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Bank of Canada RSS Feedsen2024-03-28T19:46:14+00:00Quarterly Research Update – 2023 Q4
https://www.bankofcanada.ca/wp-content/uploads/2024/01/quarterly-research-newsletter-2023q4.pdf
This newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.2023-12-31T10:09:21+00:00enQuarterly Research Update – 2023 Q42023-12-31Procyclicality in Central Counterparty Margin Models: A Conceptual Tool Kit and the Key Parameters
https://www.bankofcanada.ca/2023/12/staff-discussion-paper-2023-34/
Regulators need to provide effective procyclicality guidance, and central counterparties must design and calibrate their margin systems and procyclicality frameworks appropriately. To serve these needs, we provide a novel conceptual tool kit. Further, we highlight that the focus should be on the key margin system parameters in determining procyclicality.2023-12-29T11:12:20+00:00enProcyclicality in Central Counterparty Margin Models: A Conceptual Tool Kit and the Key Parameters2023-12-29Coronavirus disease (COVID-19)Credit risk managementFinancial institutionsFinancial marketsFinancial stabilityFinancial system regulation and policiesStaff Discussion Paper 2023-34https://www.bankofcanada.ca/wp-content/uploads/2023/12/sdp2023-34.pdfProcyclicality in Central Counterparty Margin Models: A Conceptual Tool Kit and the Key ParametersAlper OdabasiogluDecember 2023GG0G01G2G23G28Communicating Inflation Uncertainty and Household Expectations
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-63/
We examine the value of direct communication to households about inflation and the uncertainty around inflation statistics. All types of information about inflation are effective at immediately managing inflation expectations, with information about outlooks being more effective and relevant than that about recent inflation and Bank targets.2023-12-29T10:57:58+00:00enCommunicating Inflation Uncertainty and Household Expectations2023-12-29Central bank researchCredibilityInflation and pricesInflation targetsMonetary policy and uncertaintyMonetary policy communicationsStaff Working Paper 2023-63https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-63.pdfCommunicating Inflation Uncertainty and Household ExpectationsOlena KostyshynaLuba PetersenDecember 2023CC9C93DD8D84EE5E59E7Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-62/
We find that minority households see greater declines in housing returns and entries into homeownership than White households after a tightening of monetary policy. Our findings emphasize the unintended consequences of monetary policy on racial inequality in the housing market.2023-12-28T13:37:09+00:00enMonetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas2023-12-28Central bank researchHousingMonetary policyStaff Working Paper 2023-62https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-62.pdfMonetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan AreasQi LiXu ZhangDecember 2023EE4E40E5E52RR0R00Predictive Density Combination Using a Tree-Based Synthesis Function
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-61/
This paper studies non-parametric combinations of density forecasts. We introduce a regression tree-based approach that allows combination weights to vary on the features of the densities, time-trends or economic indicators. In two empirical applications, we show the benefits of this approach in terms of improved forecast accuracy and interpretability.2023-12-28T13:20:25+00:00enPredictive Density Combination Using a Tree-Based Synthesis Function2023-12-28Econometric and statistical methodsStaff Working Paper 2023-61https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-61.pdfPredictive Density Combination Using a Tree-Based Synthesis FunctionTony ChernisNiko HauzenbergerFlorian HuberGary KoopJames MitchellDecember 2023CC1C11C3C32C5C53Third-Country Effects of U.S. Immigration Policy
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-60/
We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change.2023-12-27T13:00:00+00:00enThird-Country Effects of U.S. Immigration Policy2023-12-27International topicsLabour marketsRecent economic and financial developmentsTrade integrationStaff Working Paper 2023-60https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-60.pdfThird-Country Effects of U.S. Immigration PolicyAgostina BrinattiXing GuoDecember 2023FF1F16F2F22JJ6J61Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-59/
Perceived income risks reported in a survey of consumer expectations are more heterogeneous and, on average, lower than indirectly calibrated risks based on panel data. They prove to be one explanation for why a large fraction of households hold very little liquid savings and why accumulated wealth is widely unequal across households.2023-12-27T11:44:56+00:00enPerceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models2023-12-27Business fluctuations and cyclesMonetary policyMonetary policy and uncertaintyStaff Working Paper 2023-59https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-59.pdfPerceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption ModelsTao WangDecember 2023DD1D14EE2E21E7E71GG5G51BNN Bloomberg
https://www.youtube.com/watch?v=tN1f6p_xfEA
Tiff Macklem, Governor of the Bank of Canada
Interview with BNN Bloomberg2023-12-22T09:43:15+00:00enBNN Bloomberg2023-12-22The Globe and Mail
https://www.theglobeandmail.com/business/article-bank-of-canada-tiff-macklem-year-end-interview/
Tiff Macklem, Governor of the Bank of Canada
Interview with The Globe and Mail2023-12-22T09:39:13+00:00enThe Globe and Mail2023-12-22Summary of Comments – Summer 2023 Canada Mortgage Bonds Consultation
https://www.bankofcanada.ca/2023/12/summary-comments-summer-2023-canada-mortgage-bonds-consultation/
In Budget 2023, the government announced its intention to hold market consultations on a proposal to consolidate Canada Mortgage Bonds (CMBs) within the regular Government of Canada (GoC) borrowing program.2023-12-21T16:00:19+00:00enSummary of Comments – Summer 2023 Canada Mortgage Bonds Consultation2023-12-21