Government of Canada

About: Government of Canada is a government organization based out in Ottawa, Ontario, Canada. It is known for research contribution in the topics: Monetary policy & Productivity. The organization has 796 authors who have published 886 publications receiving 21366 citations. The organization is also known as: federal government of Canada & Her Majesty's Government.

A Small Quarterly Projection Model of the US Economy

Abstract: 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.

Avoiding Dark Corners: A Robust Monetary Policy Framework for the United States

Abstract: The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed’s efforts to stimulate the economy through forward guidance despite being constrained by having policy rates at zero. We show that an optimal control approach to monetary policy, which includes the publication of a baseline forecast and a description of the uncertainties around that outlook, combined with an improvement in the Fed’s communications toolkit, could further enhance the effectiveness of Fed policy. In the current conjuncture, such a risk management approach to monetary policy would result in both a later liftoff of policy rates and a modest, but planned, overshooting of inflation.

Crisis Management: Analyzing Default Risk and Liquidity Demand during Financial Stress

Abstract: This paper shows that strategies in, and reliance on the payments system as well as special liquidity-supplying tools provided by the central bank are important indicators of distress of individual banks. We conclude that central banks can benefit from using high-frequency data on liquidity demand to obtain a better picture of the financial health of individual participants of the financial system. For the particular case of Canada, using unique features of the payments system and information from the liquidity facilities we find that the willingness-to-pay for liquidity during the financial crisis stayed at low levels throughout the Canadian financial system and that there was no increase in counterparty risk. A key lesson of our analysis is that transactions-level data can be be valuable in determining the appropriate response of regulators and central banks to a financial crisis.

National Governance and Promising Practices in Workplace Learning: a Postindustrial Programmatic Framework in Canada

Abstract: The problem and the solution. Implicitly or explicitly, the work of most human resource development (HRD) professionals contributes in some way to national purpose. Even in the private sector, a sense of national identity is not lacking in HRD products, processes, and programs, even though this phenomenon may not be readily apparent to either practitioners or researchers. Viewed through the practitioner’s lens of typical HRD interventions, national HRD (NHRD) as a construct favors a description of the historical evolution of current practices. In this article, this analysis is reversed so that national purpose and supporting policies are used as the lens to assess a possible future evolution of NHRD practices and programs in Canada that support workplace learning in a changing national context.

The Commodity-Price Cycle and Regional Economic Performance in Canada

Abstract: Cette etude tente de fournir une interpretation de l'evolution economique regionale depuis le debut des annees 1970. Comme il est mentionne dans le titre, nous croyons que les variations des termes de l'echange, lesquelles sont souvent reliees aux changements dans les prix des matieres premieres, expliquent une partie importante de l'evolution economique des differentes regions du Canada.