International topics - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T08:16:46+00:00Third-Country Effects of U.S. Immigration Policy
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-60/
We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change.2023-12-27T13:00:00+00:00enThird-Country Effects of U.S. Immigration Policy2023-12-27International topicsLabour marketsRecent economic and financial developmentsTrade integrationStaff Working Paper 2023-60https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-60.pdfThird-Country Effects of U.S. Immigration PolicyAgostina BrinattiXing GuoDecember 2023FF1F16F2F22JJ6J61Immigration and Provision of Public Goods: Evidence at the Local Level in the U.S.
https://www.bankofcanada.ca/2023/11/staff-working-paper-2023-57/
Using U.S. county-level data from 1990 to 2010, we study the causal impact of immigration on the provision of local public goods. We uncover substantial heterogeneity across immigrants with different skills and immigrants of different generations, which leads to unequal fiscal effects across U.S. counties.2023-11-24T14:53:52+00:00enImmigration and Provision of Public Goods: Evidence at the Local Level in the U.S.2023-11-24Fiscal policyInternational topicsRegional economic developmentsStaff Working Paper 2023-57https://www.bankofcanada.ca/wp-content/uploads/2023/11/swp2023-57.pdfImmigration and Provision of Public Goods: Evidence at the Local Level in the U.S.Anna Maria MaydaMine Z. SensesWalter SteingressNovember 2023FF2F22HH4H41H7JJ6J61J68RR5International Portfolio Rebalancing and Fiscal Policy Spillovers
https://www.bankofcanada.ca/2023/11/staff-working-paper-2023-56/
We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We consider a two-country model with international portfolio rebalancing effects. We show that US fiscal expansions would increase global long-term rates and hinder economic activity in the rest of the world.2023-11-01T15:05:01+00:00enInternational Portfolio Rebalancing and Fiscal Policy Spillovers2023-11-01Economic modelsFiscal policyInternational topicsStaff Working Paper 2023-56https://www.bankofcanada.ca/wp-content/uploads/2023/11/swp2023-56.pdfInternational Portfolio Rebalancing and Fiscal Policy SpilloversSami AlpandaUluc AysunSerdar KabacaNovember 2023EE3E32E6E62FF4F41F44Variations in Pass-Through from Global Agricultural Commodity Prices to Domestic Food Inflation
https://www.bankofcanada.ca/2023/10/staff-discussion-paper-2023-24/
This paper examines factors that affect the transmission of fluctuations in global agricultural commodity prices to domestic food inflation.2023-10-13T09:22:07+00:00enVariations in Pass-Through from Global Agricultural Commodity Prices to Domestic Food Inflation2023-10-13Inflation and pricesInternational topicsStaff Discussion Paper 2023-24https://www.bankofcanada.ca/wp-content/uploads/2023/10/sdp2023-24.pdfVariations in Pass-Through from Global Agricultural Commodity Prices to Domestic Food InflationDaniel HyunJacky LeeOctober 2023EE3E31QQ0Q02Q1Q11Q17Q18International Economic Sanctions and Third-Country Effects
https://www.bankofcanada.ca/2023/08/staff-working-paper-2023-46/
We study the transmission and third-country effects of international sanctions. A sanctioned country’s losses are mitigated, and the sanctioning country’s losses amplified, if a third country does not join the sanctions, but the third country benefits from not joining.2023-08-23T14:39:57+00:00enInternational Economic Sanctions and Third-Country Effects2023-08-23Economic modelsExchange ratesInternational topicsStaff Working Paper 2023-46https://www.bankofcanada.ca/wp-content/uploads/2023/08/swp2023-46.pdfStaff Working Paper 2023-46Fabio GhironiDaisoon KimGalip Kemal OzhanAugust 2023FF3F31F4F41F42F5F51A Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight
https://www.bankofcanada.ca/2023/08/staff-working-paper-2023-44/
This paper studies exchange rate dynamics by incorporating bounded rationality, that is, limited foresight, in a small open-economy model. This behavior of limited foresight helps explain several observations and puzzles in the data of exchange rate movements.2023-08-17T08:56:50+00:00enA Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight2023-08-17Business fluctuations and cyclesExchange ratesInternational topicsMonetary policy transmissionStaff Working Paper 2023-44https://www.bankofcanada.ca/wp-content/uploads/2023/08/swp2023-44.pdfStaff Working Paper 2023-44Seunghoon NaYinxi XieAugust 2023EE4E43E7E70FF3F31F4F41Linking the chains
https://www.bankofcanada.ca/2023/06/linking-the-chains/
The things we buy come out of complex production chains that span the globe.2023-06-30T13:00:04+00:00enLinking the chains2023-06-30Global Demand and Supply Sentiment: Evidence from Earnings Calls
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-37/
This paper quantifies global demand, supply and uncertainty shocks and compares two major global recessions: the 2008–09 Great Recession and the COVID-19 pandemic. We use two alternate approaches to decompose economic shocks: text mining techniques on earnings calls transcripts and a structural Bayesian vector autoregression model.2023-06-30T11:26:15+00:00enGlobal Demand and Supply Sentiment: Evidence from Earnings Calls2023-06-30Business fluctuations and cyclesCoronavirus disease (COVID-19)Econometric and statistical methodsInflation and pricesInternational topicsStaff Working Paper 2023-37https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-37.pdfGlobal Demand and Supply Sentiment: Evidence from Earnings CallsTemel TaskinFranz Ulrich RuchJune 2023CC1C11C3C32EE3E32GG1G10SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-32/
We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization that introduces a financial friction that limits firms’ borrowing capacity to smooth temporary shocks to liquidity.2023-06-09T09:39:02+00:00enSME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis2023-06-09Coronavirus disease (COVID-19)Firm dynamicsInternational topicsStaff Working Paper 2023-32https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-32.pdfStaff Working Paper 2023-32Pierre-Olivier GourinchasŞebnem Kalemli-ÖzcanVeronika PenciakovaNicholas SanderJune 2023DD2D21D22EE6E65HH8H81The Macroeconomic Effects of Portfolio Equity Inflows
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-31/
I provide evidence that portfolio equity inflows can have expansionary effects on GDP and inflation if not offset by monetary policy. I use a shift-share instrument to estimate equity inflows based on plausibly exogenous timing of inflows into mutual funds with heterogeneous country portfolios.2023-06-09T09:26:14+00:00enThe Macroeconomic Effects of Portfolio Equity Inflows2023-06-09Business fluctuations and cyclesInternational financial marketsInternational topicsMonetary policyStaff Working Paper 2023-31https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-31.pdfThe Macroeconomic Effects of Portfolio Equity InflowsNick SanderJune 2023EE3E32FF3F32F4F44