E32 - Business Fluctuations; Cycles - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:14:00+00:00Monetary 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 2016DD6D62EE3E32E4E44GG0G01Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013
https://www.bankofcanada.ca/2016/11/staff-working-paper-2016-48/
Using a novel data set for 17 countries dating from 1900 to 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods.2016-11-01T15:18:47+00:00enBusiness Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 20132016-11-01Business fluctuations and cyclesEconomic modelsInternational topicsStaff Working Paper 2016-48https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-48.pdfBusiness Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013Thuy Lan NguyenWataru MiyamotoNovember 2016EE1E13E3E32FF4F41F44Fragility of Resale Markets for Securitized Assets and Policy of Asset Purchases
https://www.bankofcanada.ca/2016/10/staff-working-paper-2016-46/
Markets for securitized assets were characterized by high liquidity prior to the recent financial crisis and by a sudden market dry-up at the onset of the crisis. A general equilibrium model with heterogeneous investment opportunities and information frictions predicts that, in boom periods or mild recessions, the degree of adverse selection in resale markets for securitized assets is limited because of the reputation-based guarantees by asset originators.2016-10-31T15:15:40+00:00enFragility of Resale Markets for Securitized Assets and Policy of Asset Purchases2016-10-31Business fluctuations and cyclesCredit and credit aggregatesEconomic modelsFinancial marketsFinancial stabilityFinancial system regulation and policiesStaff Working Paper 2016-46https://www.bankofcanada.ca/wp-content/uploads/2016/10/swp2016-46.pdfFragility of Resale Markets for Securitized Assets and Policy of Asset PurchasesMartin KunclOctober 2016EE3E32E5GG0G01G2The Global Benefits of Low Oil Prices: More Than Meets the Eye
https://www.bankofcanada.ca/2016/09/staff-analytical-note-2016-13/
Between mid-2014 and early 2016, oil prices fell by roughly 65 per cent. This note documents the channels through which this oil price decline is expected to affect the global economy. One important and immediate channel is through higher expenditures, especially in net oil-importing countries.2016-09-22T09:46:56+00:00enThe Global Benefits of Low Oil Prices: More Than Meets the Eye2016-09-22Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets
https://www.bankofcanada.ca/2016/07/staff-working-paper-2016-36/
In a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to generate positive output comovement.2016-07-26T11:08:57+00:00enOutput Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets2016-07-26Inflation and pricesMonetary policy transmissionStaff Working Paper 2016-36https://www.bankofcanada.ca/wp-content/uploads/2016/07/swp2016-36.pdfOutput Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor MarketsTomiyuki KitamuraTamon TakamuraJuly 2016EE3E31E32E5E52Financial Crisis Interventions
https://www.bankofcanada.ca/2016/06/staff-working-paper-2016-29/
This paper develops a model of an economy where bank credit supports both productive investment and individual consumption smoothing in the face of idiosyncratic income risk. Bank credit is constrained by bank equity capital.2016-06-24T15:28:00+00:00enFinancial Crisis Interventions2016-06-24Credit and credit aggregatesFinancial stabilityFinancial system regulation and policiesLender of last resortStaff Working Paper 2016-29https://www.bankofcanada.ca/wp-content/uploads/2016/06/swp2016-29.pdfFinancial Crisis InterventionsJosef SchrothJune 2016EE1E13E3E32E4E44The Real-Time Properties of the Bank of Canada’s Staff Output Gap Estimates
https://www.bankofcanada.ca/2016/06/staff-working-paper-2016-28/
We study the revision properties of the Bank of Canada’s staff output gap estimates since the mid-1980s. Our results suggest that the average staff output gap revision has decreased significantly over the past 15 years, in line with recent evidence for the U.S.2016-06-24T12:14:48+00:00enThe Real-Time Properties of the Bank of Canada’s Staff Output Gap Estimates2016-06-24Central bank researchEconometric and statistical methodsPotential outputStaff Working Paper 2016-28https://www.bankofcanada.ca/wp-content/uploads/2016/06/swp2016-28.pdfThe Real-Time Properties of the Bank of Canada’s Staff Output Gap EstimatesJulien ChampagneGuillaume Poulin-BellisleRodrigo SekkelJune 2016CC3C38EE1E17E3E32What Are the Macroeconomic Effects of High-Frequency Uncertainty Shocks
https://www.bankofcanada.ca/2016/05/staff-working-paper-2016-25/
This paper evaluates the effects of high-frequency uncertainty shocks on a set of low-frequency macroeconomic variables that are representative of the U.S. economy. Rather than estimating models at the same common low-frequency, we use recently developed econometric models, which allows us to deal with data of different sampling frequencies.2016-05-26T11:38:49+00:00enWhat Are the Macroeconomic Effects of High-Frequency Uncertainty Shocks2016-05-26Business fluctuations and cyclesEconometric and statistical methodsStaff Working Paper 2016-25https://www.bankofcanada.ca/wp-content/uploads/2016/05/swp2016-25.pdfWhat Are the Macroeconomic Effects of High-Frequency Uncertainty ShocksLaurent FerraraPierre GuérinMay 2016CC3C32EE3E32E4E44How Fast Can China Grow? The Middle Kingdom’s Prospects to 2030
https://www.bankofcanada.ca/2016/04/staff-working-paper-2016-15/
Given its size and importance for global commodity markets, the question of how fast the Chinese economy can grow over the medium term is an important one. This paper addresses this question by examining the evolution of the supply side of the Chinese economy over history and projecting how it will evolve over the next 15 years.2016-04-05T08:27:03+00:00enHow Fast Can China Grow? The Middle Kingdom’s Prospects to 20302016-04-05Development economicsInternational topicsPotential outputProductivityStaff Working Paper 2016-15https://www.bankofcanada.ca/wp-content/uploads/2016/04/swp2016-15.pdfHow Fast Can China Grow? The Middle Kingdom’s Prospects to 2030Jeannine BailliuMark KrugerArgyn ToktamyssovWheaton WelbournApril 2016EE2E22E23E3E32O4Macroeconomic Uncertainty Through the Lens of Professional Forecasters
https://www.bankofcanada.ca/2016/02/staff-working-paper-2016-5/
We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of different economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time subjective measure of uncertainty in a simple framework.2016-02-25T07:54:56+00:00enMacroeconomic Uncertainty Through the Lens of Professional Forecasters2016-02-25Business fluctuations and cyclesEconometric and statistical methodsStaff Working Paper 2016-5 https://www.bankofcanada.ca/wp-content/uploads/2016/02/swp2016-5.pdfMacroeconomic Uncertainty Through the Lens of Professional ForecastersSoojin JoRodrigo SekkelFebruary 2016CC3C38EE1E17E3E32