Staff working papers - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:33:23+00:00The Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-6/
This paper compares the distributional effects of conventional monetary policy and quantitative easing (QE) within an estimated open-economy DSGE model of the euro area.2019-01-21T12:52:56+00:00enThe Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model2019-01-21Economic modelsInterest ratesMonetary policyMonetary policy transmissionStaff Working Paper 2019-6https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-6.pdfThe Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE ModelStefan HohbergerRomanos PriftisLukas VogelJanuary 2019EE4E44E5E52FF4F41Corporate Debt Composition and Business Cycles
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-5/
Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks.2019-01-18T12:07:50+00:00enCorporate Debt Composition and Business Cycles2019-01-18Business fluctuations and cyclesFinancial institutionsFinancial marketsRecent economic and financial developmentsStaff Working Paper 2019-5https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-5.pdfCorporate Debt Composition and Business CyclesJelena ZivanovicJanuary 2019EE3E32E4E44Frictional Capital Reallocation I: Ex Ante Heterogeneity
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-4/
This paper studies dynamic general equilibrium models where firms trade capital in frictional markets. Gains from trade arise due to ex ante heterogeneity: some firms are better at investment, so they build capital in the primary market; others acquire it in the secondary market.2019-01-14T10:07:35+00:00enFrictional Capital Reallocation I: Ex Ante Heterogeneity2019-01-14Monetary policyStaff Working Paper 2019-4https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-4.pdfFrictional Capital Reallocation I: Ex Ante HeterogeneityRandall WrightSylvia Xiaolin XiaoYu ZhuJanuary 2019EE2E22E4E44Can Capital Deepening Explain the Global Decline in Labor’s Share?
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-3/
We estimate an aggregate elasticity of substitution between capital and labor near or below one, which implies that capital deepening cannot explain the global decline in labor's share. Our methodology derives from transition paths in the neo-classical growth model.2019-01-14T09:53:44+00:00enCan Capital Deepening Explain the Global Decline in Labor’s Share?2019-01-14Firm dynamicsInternational topicsLabour marketsStaff Working Paper 2019-3https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-3.pdfCan Capital Deepening Explain the Global Decline in Labor’s Share?Andrew GloverJacob ShortJanuary 2019EE1E13E2E22E25JJ3The Productivity Slowdown in Canada: An ICT Phenomenon?
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-2/
We ask whether a weaker contribution of information and communication technologies (ICT) to productivity growth could account for the productivity slowdown observed in Canada since the early 2000s. To answer this question, we consider several methods capturing channels through which ICT could affect aggregate productivity growth.2019-01-14T09:12:58+00:00enThe Productivity Slowdown in Canada: An ICT Phenomenon?2019-01-14ProductivityStaff Working Paper 2019-2https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-2.pdfThe Productivity Slowdown in Canada: An ICT Phenomenon?Jeffrey MollinsPierre St-AmantJanuary 2019DD2D24OO4O41O47A Framework for Analyzing Monetary Policy in an Economy with E-money
https://www.bankofcanada.ca/2019/01/staff-working-paper-2019-1/
This paper considers an economy where central-bank-issued fiat money competes with privately issued e-money. We study a policy-setting game between the central bank and the e-money issuer and find (1) the optimal monetary policy of the central bank depends on the policy of the private issuer and may deviate from the Friedman rule; (2) multiple equilibria may exist; (3) when the economy approaches a cashless state, the central bank’s optimal policy improves the market power of the e-money issuer and can lead to a discrete decrease in welfare and a discrete increase in inflation; and (4) first best cannot be achieved.2019-01-14T08:58:59+00:00enA Framework for Analyzing Monetary Policy in an Economy with E-money2019-01-14Digital currencies and fintechMonetary policyStaff Working Paper 2019-1https://www.bankofcanada.ca/wp-content/uploads/2019/01/swp2019-1.pdfA Framework for Analyzing Monetary Policy in an Economy with E-moneyYu ZhuScott HendryJanuary 2019EE5E52