Christian Friedrich - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T23:00:07+00:00Stress Relief? Funding Structures and Resilience to the Covid Shock
https://www.bankofcanada.ca/2023/01/staff-working-paper-2023-7/
Funding structures affected the amount of financial stress different countries and sectors experienced during the spread of COVID-19 in early 2020. Policy responses targeting specific vulnerabilities were more effective at mitigating this stress than those supporting banks or the economy more broadly.2023-01-30T08:46:15+00:00enStress Relief? Funding Structures and Resilience to the Covid Shock2023-01-30Coronavirus disease (COVID-19)Exchange ratesFinancial institutionsFinancial stabilityFinancial system regulation and policiesInternational topicsStaff Working Paper 2023-7https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-7.pdfStress Relief? Funding Structures and Resilience to the Covid ShockKristin ForbesChristian FriedrichDennis ReinhardtJanuary 2023EE4E44E6E65FF3F31F36F4F42GG1G18G2G23G3G38The Impact of Globalization and Digitalization on the Phillips Curve
https://www.bankofcanada.ca/2022/02/staff-working-paper-2022-7/
Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation?2022-02-22T10:58:46+00:00enThe Impact of Globalization and Digitalization on the Phillips Curve2022-02-22Business fluctuations and cyclesInflation and pricesInternational topicsLabour marketsRecent economic and financial developmentsTrade integrationStaff Working Paper 2022-7https://www.bankofcanada.ca/wp-content/uploads/2022/02/swp2022-7.pdfStaff Working Paper 2022-7Christian FriedrichPeter SelcukFebruary 2022EE3E31E32FF6The Countercyclical Capital Buffer and International Bank Lending: Evidence from Canada
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-61/
We examine the impact of the CCyB on foreign lending activities of Canadian banks. We show that the announcement of a tightening in another country’s CCyB leads to a decrease in the growth rate of cross-border lending between Canadian banks and borrowers in that other country.2021-11-29T11:21:19+00:00enThe Countercyclical Capital Buffer and International Bank Lending: Evidence from Canada2021-11-29Credit risk managementFinancial institutionsFinancial stabilityFinancial system regulation and policiesInternational topicsStaff Working Paper 2021-61https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-61.pdfStaff Working Paper 2021-61David Xiao ChenChristian FriedrichNovember 2021EE3E32FF2F21F3F32GG2G21G28Complementarities Between Fiscal Policy and Monetary Policy—Literature Review
https://www.bankofcanada.ca/2021/03/staff-discussion-paper-2021-4/
This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity.2021-03-15T10:01:57+00:00enComplementarities Between Fiscal Policy and Monetary Policy—Literature Review2021-03-15Fiscal policyMonetary policyStaff Discussion Paper 2021-4https://www.bankofcanada.ca/wp-content/uploads/2021/03/sdp2021-4.pdfStaff Discussion Paper 2021-4Wei DongGeoffrey R. DunbarChristian FriedrichDmitry MatveevRomanos PriftisLin ShaoMarch 2021EE5E52E58E6E62E63Monetary Policy Independence and the Strength of the Global Financial Cycle
https://www.bankofcanada.ca/2020/06/staff-working-paper-2020-25/
We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of central banks' policy interest rates to exogenous changes in inflation.2020-06-10T11:42:33+00:00enMonetary Policy Independence and the Strength of the Global Financial Cycle2020-06-10Business fluctuations and cyclesExchange rate regimesFinancial system regulation and policiesInternational financial marketsMonetary policyStaff Working Paper 2020-25https://www.bankofcanada.ca/wp-content/uploads/2020/06/swp2020-25.pdfMonetary Policy Independence and the Strength of the Global Financial CycleChristian FriedrichPierre GuérinDanilo Leiva-LeonJune 2020EE4E5FF3F32F4F42GG1G15G18Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
https://www.bankofcanada.ca/2018/11/staff-working-paper-2018-55/
Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions.2018-11-15T09:23:24+00:00enMacroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?2018-11-15Exchange ratesFinancial institutionsFinancial system regulation and policiesInternational financial marketsStaff Working Paper 2018-55https://www.bankofcanada.ca/wp-content/uploads/2018/11/swp2018-55.pdfMacroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?Toni AhnertKristin ForbesChristian FriedrichDennis ReinhardtNovember 2018FF3F32F34GG1G15G2G21G28Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices
https://www.bankofcanada.ca/2017/11/staff-discussion-paper-2017-12/
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.2017-11-10T11:50:58+00:00enUnderstanding the Time Variation in Exchange Rate Pass-Through to Import Prices2017-11-10Exchange ratesInflation and pricesInternational topicsMonetary policy transmissionStaff Discussion Paper 2017-12https://www.bankofcanada.ca/wp-content/uploads/2017/11/sdp2017-12.pdfUnderstanding the Time Variation in Exchange Rate Pass-Through to Import PricesRose CunninghamMin Jae KimChristian FriedrichKristina HessNovember 2017EE3E31FF3F31F4F41The Role of Central Banks in Promoting Financial Stability: An International Perspective
https://www.bankofcanada.ca/2016/07/staff-discussion-paper-2016-15/
The 2007–09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures.2016-07-22T11:59:26+00:00enThe Role of Central Banks in Promoting Financial Stability: An International Perspective2016-07-22Financial stabilityFinancial system regulation and policiesStaff Discussion Paper 2016-15https://www.bankofcanada.ca/wp-content/uploads/2016/07/sdp2016-15.pdfThe Role of Central Banks in Promoting Financial Stability: An International PerspectiveRose CunninghamChristian FriedrichJuly 2016EE5GG0G01G2G28The Dynamics of Capital Flow Episodes
https://www.bankofcanada.ca/2016/03/staff-working-paper-2016-9/
This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific assumptions.2016-03-10T10:34:27+00:00enThe Dynamics of Capital Flow Episodes2016-03-10Econometric and statistical methodsInternational financial marketsInternational topicsMonetary policy and uncertaintyStaff Working Paper 2016-9https://www.bankofcanada.ca/wp-content/uploads/2016/03/swp2016-9.pdfThe Dynamics of Capital Flow EpisodesChristian FriedrichPierre GuérinMarch 2016FF2F21F3F32GG1G11Monetary Policy and Financial Stability: Cross-Country Evidence
https://www.bankofcanada.ca/2015/11/staff-working-paper-2015-41/
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs.2015-11-12T13:06:19+00:00enMonetary Policy and Financial Stability: Cross-Country Evidence2015-11-12Financial stabilityInternational topicsMonetary policy frameworkStaff Working Paper 2015-41https://www.bankofcanada.ca/wp-content/uploads/2015/11/wp2015-41.pdfMonetary Policy and Financial Stability: Cross-Country EvidenceChristian FriedrichKristina HessRose CunninghamNovember 2015EE4E5GG0G01