Business fluctuations and cycles - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T11:00:25+00:00Expectations and Monetary Policy: Experimental Evidence
https://www.bankofcanada.ca/2013/11/working-paper-2013-44/
The effectiveness of monetary policy depends, to a large extent, on market expectations of its future actions. In a standard New Keynesian business-cycle model with rational expectations, systematic monetary policy reduces the variance of inflation and the output gap by at least two-thirds.2013-11-22T10:26:12+00:00enExpectations and Monetary Policy: Experimental Evidence2013-11-22Business fluctuations and cyclesMonetary policy implementationMonetary policy transmissionWorking Paper 2013-44https://www.bankofcanada.ca/wp-content/uploads/2013/11/wp2013-44.pdfExpectations and Monetary Policy: Experimental EvidenceOleksiy KryvtsovLuba PetersenNovember 2013CC9DD8D84EE3E5E52High-Frequency Real Economic Activity Indicator for Canada
https://www.bankofcanada.ca/2013/11/working-paper-2013-42/
I construct a weekly measure of real economic activity in Canada. Based on the work of Aruoba et al. (2009), the indicator is extracted as an unobserved component underlying the co-movement of four monthly observed real macroeconomic variables - employment, manufacturing sales, retail sales and GDP.2013-11-22T08:43:13+00:00enHigh-Frequency Real Economic Activity Indicator for Canada2013-11-22Business fluctuations and cyclesEconometric and statistical methodsWorking Paper 2013-42https://www.bankofcanada.ca/wp-content/uploads/2013/11/wp2013-42.pdfHigh-Frequency Real Economic Activity Indicator for CanadaGitanjali KumarNovember 2013CC3C38EE3E32Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada
https://www.bankofcanada.ca/2013/11/working-paper-2013-40/
The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy.2013-11-14T14:32:31+00:00enUnemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada2013-11-14Business fluctuations and cyclesEconomic modelsLabour marketsWorking Paper 2013-40https://www.bankofcanada.ca/wp-content/uploads/2013/11/wp2013-40.pdfUnemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of CanadaYahong ZhangNovember 2013EE3E32E4E44JJ6ToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model
https://www.bankofcanada.ca/2013/10/technical-report-100/
This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison 2006) in June 2011 as the Bank of Canada’s quarterly projection model for Canada.2013-10-24T09:16:53+00:00enToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model2013-10-24Business fluctuations and cyclesEconomic modelsTechnical Report No. 100https://www.bankofcanada.ca/wp-content/uploads/2013/10/technical_report_100.pdfToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection ModelJosé DorichMichael K. JohnstonRhys R. MendesStephen MurchisonYang ZhangOctober 2013EE1E17E2E20E3E30E4E40E5E50FF4F41The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada
https://www.bankofcanada.ca/2013/10/working-paper-2013-35/
In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly factor model on individual components of the CPI. This measure, labelled the common component of CPI, has intuitive appeal and a number of interesting features.2013-10-03T15:52:10+00:00enThe Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada2013-10-03Business fluctuations and cyclesEconometric and statistical methodsInflation and pricesMonetary policy frameworkWorking Paper 2013-35https://www.bankofcanada.ca/wp-content/uploads/2013/10/wp2013-35.pdfThe Common Component of CPI: An Alternative Measure of Underlying Inflation for CanadaMikael KhanLouis MorelPatrick SabourinOctober 2013CC1EE3E31E32E5E52E58Endogenous Trade Participation with Incomplete Exchange Rate Pass-Through
https://www.bankofcanada.ca/2013/09/working-paper-2013-30/
This paper investigates the implications of endogenous trade participation for international business cycles, trade flow dynamics and exchange rate pass-through when price adjustments are staggered across firms.2013-09-05T10:30:40+00:00enEndogenous Trade Participation with Incomplete Exchange Rate Pass-Through2013-09-05Business fluctuations and cyclesExchange ratesInternational topicsWorking Paper 2013-30https://www.bankofcanada.ca/wp-content/uploads/2013/09/wp2013-30.pdfEndogenous Trade Participation with Incomplete Exchange Rate Pass-ThroughYuko ImuraSeptember 2013FF1F12F4F44Monitoring Short-Term Economic Developments in Foreign Economies
https://www.bankofcanada.ca/wp-content/uploads/2013/08/boc-review-summer13-barnett.pdf
The Bank of Canada uses several short-term forecasting models for the monitoring of key foreign economies - the United States, the euro area, Japan and China. The design of the forecasting models used for each region is influenced by the level of detail required, as well as the timeliness and volatility of data. Forecasts from different models are typically combined to mitigate model uncertainty, and judgment is applied to the model forecasts to incorporate information that is not directly reflected in the most recent indicators.2013-08-15T08:49:02+00:00enMonitoring Short-Term Economic Developments in Foreign Economies2013-08-15Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults
https://www.bankofcanada.ca/2013/06/working-paper-2013-19/
This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and volatility, and to study the impact of credit shocks on business cycle dynamics.2013-06-11T10:24:38+00:00enBusiness Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults2013-06-11Business fluctuations and cyclesCredit and credit aggregatesEconomic modelsFinancial institutionsWorking Paper 2013-19https://www.bankofcanada.ca/wp-content/uploads/2013/06/wp2013-19.pdfBusiness Cycle Effects of Credit Shocks in a DSGE Model with Firm DefaultsM. Hashem PesaranTengTeng XuJune 2013EE3E32E4E44GG2G21The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging
https://www.bankofcanada.ca/wp-content/uploads/2013/02/boc-review-winter-12-13-lavender.pdf
The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.2013-02-21T10:31:30+00:00enThe U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging2013-02-21