Malik Shukayev - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T16:48:47+00:00Are 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 2021DD6D62EE3E32E4E44GG0G01Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting
https://www.bankofcanada.ca/2018/12/staff-working-paper-2018-61/
This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path.2018-12-19T08:47:46+00:00enLimited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting2018-12-19CredibilityInflation targetsMonetary policy frameworkStaff Working Paper 2018-61https://www.bankofcanada.ca/wp-content/uploads/2018/12/swp2018-61.pdfLimited Commitment, Endogenous Credibility and the Challenges of Price-level TargetingGino CateauMalik ShukayevDecember 2018EE3E31E5E52The Extensive Margin of Trade and Monetary Policy
https://www.bankofcanada.ca/2018/07/staff-working-paper-2018-37/
This paper studies the effects of monetary policy shocks on firms’ participation in exporting. We develop a two-country dynamic stochastic general equilibrium model in which heterogeneous firms
make forward-looking decisions on whether to participate in the export market and prices are staggered across firms and time.2018-07-26T13:00:38+00:00enThe Extensive Margin of Trade and Monetary Policy2018-07-26Business fluctuations and cyclesEconomic modelsFirm dynamicsInternational topicsMonetary policyStaff Working Paper 2018-37https://www.bankofcanada.ca/wp-content/uploads/2018/07/swp2018-37.pdfYuko ImuraMalik ShukayevJuly 2018EE5E52FF1F12F4F44Monetary 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 2016EE4E44E5E52GG1G11G18Implementing Cross-Border Interbank Lending in BoC-GEM-FIN
https://www.bankofcanada.ca/2016/09/staff-discussion-paper-2016-19/
BIS interbank lending data show that the Great Recession generated large and persistent changes in the international interbank lending positions of various countries. The main objective of this study is to understand the role of changes in international interbank credit flows in transmitting shocks across borders.2016-09-14T15:02:40+00:00enImplementing Cross-Border Interbank Lending in BoC-GEM-FIN2016-09-14Business fluctuations and cyclesEconomic modelsInternational topicsStaff Discussion Paper 2016-19https://www.bankofcanada.ca/wp-content/uploads/2016/09/sdp2016-19.pdfImplementing Cross-Border Interbank Lending in BoC-GEM-FINMalik ShukayevArgyn ToktamyssovSeptember 2016EE2E27E3E37FF4F47Do Low Interest Rates Sow the Seeds of Financial Crises?
https://www.bankofcanada.ca/2011/12/working-paper-2011-31/
A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries.2011-12-19T11:28:29+00:00enDo Low Interest Rates Sow the Seeds of Financial Crises?2011-12-19Financial system regulation and policiesMonetary policy transmissionWorking Paper 2011-31https://www.bankofcanada.ca/wp-content/uploads/2011/12/wp2011-31.pdfDo Low Interest Rates Sow the Seeds of Financial Crises?Simona CociubaMalik ShukayevAlexander UeberfeldtDecember 2011DD5D53EE4E44E5E52GG2G28Price-Level Targeting and Inflation Expectations: Experimental Evidence
https://www.bankofcanada.ca/2011/09/working-paper-2011-18/
In this paper, we use an economics decision-making experiment to test a key assumption underpinning the efficacy of price-level targeting relative to inflation targeting for business cycle stabilization and mitigating the effects of the zero lower bound on nominal interest rates.2011-09-09T09:13:08+00:00enPrice-Level Targeting and Inflation Expectations: Experimental Evidence2011-09-09Monetary policy frameworkWorking Paper 2011-18https://www.bankofcanada.ca/wp-content/uploads/2011/09/wp2011-18.pdfPrice-Level Targeting and Inflation Expectations: Experimental EvidenceRobert AmanoJim Engle-WarnickMalik ShukayevSeptember 2011EE3E32E5E52Monetary Policy and the Zero Bound on Nominal Interest Rates
https://www.bankofcanada.ca/wp-content/uploads/2010/09/amano_summer10.pdf
The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero.2010-08-19T08:34:00+00:00enMonetary Policy and the Zero Bound on Nominal Interest Rates2010-08-19Price Level Targeting: What Is the Right Price?
https://www.bankofcanada.ca/2010/02/working-paper-2010-8/
Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?2010-02-26T13:19:34+00:00enPrice Level Targeting: What Is the Right Price?2010-02-26Monetary policy frameworkWorking Paper 2010-8https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp10-8.pdfPrice Level Targeting: What Is the Right Price?Malik ShukayevAlexander UeberfeldtFebruary 2010EE3E32E5E52