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540
result(s)
Unregulated Lending, Mortgage Regulations and Monetary Policy
Staff Working Paper 2022-28
Ugochi Emenogu,
Brian Peterson
This paper evaluates the effectiveness of macroprudential policies when regulations are uneven across mortgage lender types. We look at credit tightening that results from macroprudential regulations and examine how much of it is counteracted by credit shifting to unregulated lenders. We also study the impact of monetary policy tightening when some lenders are unregulated.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial system regulation and policies,
Monetary policy transmission
JEL Code(s):
E,
E4,
E44,
E5,
E50,
E52,
E58,
G,
G2,
G21,
G23,
G28
Analyzing the house price boom in the suburbs of Canada’s major cities during the pandemic
Staff Analytical Note 2022-7
Louis Morel
We assess how location affects house prices in Canada. The gap in prices between suburbs and downtown was closing gradually before the pandemic. The gap has been closing faster since spring 2020. This finding reflects a shift in preferences toward more living space.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Asset pricing,
Coronavirus disease (COVID-19),
Financial stability,
Housing
JEL Code(s):
R,
R2,
R21,
R23,
R3,
R32
Endogenous Liquidity and Capital Reallocation
Staff Working Paper 2022-27
Wei Cui,
Randall Wright,
Yu Zhu
We study economies where firms acquire capital in primary markets then retrade it in secondary markets after information on idiosyncratic productivity arrives. Our secondary markets incorporate bilateral trade with search, bargaining and liquidity frictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Monetary policy
JEL Code(s):
E,
E2,
E22,
E4,
E44
Nowcasting Canadian GDP with Density Combinations
Staff Discussion Paper 2022-12
Tony Chernis,
Taylor Webley
We present a tool for creating density nowcasts for Canadian real GDP growth. We demonstrate that the combined densities are a reliable and accurate tool for assessing the state of the economy and risks to the outlook.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C5,
C52,
C53,
E,
E3,
E7
More Than Words: Fed Chairs’ Communication During Congressional Testimonies
Staff Working Paper 2022-20
Michelle Alexopoulos,
Xinfen Han,
Oleksiy Kryvtsov,
Xu Zhang
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Financial markets,
Monetary policy communications
JEL Code(s):
E,
E5,
E52,
E58,
E7,
E71
Identifying Financially Remote First Nations Reserves
Staff Discussion Paper 2022-11
Heng Chen,
Walter Engert,
Kim Huynh,
Daneal O’Habib
Chen et al. (2021) show that almost one-third of First Nations band offices in Canada are within 1 kilometre (km) of an automated banking machine (ABM) or financial institution (FI) branch and more than half are within 5 km.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial institutions,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42,
E5,
G,
G2,
G21
Macroeconomic Predictions Using Payments Data and Machine Learning
Staff Working Paper 2022-10
James Chapman,
Ajit Desai
We demonstrate the usefulness of payment systems data and machine learning models for macroeconomic predictions and provide a set of econometric tools to overcome associated challenges.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Payment clearing and settlement systems
JEL Code(s):
C,
C5,
C53,
C55,
E,
E3,
E37,
E4,
E42,
E5,
E52
Monetary Policy and Redistribution in Open Economies
Staff Working Paper 2022-6
Xing Guo,
Pablo Ottonello,
Diego Perez
We study how different types of monetary policy shape the distributional effects of external economic shocks on households’ consumption in a small open economy. Our results present a trade-off between maintaining overall stabilization and controlling consumption inequality.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rate regimes,
Monetary policy
JEL Code(s):
E,
E3,
E32,
E5,
E52,
F,
F4,
F41,
F44
Payment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System
Staff Discussion Paper 2022-3
Francisco Rivadeneyra,
Nellie Zhang
We study the impact of the Bank of Canada’s choice of settlement mechanism in Lynx on participant behaviors, liquidity usage, payment delays and the overall operational efficiency of the new system.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
C,
C5,
E,
E4,
E42,
E5,
E58