Yang Zhang - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T14:09:21+00:00CANVAS: A Canadian Behavioral Agent-Based Model
https://www.bankofcanada.ca/2022/12/staff-working-paper-2022-51/
The Bank of Canada’s current suite of models faces challenges in addressing network effects that integrate household and firm-level heterogeneity and their behaviours. We develop CANVAS, a Canadian behavioural agent-based model to contribute to the Bank’s next-generation modelling effort. CANVAS improves forecasting performance and expands capacity for model-based scenario analysis.2022-12-20T08:40:00+00:00enCANVAS: A Canadian Behavioral Agent-Based Model2022-12-20Central bank researchEconometric and statistical methodsEconomic modelsFirm dynamicsInflation and pricesStaff Working Paper 2022-51https://www.bankofcanada.ca/wp-content/uploads/2022/12/swp2022-51.pdfCANVAS: A Canadian Behavioral Agent-Based ModelCars HommesMario HeSebastian PolednaMelissa SiqueiraYang ZhangDecember 2022CDD2D22D8D83EE1E17Harnessing the benefit of state-contingent forward guidance
https://www.bankofcanada.ca/2022/09/staff-analytical-note-2022-13/
A low level of the neutral rate of interest increases the likelihood that a central bank’s policy rate will reach its effective lower bound (ELB) in future economic downturns. In a low neutral rate environment, using an extended monetary policy toolkit including forward guidance helps address the ELB challenge. Using the Bank’s Terms-of-Trade Economic Model, we assess the benefits and limitations of a state-contingent forward guidance implemented within a flexible inflation targeting framework.2022-09-26T11:27:58+00:00enHarnessing the benefit of state-contingent forward guidance2022-09-26Household Heterogeneity and the Performance of Monetary Policy Frameworks
https://www.bankofcanada.ca/2022/03/staff-working-paper-2022-12/
Consumption inequality and a low interest rate environment are two important trends in today’s economy. But the implications they may have—and how those implications interact—within different monetary policy frameworks are not well understood. We study the ranking of alternative frameworks that take these trends into account.2022-03-07T15:44:04+00:00enHousehold Heterogeneity and the Performance of Monetary Policy Frameworks2022-03-07Economic modelsMonetary policy and uncertaintyMonetary policy frameworkMonetary policy transmissionStaff Working Paper 2022-12https://www.bankofcanada.ca/wp-content/uploads/2022/03/swp2022-12.pdfStaff Working Paper 2022-12Edouard DjeutemMario HeAbeer RezaYang ZhangMarch 2022DD3D31D5D52EE2E21E3E31E5E52E58A Horse Race of Alternative Monetary Policy Regimes Under Bounded Rationality
https://www.bankofcanada.ca/2022/02/staff-discussion-paper-2022-4/
We introduce bounded rationality in a canonical New Keynesian model calibrated to match Canadian macroeconomic data since Canada’s adoption of inflation targeting. We use the model to quantitatively assess the macroeconomic impact of alternative monetary policy regimes.2022-02-22T08:52:16+00:00enA Horse Race of Alternative Monetary Policy Regimes Under Bounded Rationality2022-02-22Central bank researchEconomic modelsMonetary policy frameworkMonetary policy transmissionStaff Discussion Paper 2022-4https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-4.pdfStaff Discussion Paper 2022-4Joel WagnerTudor SchlangerYang ZhangFebruary 2022EE2E27E3E4E5E52E58