Jonathan Swarbrick - Bank Publications - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T07:34:05+00:00Sequencing 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 2021EE3E4E5E52E58Occasionally Binding Constraints in Large Models: A Review of Solution Methods
https://www.bankofcanada.ca/2021/03/staff-discussion-paper-2021-5/
Solving macroeconomic models is difficult. One challenge is the occasionally binding constraint of the zero lower bound on nominal interest rates. This paper reviews various ways to solve models that include this feature.2021-03-23T10:10:08+00:00enOccasionally Binding Constraints in Large Models: A Review of Solution Methods2021-03-23Business fluctuations and cyclesEconomic modelsStaff Discussion Paper 2021-5https://www.bankofcanada.ca/wp-content/uploads/2021/03/sdp2021-5.pdfStaff Discussion Paper 2021-5Jonathan SwarbrickMarch 2021CC6Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis
https://www.bankofcanada.ca/2020/08/staff-working-paper-2020-34/
We present a two-country model featuring risky lending and cross-border interbank market frictions.2020-08-27T13:10:08+00:00enMonetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis2020-08-27Business fluctuations and cyclesCredit and credit aggregatesInternational financial marketsMonetary policy frameworkMonetary policy transmissionStaff Working Paper 2020-34https://www.bankofcanada.ca/wp-content/uploads/2020/08/swp2020-34.pdfStaff Working Paper 2020-34Tobias BlattnerJonathan SwarbrickAugust 2020EE4E44E5E52FF3F32F36Lending Standards, Productivity and Credit Crunches
https://www.bankofcanada.ca/2019/07/staff-working-paper-2019-25/
We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis.2019-07-26T12:33:44+00:00enLending Standards, Productivity and Credit Crunches2019-07-26Business fluctuations and cyclesCredit and credit aggregatesFinancial marketsFinancial stabilityInterest ratesProductivityStaff Working Paper 2019-25https://www.bankofcanada.ca/wp-content/uploads/2019/07/swp2019-25.pdfLending Standards, Productivity and Credit CrunchesJonathan SwarbrickJuly 2019EE2E22E3E32E4E44GG0G01Weakness in Non-Commodity Exports: Demand versus Supply Factors
https://www.bankofcanada.ca/2018/08/staff-analytical-note-2018-28/
We use the Terms-of-Trade Economic Model (ToTEM) to conduct demand- and supply-driven simulations, both of which deliver weakness in Canadian non-commodity exports relative to foreign activity in line with recent data.2018-08-27T10:33:50+00:00enWeakness in Non-Commodity Exports: Demand versus Supply Factors2018-08-27Reconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor Supply
https://www.bankofcanada.ca/2018/06/staff-working-paper-2018-26/
This note studies a form of a utility function of consumption with habit and leisure that (a) is compatible with long-run balanced growth, (b) hits a steady-state observed target for hours worked and (c) is consistent with micro-econometric evidence for the inter-temporal elasticity of substitution and the Frisch elasticity of labor supply.2018-06-22T11:45:52+00:00enReconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor Supply2018-06-22Business fluctuations and cyclesEconomic modelsLabour marketsStaff Working Paper 2018-26https://www.bankofcanada.ca/wp-content/uploads/2018/06/swp2018-26.pdfReconciling Jaimovich-Rebelo Preferences, Habit in Consumption and Labor SupplyTom D. HoldenPaul LevineJonathan SwarbrickJune 2018EE2E21E24Credit Crunches from Occasionally Binding Bank Borrowing Constraints
https://www.bankofcanada.ca/2017/12/staff-working-paper-2017-57/
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings.2017-12-19T09:52:31+00:00enCredit Crunches from Occasionally Binding Bank Borrowing Constraints2017-12-19Business fluctuations and cyclesCredit and credit aggregatesEconomic modelsFinancial marketsStaff Working Paper 2017-57https://www.bankofcanada.ca/wp-content/uploads/2017/12/swp2017-57.pdfCredit Crunches from Occasionally Binding Bank Borrowing ConstraintsTom D. HoldenPaul LevineJonathan SwarbrickDecember 2017EE2E22E3E32E5E51GG2