Business fluctuations and cycles - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:39:51+00:00Firm-Specific Shocks and Aggregate Fluctuations
https://www.bankofcanada.ca/2016/11/staff-working-paper-2016-51/
In order to understand what drives aggregate fluctuations, many macroeconomic models point to aggregate shocks and discount the contribution of firm-specific shocks. Recent research from other developed countries, however, has found that aggregate fluctuations are in part driven by idiosyncratic shocks to large firms.2016-11-21T07:38:15+00:00enFirm-Specific Shocks and Aggregate Fluctuations2016-11-21Business fluctuations and cyclesFirm dynamicsMarket structure and pricingStaff Working Paper 2016-51https://www.bankofcanada.ca/wp-content/uploads/2016/11/swp2016-51.pdfFirm-Specific Shocks and Aggregate FluctuationsLeonid KarasikDanny LeungBen TomlinNovember 2016EE2E22E23E24E3LL6Wood, Wheat, Wheels and the Web: Historical Pivots and Future Prospects for Canadian Exports
https://www.bankofcanada.ca/2016/11/wood-wheat-wheels-web-historical-pivots/
Deputy Governor Lawrence Schembri discusses the historical evolution and future prospects for Canadian exports.2016-11-08T11:20:45+00:00Wood, Wheat, Wheels and the Web: Historical Pivots and Future Prospects for Canadian Exports2016-11-08Lawrence L. SchembriBusiness 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 2016EE3E32E5GG0G01G2Economic Trends and Monetary Policy
https://www.bankofcanada.ca/2016/10/economic-trends-monetary-policy/
Senior Deputy Governor Carolyn Wilkins talks about the major trends of the Canadian economy and how they affect monetary policy.2016-10-06T11:35:44+00:00Economic Trends and Monetary Policy2016-10-06Carolyn A. WilkinsInterpreting Volatility Shocks as Preference Shocks
https://www.bankofcanada.ca/2016/10/staff-working-paper-2016-45/
This paper examines the relationship between volatility shocks and preference shocks in an analytically tractable endogenous growth model with recursive preferences and stochastic volatility. I show that there exists an explicit mapping between volatility shocks and preference shocks, and a rise in volatility generates the same impulse responses of macroeconomic aggregates as a negative preference shock.2016-10-03T16:59:03+00:00enInterpreting Volatility Shocks as Preference Shocks2016-10-03Business fluctuations and cyclesEconomic modelsStaff Working Paper 2016-45https://www.bankofcanada.ca/wp-content/uploads/2016/10/swp2016-45.pdfInterpreting Volatility Shocks as Preference ShocksShaofeng XuOctober 2016EE2E3The 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 Eye2016-09-22Implementing Cross-Border Interbank Lending in BoC-GEM-FIN
https://www.bankofcanada.ca/2016/09/staff-discussion-paper-2016-19/
BIS interbank lending data show that the Great Recession generated large and persistent changes in the international interbank lending positions of various countries. The main objective of this study is to understand the role of changes in international interbank credit flows in transmitting shocks across borders.2016-09-14T15:02:40+00:00enImplementing Cross-Border Interbank Lending in BoC-GEM-FIN2016-09-14Business fluctuations and cyclesEconomic modelsInternational topicsStaff Discussion Paper 2016-19https://www.bankofcanada.ca/wp-content/uploads/2016/09/sdp2016-19.pdfImplementing Cross-Border Interbank Lending in BoC-GEM-FINMalik ShukayevArgyn ToktamyssovSeptember 2016EE2E27E3E37FF4F47The Case of Serial Disappointment
https://www.bankofcanada.ca/2016/07/staff-analytical-note-2016-10/
Similar to those of other forecasters, the Bank of Canada’s forecasts of global GDP growth have shown persistent negative errors over the past five years. This is in contrast to the pre-crisis period, when errors were consistently positive as global GDP surprised to the upside. All major regions have contributed to the forecast errors observed since 2011, although the United States has been the most persistent source of notable errors.2016-07-22T10:07:29+00:00enThe Case of Serial Disappointment2016-07-22Housing Market Dynamics and Macroprudential Policy
https://www.bankofcanada.ca/2016/07/staff-working-paper-2016-31/
We perform an analysis to determine how well the introduction of a countercyclical loanto- value (LTV) ratio can reduce household indebtedness and housing price fluctuations compared with a monetary policy rule augmented with house price inflation.2016-07-19T10:01:51+00:00enHousing Market Dynamics and Macroprudential Policy2016-07-19Business fluctuations and cyclesFinancial stabilityHousingMonetary policy frameworkMonetary policy transmissionStaff Working Paper 2016-31https://www.bankofcanada.ca/wp-content/uploads/2016/07/swp2016-31.pdfHousing Market Dynamics and Macroprudential PolicyGabriel BruneauIan ChristensenCésaire MehJuly 2016EE3E31E4E42HH2H23