Research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T22:43:22+00:00Adopting Price-Level Targeting under Imperfect Credibility in ToTEM
https://www.bankofcanada.ca/2009/05/working-paper-2009-17/
Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.2009-05-03T15:26:15+00:00enAdopting Price-Level Targeting under Imperfect Credibility in ToTEM2009-05-03Monetary policy frameworkMonetary policy implementationWorking Paper 2009-17https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-17.pdfAdopting Price-Level Targeting under Imperfect Credibility in ToTEMGino CateauOleksiy KryvtsovMalik ShukayevAlexander UeberfeldtMay 2009EE3E31E5E52Real Effects of Price Stability with Endogenous Nominal Indexation
https://www.bankofcanada.ca/2009/05/working-paper-2009-16/
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997).2009-05-03T12:42:40+00:00enReal Effects of Price Stability with Endogenous Nominal Indexation2009-05-03Economic modelsFinancial marketsMonetary policy frameworkMonetary policy transmissionWorking Paper 2009-16 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-16.pdfReal Effects of Price Stability with Endogenous Nominal IndexationCésaire MehVincenzo QuadriniYaz TerajimaMay 2009EE2E21E3E31E4E44E5E52Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy
https://www.bankofcanada.ca/2009/05/working-paper-2009-15/
This paper introduces heterogeneous beliefs among households in a small open economy model for the Canadian economy. The model suggests that simultaneous boom-bust cycles in house prices, output, investment, consumption and hours worked emerge when credit-constrained mortgage borrowers expect that future house prices will rise and this expectation is neither shared by savers nor realized ex-post.2009-05-03T12:18:53+00:00enHeterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy2009-05-03Credit and credit aggregatesFinancial stabilityInflation targetsWorking Paper 2009-15 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-15.pdfHeterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open EconomyHajime TomuraMay 2009EE4E44E5E52Testing for Financial Contagion with Applications to the Canadian Banking System
https://www.bankofcanada.ca/2009/05/working-paper-2009-14/
The author proposes a new test for financial contagion based on a non-parametric measure of the cross-market correlation. The test does not depend on the assumption that the data are drawn from a given probability distribution; therefore, it allows for maximal flexibility in fitting into the data.2009-05-03T11:26:49+00:00enTesting for Financial Contagion with Applications to the Canadian Banking System2009-05-03Central bank researchEconometric and statistical methodsFinancial stabilityWorking Paper 2009-14 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-14.pdfTesting for Financial Contagion with Applications to the Canadian Banking SystemFuchun LiMay 2009CC1C12GG0G01G1G15