canadian constitution, Quebec was not the sole constitutional issue or the sole issue which determined how Canadians voted. The constitutional process did help make it apparent that Canada is multinational and that each of the three major nations has valid claims on the political system. The contributors offer contrasting views on how the Charlottetown Accord came to read as it does, why negotiators at Charlottetown so misjudged public opinion, and the prognosis for further constitution-making. Readers may also see the referendum vote as a preview of the vote in the general election of October 1993, which unseated the Tories one year later, almost to the day. Taken together with the accompanying provocative commentaries, the essays will be of specific interest to students of Canadian politics and constitutional affairs. The complete text of the Charlottetown Accord is included in an appendix. The contributors and commentators are Janet Ajzenstat, Alan C. Cairns, Curtis Cook, Barry Cooper, Peter Emberley, David Hendrickson, Robert J. Jackson, Juan Lindau, F.L. Morton, Alain Noël, and James Tully.
This is the first of a series of papers that are being written as part of a 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 U.S. economy. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties. After developing a benchmark model without financial-real linkages, we introduce such linkages into the model and compare the results with and without linkages.