E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T10:32:41+00:00Discount Rates, Debt Maturity, and the Fiscal Theory
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-58/
Do bond risk premiums influence the effects of debt maturity operations? Using a model with realistic bond risk premiums, we show that maturity operations have sizable effects on expected inflation and output when the central bank passively responds to inflation and the fiscal authority weakly responds to the debt level.2021-11-26T09:21:16+00:00enDiscount Rates, Debt Maturity, and the Fiscal Theory2021-11-26Fiscal policyInterest ratesMonetary policyStaff Working Paper 2021-58https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-58.pdfStaff Working Paper 2021-58Alexandre CorhayThilo KindHoward KungGonzalo MoralesNovember 2021EE4E43E44E6E63GG1G12The COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-57/
A multi-country consumer survey investigates why and how much households decreased their consumption in five key sectors after pandemic-related restrictions were lifted in Europe in July 2020. Beyond infection risk and precautionary saving motives, households also reported not missing some consumption items, which may indicate preference shifts and structural changes in the post-COVID-19 economy.2021-11-18T09:52:37+00:00enThe COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey2021-11-18Coronavirus disease (COVID-19)Domestic demand and componentsFirm dynamicsFiscal policyRecent economic and financial developmentsStaff Working Paper 2021-57https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-57.pdfThe COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country SurveyAlexander HodbodCars HommesStefanie J. HuberIsabelle SalleNovember 2021DD1D12D8D81D84EE2E21E6E60E7E71Optimal Monetary Policy According to HANK
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-55/
We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model. In the model, the central bank has an incentive to reduce consumption inequality in addition to keeping economic activity at its efficient level and inflation stable.2021-11-05T10:10:33+00:00enOptimal Monetary Policy According to HANK2021-11-05Economic modelsMonetary policyStaff Working Paper 2021-55https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-55.pdfStaff Working Paper 2021-55Sushant AcharyaEdouard ChalleKeshav DograNovember 2021EE2E21E3E30E5E52E6E62E63Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight
https://www.bankofcanada.ca/2021/10/staff-working-paper-2021-51/
How do outcomes of monetary and fiscal stabilization policies at the zero lower bound change when decision makers have finite planning horizons in the economy? We explore the effects of limited foresight on policy tools and the interaction between monetary and fiscal policy.2021-10-18T11:20:28+00:00enFiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight2021-10-18Business fluctuations and cyclesCentral bank researchFiscal policyMonetary policyStaff Working Paper 2021-51https://www.bankofcanada.ca/wp-content/uploads/2021/10/swp2021-51.pdfStaff Working Paper 2021-51Michael WoodfordYinxi XieOctober 2021EE5E52E6E63E7The impact of the Bank of Canada’s Government Bond Purchase Program
https://www.bankofcanada.ca/2021/10/staff-analytical-note-2021-23/
We assess the response of Government of Canada bond yields to the Bank of Canada’s initial announcement of the Government Bond Purchase Program (GBPP) as well as to the Bank’s later GBPP purchase operations.2021-10-15T10:00:10+00:00enThe impact of the Bank of Canada’s Government Bond Purchase Program2021-10-15From He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender
https://www.bankofcanada.ca/2021/09/staff-working-paper-2021-42/
The effects of fiscal policy shocks on labour market outcomes across gender depend on the type of public expenditure. Women benefit most from increases in the government wage bill, while men are the main beneficiaries of higher investment spending.2021-09-10T08:51:03+00:00enFrom He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across Gender2021-09-10Business fluctuations and cyclesFiscal policyLabour marketsStaff Working Paper 2021-42https://www.bankofcanada.ca/wp-content/uploads/2021/09/swp2021-42.pdfFrom He-Cession to She-Stimulus? The Labor Market Impact of Fiscal Policy Across GenderAlica Ida BonkLaure SimonSeptember 2021EE3E32E6E62JJ1J16J2J21Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes
https://www.bankofcanada.ca/2021/08/staff-working-paper-2021-41/
How do changes to personal and corporate income tax rates in the United States affect its trading partners? Spillover effects from cuts in the two taxes differ. They are generally small and negative for corporate taxes, but sizable and positive for personal income taxes.2021-08-20T13:04:07+00:00enFiscal Spillovers: The Case of US Corporate and Personal Income Taxes2021-08-20Business fluctuations and cyclesEconometric and statistical methodsExchange rate regimesFiscal policyInternational topicsStaff Working Paper 2021-41https://www.bankofcanada.ca/wp-content/uploads/2021/08/swp2021-41.pdfMadeline HansonDaniela HauserRomanos PriftisAugust 2021EE3E32E6E62FF4F44HH2H20The uneven economic consequences of COVID 19: A structural analysis
https://www.bankofcanada.ca/2021/08/staff-analytical-note-2021-17/
Using a structural model, we study the economic consequences of the COVID-19 shock. The uneven consequences, such as higher unemployment among young households, amplify the negative implications for the macroeconomy, household vulnerabilities and consumption inequality. Government support programs have stimulated the economy and lowered inequality and medium-term vulnerabilities.2021-08-06T08:25:00+00:00enThe uneven economic consequences of COVID 19: A structural analysis2021-08-06ToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis
https://www.bankofcanada.ca/2021/06/technical-report-119/
ToTEM III is the most recent generation of the Bank of Canada’s main dynamic stochastic general equilibrium model for projection and policy analysis. The model helps Bank staff tell clear and coherent stories about the Canadian economy’s current state and future evolution.2021-06-28T08:50:52+00:00enToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis2021-06-28Business fluctuations and cyclesEconomic modelsHousingInterest ratesMonetary policyTechnical Report 2021-119https://www.bankofcanada.ca/wp-content/uploads/2021/06/tr119.pdfTechnical Report 2021-119Paul CorriganHélène DesgagnésJosé DorichVadym LepetyukWataru MiyamotoYang ZhangJune 2021EE1E17E2E20E3E30E4E40E5E50E6E62E65FF4F40F41GG5G51Monetary Policy, Trends in Real Interest Rates and Depressed Demand
https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-27/
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.2021-06-11T11:00:53+00:00enMonetary Policy, Trends in Real Interest Rates and Depressed Demand2021-06-11Debt managementEconomic modelsFiscal policyInflation and pricesInterest ratesMonetary policyStaff Working Paper 2021-27https://www.bankofcanada.ca/wp-content/uploads/2021/06/swp2021-27.pdfStaff Working Paper 2021-27Paul BeaudryCésaire MehJune 2021EE2E4E43E44E5E52E6E62E63HH3H6H63