Sushant Acharya - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T00:13:11+00:00Optimal 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 2021EE2E21E3E30E5E52E6E62E63The Side Effects of Safe Asset Creation
https://www.bankofcanada.ca/2021/07/staff-working-paper-2021-34/
The secular decline in real interest rates has created a challenge for monetary policy, now confronting the zero lower bound more often. An increase in the supply of safe assets reduces downward pressure on the natural interest rate. This allows monetary policy to reach price stability and full employment, but not without cost—permanently lower investment.2021-07-15T10:49:44+00:00enThe Side Effects of Safe Asset Creation2021-07-15Fiscal policyMonetary policy implementationStaff Working Paper 2021-34https://www.bankofcanada.ca/wp-content/uploads/2021/07/swp2021-34.pdfThe Side Effects of Safe Asset CreationSushant AcharyaKeshav DograJuly 2021EE3E4E5GG1HH6The Anatomy of Sentiment-Driven Fluctuations
https://www.bankofcanada.ca/2021/07/staff-working-paper-2021-33/
We show that changes in sentiment that aren’t related to fundamentals can drive persistent macroeconomic fluctuations even when all economic agents are rational. Changes in sentiment can also affect how fundamental shocks affect macroeconomic outcomes.2021-07-15T10:06:37+00:00enThe Anatomy of Sentiment-Driven Fluctuations2021-07-15Business fluctuations and cyclesEconomic modelsStaff Working Paper 2021-33https://www.bankofcanada.ca/wp-content/uploads/2021/07/swp2021-33.pdfThe Anatomy of Sentiment-Driven FluctuationsSushant AcharyaJess BenhabibZhen HuoJuly 2021EE2E20E3E32FF4F44