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The Bank of Canada's New Quarterly Projection Model

Author: John Armstrong

Publisher:

Published: 1995

Total Pages: 50

ISBN-13:

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In this report, we describe methods for solving economic models when expectations are presumed to have at least some element of consistency with the predictions of the model itself. We present analytical results that establish the convergence properties of alternative solution procedures for linear models with unique solutions. We discuss briefly the extension of our convergence results to applications with non-linear models, but the strong analytical conclusions for linear systems do not necessarily carry over to non-linear systems. We illustrate the analytical discussion and provide some evidence on comparative solution times and on the robustness of the procedures, using simulations of a simple, linear model of a hypothetical economy and of two much larger, non-linear models of the Canadian economy developed at the Bank of Canada.

Book Synopsis The Bank of Canada's New Quarterly Projection Model by : John Armstrong

Download or read book The Bank of Canada's New Quarterly Projection Model written by John Armstrong and published by . This book was released on 1995 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this report, we describe methods for solving economic models when expectations are presumed to have at least some element of consistency with the predictions of the model itself. We present analytical results that establish the convergence properties of alternative solution procedures for linear models with unique solutions. We discuss briefly the extension of our convergence results to applications with non-linear models, but the strong analytical conclusions for linear systems do not necessarily carry over to non-linear systems. We illustrate the analytical discussion and provide some evidence on comparative solution times and on the robustness of the procedures, using simulations of a simple, linear model of a hypothetical economy and of two much larger, non-linear models of the Canadian economy developed at the Bank of Canada.

The Bank of Canada's New Quarterly Projection Model

Author:

Publisher:

Published: 1996

Total Pages: 0

ISBN-13: 9780662244851

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The Bank of Canada's new Quarterly Projection Model (QPM) combines the short-term dynamic properties necessary to support regular economic projections with the consistent behavioural structure necessary for policy analysis. This volume reviews the history of macro modelling at the Bank and how that history has conditioned the nature of QPM and the methodology used in its construction. It then describes the model, focusing on the types of shocks it was designed to handle and the key elements of its dynamic structure. Two important features are noted: forward-looking expectations and endogenous policy rules. Also discussed is the methodology used to calibrate the model to reflect Canadian data, including examples of how the calibration was performed for QPM. Finally, the volume illustrates the properties of QPM in dynamic simulation by describing the results of numerous shocks to the model.

Book Synopsis The Bank of Canada's New Quarterly Projection Model by :

Download or read book The Bank of Canada's New Quarterly Projection Model written by and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bank of Canada's new Quarterly Projection Model (QPM) combines the short-term dynamic properties necessary to support regular economic projections with the consistent behavioural structure necessary for policy analysis. This volume reviews the history of macro modelling at the Bank and how that history has conditioned the nature of QPM and the methodology used in its construction. It then describes the model, focusing on the types of shocks it was designed to handle and the key elements of its dynamic structure. Two important features are noted: forward-looking expectations and endogenous policy rules. Also discussed is the methodology used to calibrate the model to reflect Canadian data, including examples of how the calibration was performed for QPM. Finally, the volume illustrates the properties of QPM in dynamic simulation by describing the results of numerous shocks to the model.

The Bank of Canada's New Quarterly Projection Model

Author: Richard Black

Publisher:

Published: 1994

Total Pages: 114

ISBN-13:

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Report on the Bank of Canada's Quarterly Projection Model (QPM) that is used for economic projections and policy analysis, focusing on the model's long-run properties. The report describes SSQPM, a model of the steady state of QPM that is maintained separately and used to study the determinants of long-run equilibrium in the economy and the permanent effects of economic disturbances or changes of policy. The report presents the simplest form of the SSQPM; introduces elaborations and extensions that are necessary to support a working projection environment; describes the choices made in calibrating the model and numerical steady state that emerges; and describes the properties of SSQPM as revealed by its responses to a number of shocks to exogenous variables.

Book Synopsis The Bank of Canada's New Quarterly Projection Model by : Richard Black

Download or read book The Bank of Canada's New Quarterly Projection Model written by Richard Black and published by . This book was released on 1994 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Report on the Bank of Canada's Quarterly Projection Model (QPM) that is used for economic projections and policy analysis, focusing on the model's long-run properties. The report describes SSQPM, a model of the steady state of QPM that is maintained separately and used to study the determinants of long-run equilibrium in the economy and the permanent effects of economic disturbances or changes of policy. The report presents the simplest form of the SSQPM; introduces elaborations and extensions that are necessary to support a working projection environment; describes the choices made in calibrating the model and numerical steady state that emerges; and describes the properties of SSQPM as revealed by its responses to a number of shocks to exogenous variables.

The Bank of Canada's New Quarterly Projection Model (QPM)

Author: Leo Butler

Publisher:

Published: 1996

Total Pages: 108

ISBN-13:

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The level of potential output plays a central role in the Bank of Canada's new Quarterly Projection Model (QPM). This report describes a general method to measure potential output, as well as its implementation in the QPM system. The report begins with a short history of the measurement of potential output. Building on this experience, a hybrid method of measuring potential output is developed that combines economic structure with a time-series filter. The resulting filter, known as the extended multivariate (EMV) filter, exploits theoretical relationships that are embodied in QPM in an effort to identify demand-side and supply-side influences on output. These various relationships are combined in a filter that imposes a smoothness property on the dynamics of potential output. The report describes the general structure of the EMV filter, the various economic relationships that it uses, and the weights applied to these different pieces of information. It concludes with an evaluation of the EMV filter and some suggestions for future improvements.

