E32 - Business Fluctuations; Cycles - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T14:59:17+00:00What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?
https://www.bankofcanada.ca/2019/09/staff-working-paper-2019-38/
I use a structural vector autoregression (SVAR) with sign restrictions to provide conditional evidence on the behavior of the US external finance premium (EFP). The results indicate that the excess bond premium, a proxy for the EFP, reacts countercyclically to supply and monetary policy shocks and procyclically to demand shocks.2019-09-24T09:50:07+00:00enWhat Does Structural Analysis of the External Finance Premium Say About Financial Frictions?2019-09-24Economic modelsFinancial marketsRecent economic and financial developmentsStaff Working Paper 2019-38https://www.bankofcanada.ca/wp-content/uploads/2019/09/swp2019-38.pdfWhat Does Structural Analysis of the External Finance Premium Say About Financial Frictions?Jelena ZivanovicSeptember 2019EE3E32E4E44Bridging Canadian Business Lending and Market-Based Risk Measures
https://www.bankofcanada.ca/2019/08/staff-analytical-note-2019-26/
Lending to business is central to economic growth because it supports investment by firms. Knowing how market participants view risk in the financial system can give the Bank of Canada information about future growth in business loans. In this note, we look at three market-based risk measures and find that sudden increases in the perception of risk in the Canadian banking system are associated with a weaker outlook for business loans and real gross domestic product.2019-08-19T10:58:40+00:00enBridging Canadian Business Lending and Market-Based Risk Measures2019-08-19Exploring Wage Phillips Curves in Advanced Economies
https://www.bankofcanada.ca/2019/08/staff-discussion-paper-2019-8/
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.2019-08-12T11:58:34+00:00enExploring Wage Phillips Curves in Advanced Economies2019-08-12Inflation and pricesLabour marketsMonetary policyStaff Discussion Paper 2019-8https://www.bankofcanada.ca/wp-content/uploads/2019/08/sdp2019-8.pdfExploring Wage Phillips Curves in Advanced EconomiesRose CunninghamVikram RaiKristina HessAugust 2019CC3C33EE3E31E32Lending Standards, Productivity and Credit Crunches
https://www.bankofcanada.ca/2019/07/staff-working-paper-2019-25/
We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis.2019-07-26T12:33:44+00:00enLending Standards, Productivity and Credit Crunches2019-07-26Business fluctuations and cyclesCredit and credit aggregatesFinancial marketsFinancial stabilityInterest ratesProductivityStaff Working Paper 2019-25https://www.bankofcanada.ca/wp-content/uploads/2019/07/swp2019-25.pdfLending Standards, Productivity and Credit CrunchesJonathan SwarbrickJuly 2019EE2E22E3E32E4E44GG0G01Labor Mobility in a Monetary Union
https://www.bankofcanada.ca/2019/04/staff-working-paper-2019-15/
The optimal currency literature has stressed the importance of labor mobility as a precondition for the success of monetary unions. But only a few studies formally link labor mobility to macroeconomic adjustment and policy. In this paper, we study macroeconomic dynamics and optimal monetary policy in an economy with cyclical labor flows across two distinct regions that share trade links and a common monetary framework.2019-04-12T10:08:57+00:00enLabor Mobility in a Monetary Union2019-04-12Business fluctuations and cyclesEconomic modelsLabour marketsMonetary policy frameworkRegional economic developmentsStaff Working Paper 2019-15https://www.bankofcanada.ca/wp-content/uploads/2019/04/swp2019-15.pdfLabor Mobility in a Monetary UnionDaniela HauserMartin SenecaApril 2019EE3E32E5E52FF4Inflation Targeting and Liquidity Traps Under Endogenous Credibility
https://www.bankofcanada.ca/2019/02/staff-working-paper-2019-9/
Policy implications are derived for an inflation-targeting central bank, whose credibility is endogenous and depends on its past ability to achieve its targets. This is done in a New Keynesian framework with heterogeneous and boundedly rational expectations.2019-02-26T12:59:42+00:00enInflation Targeting and Liquidity Traps Under Endogenous Credibility2019-02-26Business fluctuations and cyclesCredibilityMonetary policyStaff Working Paper 2019-9https://www.bankofcanada.ca/wp-content/uploads/2019/02/swp2019-9.pdfInflation Targeting and Liquidity Traps Under Endogenous CredibilityCars HommesJoep LustenhouwerFebruary 2019CC6C62EE3E32E5E52Macroprudential Policy with Capital Buffers
https://www.bankofcanada.ca/2019/02/staff-working-paper-2019-8/
The countercyclical capital buffer is part of Basel III, the set of regulatory measures developed in response to the financial crisis of 2007–09. This study focuses on how time-varying capital buffers can address inefficiencies in economies with endogenous financial crises.2019-02-20T09:14:06+00:00enMacroprudential Policy with Capital Buffers2019-02-20Business fluctuations and cyclesCredit and credit aggregatesCredit risk managementFinancial stabilityFinancial system regulation and policiesLender of last resortStaff Working Paper 2019-8https://www.bankofcanada.ca/wp-content/uploads/2019/02/swp2019-8.pdfMacroprudential Policy with Capital BuffersJosef SchrothFebruary 2019EE1E13E3E32E4E44Corporate 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 2019EE3E32E4E44