Alexander Ueberfeldt - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:54:19+00:00Heterogeneity and Monetary Policy: A Thematic Review
https://www.bankofcanada.ca/2022/02/staff-discussion-paper-2022-2/
The theory that rich economic diversity of businesses and households both affects and is shaped by economy-wide fluctuations has strong implications for monetary policy. This review places these insights in a Canadian context.2022-02-02T09:25:14+00:00enHeterogeneity and Monetary Policy: A Thematic Review2022-02-02Economic modelsMonetary policy and uncertaintyMonetary policy transmissionStaff Discussion Paper 2022-2https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-2.pdfHeterogeneity and Monetary Policy: A Thematic ReviewFelipe AlvesChristian BustamanteXing GuoKatya KartashovaSoyoung LeeThomas Michael PughKurt SeeYaz TerajimaAlexander UeberfeldtFebruary 2022DD2D25D3D31EE2E22E24E5E50E52Are Bank Bailouts Welfare Improving?
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-56/
Financial sector bailouts, while potentially beneficial during a crisis, might lead to excessive risk taking if anticipated. Taking expectations and aggregate risk implications into account, we show that bailouts can be welfare improving, but only if capital adequacy constraints are sufficiently tight.2021-11-09T15:51:59+00:00enAre Bank Bailouts Welfare Improving?2021-11-09Financial institutionsFinancial stabilityFinancial system regulation and policiesStaff Working Paper 2021-56https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-56.pdfStaff Working Paper 2021-56Malik ShukayevAlexander UeberfeldtNovember 2021DD6D62EE3E32E4E44GG0G01The uneven economic consequences of COVID 19: A structural analysis
https://www.bankofcanada.ca/2021/08/staff-analytical-note-2021-17/
Using a structural model, we study the economic consequences of the COVID-19 shock. The uneven consequences, such as higher unemployment among young households, amplify the negative implications for the macroeconomy, household vulnerabilities and consumption inequality. Government support programs have stimulated the economy and lowered inequality and medium-term vulnerabilities.2021-08-06T08:25:00+00:00enThe uneven economic consequences of COVID 19: A structural analysis2021-08-06Monetary Policy and the Persistent Aggregate Effects of Wealth Redistribution
https://www.bankofcanada.ca/2021/08/staff-working-paper-2021-38/
Monetary policy in the presence of nominal debt and labour supply heterogeneity creates a policy trade-off: a short-term economic stimulus leads to persistently reduced output over the medium term. Price-level targeting weakens this trade-off and is better able to stabilize inflation and output than inflation targeting.2021-08-06T07:40:09+00:00enMonetary Policy and the Persistent Aggregate Effects of Wealth Redistribution2021-08-06Monetary policy frameworkMonetary policy transmissionStaff Working Paper 2021-38https://www.bankofcanada.ca/wp-content/uploads/2021/08/swp2021-38.pdfMonetary Policy and the Persistent Aggregate Effects of Wealth RedistributionMartin KunclAlexander UeberfeldtAugust 2021EE2E21E5E50Shaping the future: Policy shocks and the GDP growth distribution
https://www.bankofcanada.ca/2021/05/staff-working-paper-2021-24/
Can central bank and government policies impact the risks around the outlook for GDP growth? We find that fiscal stimulus makes strong GDP growth more likely—even more so when monetary policy is constrained—rather than weak GDP growth less likely. Thus, fiscal stimulus should accelerate the recovery phase of the COVID-19 pandemic.2021-05-25T16:34:53+00:00enShaping the future: Policy shocks and the GDP growth distribution2021-05-25Central bank researchEconometric and statistical methodsFinancial stabilityFiscal policyMonetary policyStaff Working Paper 2021-24https://www.bankofcanada.ca/wp-content/uploads/2021/05/swp2021-24.pdfStaff Working Paper 2021-24Francois-Michel BoireThibaut DupreyAlexander UeberfeldtMay 2021CC3C32C5C53EE5E52E6E62Managing GDP Tail Risk
https://www.bankofcanada.ca/2020/01/staff-working-paper-2020-3/
Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs.2020-01-28T13:48:10+00:00enManaging GDP Tail Risk2020-01-28Central bank researchEconomic modelsFinancial stabilityFinancial system regulation and policiesInterest ratesMonetary policyMonetary policy frameworkStaff Working Paper 2020-3https://www.bankofcanada.ca/wp-content/uploads/2020/01/swp2020-3.pdfManaging GDP Tail RiskThibaut DupreyAlexander UeberfeldtJanuary 2020DD8EE4E44E5E52E58GG0G01How to Manage Macroeconomic and Financial Stability Risks: A New Framework
https://www.bankofcanada.ca/2018/04/staff-analytical-note-2018-11/
Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks.2018-04-30T13:46:39+00:00enHow to Manage Macroeconomic and Financial Stability Risks: A New Framework2018-04-30Analysis of Household Vulnerabilities Using Loan-Level Mortgage Data
https://www.bankofcanada.ca/wp-content/uploads/2017/11/fsr-november2017-bilyk.pdf
This report examines detailed data on home mortgages to provide a better understanding of the vulnerabilities associated with the mortgage market. The proportion of low-ratio mortgages is growing, particularly in regions with strong house price growth. Moreover, these borrowers exhibit less flexibility to adverse shocks, since they have high debt levels relative to income and have taken mortgages with long amortization periods.2017-11-28T07:59:51+00:00enAnalysis of Household Vulnerabilities Using Loan-Level Mortgage Data2017-11-28Monetary Policy Tradeoffs Between Financial Stability and Price Stability
https://www.bankofcanada.ca/2016/11/staff-working-paper-2016-49/
We analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short-term liabilities, forcing them to sell assets at fire-sale prices.2016-11-02T10:51:25+00:00enMonetary Policy Tradeoffs Between Financial Stability and Price Stability2016-11-02Financial stabilityMonetary policy frameworkMonetary policy transmissionStaff Working Paper 2016-49https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-49.pdfMonetary Policy Tradeoffs Between Financial Stability and Price StabilityMalik ShukayevAlexander UeberfeldtNovember 2016DD6D62EE3E32E4E44GG0G01Managing Risk Taking with Interest Rate Policy and Macroprudential Regulations
https://www.bankofcanada.ca/2016/11/staff-working-paper-2016-47/
We develop a model in which a financial intermediary’s investment in risky assets—risk taking—is excessive due to limited liability and deposit insurance and characterize the policy tools that implement efficient risk taking.2016-11-01T15:17:59+00:00enManaging Risk Taking with Interest Rate Policy and Macroprudential Regulations2016-11-01Financial system regulation and policiesMonetary policy frameworkStaff Working Paper 2016-47https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-47.pdfManaging Risk Taking with Interest Rate Policy and Macroprudential RegulationsSimona CociubaMalik ShukayevAlexander UeberfeldtNovember 2016EE4E44E5E52GG1G11G18