Book Synopsis The Bank of Canada's New Quarterly Projection Model (QPM) by : Leo Butler

Download or read book The Bank of Canada's New Quarterly Projection Model (QPM) written by Leo Butler and published by . This book was released on 1996 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The level of potential output plays a central role in the Bank of Canada's new Quarterly Projection Model (QPM). This report describes a general method to measure potential output, as well as its implementation in the QPM system. The report begins with a short history of the measurement of potential output. Building on this experience, a hybrid method of measuring potential output is developed that combines economic structure with a time-series filter. The resulting filter, known as the extended multivariate (EMV) filter, exploits theoretical relationships that are embodied in QPM in an effort to identify demand-side and supply-side influences on output. These various relationships are combined in a filter that imposes a smoothness property on the dynamics of potential output. The report describes the general structure of the EMV filter, the various economic relationships that it uses, and the weights applied to these different pieces of information. It concludes with an evaluation of the EMV filter and some suggestions for future improvements.

The Bank of Canada's New Quarterly Projection Model (QMP). Part 4, A Semi-structural Method to Estimate Potential Output [electronic Resource] : Combining Economic Theory with a Time-series Filter

Author: Butler, Leo

Publisher:

Published: 1996

Total Pages:

ISBN-13:

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Book Synopsis The Bank of Canada's New Quarterly Projection Model (QMP). Part 4, A Semi-structural Method to Estimate Potential Output [electronic Resource] : Combining Economic Theory with a Time-series Filter by : Butler, Leo

Download or read book The Bank of Canada's New Quarterly Projection Model (QMP). Part 4, A Semi-structural Method to Estimate Potential Output [electronic Resource] : Combining Economic Theory with a Time-series Filter written by Butler, Leo and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Bank of Canada's New Quarterly Projection Model. Part 2, A Robust Method for Simulating Forward-looking Models [electronic Resource]

Author: Armstrong, John B

Publisher:

Published: 1995

Total Pages:

ISBN-13:

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Book Synopsis The Bank of Canada's New Quarterly Projection Model. Part 2, A Robust Method for Simulating Forward-looking Models [electronic Resource] by : Armstrong, John B

Download or read book The Bank of Canada's New Quarterly Projection Model. Part 2, A Robust Method for Simulating Forward-looking Models [electronic Resource] written by Armstrong, John B and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Middelnederlandse Lancelotromans

Author:

Publisher:

Published: 1987

Total Pages:

ISBN-13:

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Book Synopsis Middelnederlandse Lancelotromans by :

Download or read book Middelnederlandse Lancelotromans written by and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Bank of Canada's New Quarterly Projection Model

Author:

Publisher:

Published: 1996

Total Pages: 154

ISBN-13:

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Book Synopsis The Bank of Canada's New Quarterly Projection Model by :

Download or read book The Bank of Canada's New Quarterly Projection Model written by and published by . This book was released on 1996 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

MUSE

Author: Bank of Canada

Publisher:

Published: 2005

Total Pages: 78

ISBN-13:

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"The analysis and forecasting of developments in the U.S. economy have always played a critical role in the formulation of Canadian economic and financial policy. Thus, the Bank places considerable importance on generating internal forecasts of U.S. economic activity as an input to the Canadian projection. Over the past year, Bank staff have been using a new macroeconometric model, MUSE (Model of the U.S. Economy). The model is a system of estimated equations that describe, in a stock-flow framework, the interactions among the principal macroeconomic variables, such as gross domestic product (GDP), inflation, interest rates, and the exchange rate. The stock-flow equilibrium is fully described in MUSE. In steady state, the model defines specific values for all stocks, including capital stock, government debt, financial wealth, and net foreign assets."--Pub. website

Book Synopsis MUSE by : Bank of Canada

Download or read book MUSE written by Bank of Canada and published by . This book was released on 2005 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The analysis and forecasting of developments in the U.S. economy have always played a critical role in the formulation of Canadian economic and financial policy. Thus, the Bank places considerable importance on generating internal forecasts of U.S. economic activity as an input to the Canadian projection. Over the past year, Bank staff have been using a new macroeconometric model, MUSE (Model of the U.S. Economy). The model is a system of estimated equations that describe, in a stock-flow framework, the interactions among the principal macroeconomic variables, such as gross domestic product (GDP), inflation, interest rates, and the exchange rate. The stock-flow equilibrium is fully described in MUSE. In steady state, the model defines specific values for all stocks, including capital stock, government debt, financial wealth, and net foreign assets."--Pub. website

Introducing the Bank of Canada's Projection Model for the Global Economy

Author: Jeannine N. Bailliu

Publisher:

Published: 2010

Total Pages: 65

ISBN-13:

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Book Synopsis Introducing the Bank of Canada's Projection Model for the Global Economy by : Jeannine N. Bailliu

Download or read book Introducing the Bank of Canada's Projection Model for the Global Economy written by Jeannine N. Bailliu and published by . This book was released on 2010 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: