José Dorich - Bank Publications - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T13:07:04+00:00The Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations
https://www.bankofcanada.ca/2021/08/staff-discussion-paper-2021-13/
Bank of Canada staff are running a “horse race” of alternative monetary policy frameworks in the lead-up to 2021 renewal of the Bank’s monetary policy framework. This paper summarizes some interim results of model simulations from their research.2021-08-13T10:10:01+00:00enThe Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations2021-08-13Central bank researchEconomic modelsInflation targetsMonetary policyMonetary policy frameworkMonetary policy transmissionStaff Discussion Paper 2021-13https://www.bankofcanada.ca/wp-content/uploads/2021/08/sdp2021-13.pdfThe Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model SimulationsJosé DorichRhys R. MendesYang ZhangAugust 2021EE2E27E3E4E5E52E58ToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis
https://www.bankofcanada.ca/2021/06/technical-report-119/
ToTEM III is the most recent generation of the Bank of Canada’s main dynamic stochastic general equilibrium model for projection and policy analysis. The model helps Bank staff tell clear and coherent stories about the Canadian economy’s current state and future evolution.2021-06-28T08:50:52+00:00enToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis2021-06-28Business fluctuations and cyclesEconomic modelsHousingInterest ratesMonetary policyTechnical Report 2021-119https://www.bankofcanada.ca/wp-content/uploads/2021/06/tr119.pdfTechnical Report 2021-119Paul CorriganHélène DesgagnésJosé DorichVadym LepetyukWataru MiyamotoYang ZhangJune 2021EE1E17E2E20E3E30E4E40E5E50E6E62E65FF4F40F41GG5G51The Neutral Rate in Canada: 2019 Update
https://www.bankofcanada.ca/2019/04/staff-analytical-note-2019-11/
This note provides an update on Bank of Canada staff’s assessment of the Canadian neutral rate. The neutral rate is the policy rate needed to keep output at its potential level and inflation at target once the effects of any cyclical shocks have dissipated. This medium- to long-run concept serves as a benchmark for gauging the degree of monetary stimulus provided by a given policy setting.2019-04-17T11:12:06+00:00enThe Neutral Rate in Canada: 2019 Update2019-04-17Making cents of wages
https://www.bankofcanada.ca/2019/01/making-cents-of-wages/
Ever wonder how your wages are determined? You’re not the only one who cares about your wages. At the Bank of Canada, we care about them a lot too.2019-01-31T11:00:59+00:00enMaking cents of wages2019-01-31Weakness 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 Factors2018-08-27What Is Restraining Non-Energy Export Growth?
https://www.bankofcanada.ca/2018/08/staff-analytical-note-2018-25/
This note summarizes the key findings from Bank of Canada staff analytical work examining the reasons for the recent weakness in Canadian non-energy exports. Canada steadily lost market share in US non-energy imports between 2002 and 2017, mostly reflecting continued and broad-based competitiveness losses.2018-08-27T09:08:51+00:00enWhat Is Restraining Non-Energy Export Growth?2018-08-27The Neutral Rate in Canada: 2018 Estimates
https://www.bankofcanada.ca/2018/07/staff-analytical-note-2018-22/
The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate.2018-07-03T13:05:22+00:00enThe Neutral Rate in Canada: 2018 Estimates2018-07-03Could a Higher Inflation Target Enhance Macroeconomic Stability?
https://www.bankofcanada.ca/2018/04/staff-working-paper-2018-17/
Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve macroeconomic stability in the Canadian economy.2018-04-06T13:57:48+00:00enCould a Higher Inflation Target Enhance Macroeconomic Stability?2018-04-06Economic modelsInflation targetsMonetary policy frameworkStaff Working Paper 2018-17https://www.bankofcanada.ca/wp-content/uploads/2018/04/swp2018-17.pdfCould a Higher Inflation Target Enhance Macroeconomic Stability?José DorichNicholas LabelleVadym LepetyukRhys R. MendesApril 2018EE3E32E37E4E43E5E52An Update on the Neutral Rate of Interest
https://www.bankofcanada.ca/wp-content/uploads/2017/11/boc-review-autumn2017-dorich.pdf
The neutral rate serves as a benchmark for measuring monetary stimulus and provides a medium- to long-run anchor for the real policy rate. Global neutral rate estimates have been falling over the past few decades. Factors such as population aging, high corporate savings, and low trend productivity growth are likely to continue supporting a low global neutral rate. These global factors as well as domestic factors are exerting downward pres-sure on the Canadian real neutral rate, which is estimated to be between 0.5 to 1.5 per cent. This low neutral rate has important implications for monetary policy and financial stability.2017-11-16T12:16:01+00:00enAn Update on the Neutral Rate of Interest2017-11-16ToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model
https://www.bankofcanada.ca/2013/10/technical-report-100/
This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison 2006) in June 2011 as the Bank of Canada’s quarterly projection model for Canada.2013-10-24T09:16:53+00:00enToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model2013-10-24Business fluctuations and cyclesEconomic modelsTechnical Report No. 100https://www.bankofcanada.ca/wp-content/uploads/2013/10/technical_report_100.pdfToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection ModelJosé DorichMichael K. JohnstonRhys R. MendesStephen MurchisonYang ZhangOctober 2013EE1E17E2E20E3E30E4E40E5E50FF4F41