Joel Wagner - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T02:06:21+00:00A 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 2022EE2E27E3E4E5E52E58Sequencing Extended Monetary Policies at the Effective Lower Bound
https://www.bankofcanada.ca/2021/07/staff-discussion-paper-2021-10/
In this analysis, we use simulations in the Bank of Canada’s projection model—the Terms-of-Trade Economic Model—to consider a suite of extended monetary policies to support the economy following the COVID-19 crisis.2021-07-15T14:59:27+00:00enSequencing Extended Monetary Policies at the Effective Lower Bound2021-07-15Coronavirus disease (COVID-19)Monetary policyMonetary policy transmissionStaff Discussion Paper 2021-10https://www.bankofcanada.ca/wp-content/uploads/2021/07/sdp2021-10.pdfStaff Discussion Paper 2021-10Yang ZhangLena SuchanekJonathan SwarbrickJoel WagnerTudor SchlangerJuly 2021EE3E4E5E52E58Average is Good Enough: Average-inflation Targeting and the ELB
https://www.bankofcanada.ca/2020/07/staff-working-paper-2020-31/
The Great Recession and current pandemic have focused attention on the constraint on nominal interest rates from the effective lower bound.2020-07-16T10:47:28+00:00enAverage is Good Enough: Average-inflation Targeting and the ELB2020-07-16Business fluctuations and cyclesEconomic modelsMonetary policy frameworkStaff Working Paper 2020-31https://www.bankofcanada.ca/wp-content/uploads/2020/07/swp2020-31.pdfStaff Working Paper 2020-31Robert AmanoStefano GnocchiSylvain LeducJoel WagnerJuly 2020EE3E31E32E5E52Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”
https://www.bankofcanada.ca/2017/08/staff-working-paper-2017-31/
The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation could “grease the wheels” of the labour market by putting downward pressure on real wages, easing labour market adjustments during a recession.2017-08-03T11:47:33+00:00enDownward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”2017-08-03Inflation targetsLabour marketsStaff Working Paper 2017-31https://www.bankofcanada.ca/wp-content/uploads/2017/08/swp2017-31.pdfDownward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”Joel WagnerAugust 2017EE2E24E5E52Anticipated Technology Shocks: A Re‐Evaluation Using Cointegrated Technologies
https://www.bankofcanada.ca/2017/04/staff-working-paper-2017-11/
Two approaches have been taken in the literature to evaluate the relative importance of news shocks as a source of business cycle volatility. The first is an empirical approach that performs a structural vector autoregression to assess the relative importance of news shocks, while the second is a structural-model-based approach.2017-04-04T11:59:20+00:00enAnticipated Technology Shocks: A Re‐Evaluation Using Cointegrated Technologies2017-04-04Business fluctuations and cyclesProductivityStaff Working Paper 2017-11https://www.bankofcanada.ca/wp-content/uploads/2017/04/swp2017-11.pdfAnticipated Technology Shocks: A Re‐Evaluation Using Cointegrated TechnologiesJoel WagnerApril 2017EE3E32Agency Costs, Risk Shocks and International Cycles
https://www.bankofcanada.ca/2016/01/staff-working-paper-2016-2/
We add agency costs as in Carlstrom and Fuerst (1997) into a two-country, two-good international business-cycle model. In our model, changes in the relative price of investment arise endogenously.2016-01-21T11:27:07+00:00enAgency Costs, Risk Shocks and International Cycles2016-01-21Business fluctuations and cyclesInternational topicsStaff Working Paper 2016-2https://www.bankofcanada.ca/wp-content/uploads/2016/01/swp2016-2.pdfAgency Costs, Risk Shocks and International CyclesMarc-André LetendreJoel WagnerJanuary 2016EE2E22E3E32E4E44FF4F44The Endogenous Relative Price of Investment
https://www.bankofcanada.ca/2015/07/working-paper-2015-30/
This paper takes a full-information model-based approach to evaluate the link between investment-specific technology and the inverse of the relative price of investment. The two-sector model presented includes monopolistic competition where firms can vary the markup charged on their product depending on the number of firms competing.2015-07-31T11:15:13+00:00enThe Endogenous Relative Price of Investment2015-07-31Business fluctuations and cyclesWorking Paper 2015-30https://www.bankofcanada.ca/wp-content/uploads/2015/07/wp2015-30.pdfThe Endogenous Relative Price of InvestmentJoel WagnerJuly 2015EE3E32LL1L11L16