Oleksiy Kryvtsov - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T20:32:00+00:00The 2021–22 Surge in Inflation
https://www.bankofcanada.ca/2023/01/staff-discussion-paper-2023-3/
The rise in inflation in 2021–22 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages.2023-01-26T09:16:42+00:00enThe 2021–22 Surge in Inflation2023-01-26Inflation and pricesInflation targetsMonetary policyStaff Discussion Paper 2023-3https://www.bankofcanada.ca/wp-content/uploads/2023/01/sdp2023-3.pdfStaff Discussion Paper 2023-3Oleksiy KryvtsovJames (Jim) C. MacGeeLuis UzedaJanuary 2023EE3E31E5E52E58House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data
https://www.bankofcanada.ca/2022/09/staff-working-paper-2022-39/
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.2022-09-20T08:15:42+00:00enHouse Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data2022-09-20HousingInflation and pricesInterest ratesMonetary policy transmissionStaff Working Paper 2022-39https://www.bankofcanada.ca/wp-content/uploads/2022/09/swp2022-39.pdfHouse Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings DataDenis GoreaOleksiy KryvtsovMarianna KudlyakSeptember 2022EE5E52RR2R21R3R31More Than Words: Fed Chairs’ Communication During Congressional Testimonies
https://www.bankofcanada.ca/2022/05/staff-working-paper-2022-20/
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility.2022-05-05T10:38:08+00:00enMore Than Words: Fed Chairs’ Communication During Congressional Testimonies2022-05-05Central bank researchFinancial marketsMonetary policy communicationsStaff Working Paper 2022-20https://www.bankofcanada.ca/wp-content/uploads/2022/05/swp2022-20.pdfMore Than Words: Fed Chairs’ Communication During Congressional TestimoniesMichelle AlexopoulosXinfen HanOleksiy KryvtsovXu ZhangMay 2022EE5E52E58E7E71What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data
https://www.bankofcanada.ca/2021/10/staff-working-paper-2021-52/
Did supply disruptions and cost pressures play a role in rising inflation in 2020 during the COVID-19 pandemic? Using data collected from websites of large retailers in multiple sectors and countries, we show that shortages may indicate transitory inflationary pressures.2021-10-18T13:05:03+00:00enWhat Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data2021-10-18Coronavirus disease (COVID-19)Inflation and pricesStaff Working Paper 2021-52https://www.bankofcanada.ca/wp-content/uploads/2021/10/swp2021-52.pdfWhat Can Stockouts Tell Us About Inflation? Evidence from Online Micro DataAlberto CavalloOleksiy KryvtsovOctober 2021DD2D22EE3E31E37Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics
https://www.bankofcanada.ca/2020/11/staff-discussion-paper-2020-11/
From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term.2020-11-26T13:00:49+00:00enHas the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics2020-11-26Central bank researchInflation and pricesMonetary policyStaff Discussion Paper 2020-11https://www.bankofcanada.ca/wp-content/uploads/2020/11/sdp2020-11.pdfOleksiy KryvtsovJames (Jim) C. MacGeeNovember 2020EE3E31E5E52Multi-Product Pricing: Theory and Evidence from Large Retailers in Israel
https://www.bankofcanada.ca/2020/04/staff-working-paper-2020-12/
Standard theories of price adjustment are based on the problem of a single-product firm, and therefore they may not be well suited to analyze price dynamics in the economy with multiproduct firms.2020-04-15T13:32:45+00:00enMulti-Product Pricing: Theory and Evidence from Large Retailers in Israel2020-04-15Inflation and pricesMarket structure and pricingMonetary policyStaff Working Paper 2020-12https://www.bankofcanada.ca/wp-content/uploads/2020/04/swp2020-12.pdfMulti-Product Pricing: Theory and Evidence from Large Retailers in IsraelMarco BonomoCarlos CarvalhoOleksiy KryvtsovSigal RibonRodolfo RigatoApril 2020DD2D21D22EE3E31E5E52LL1L11Central Bank Communication That Works: Lessons from Lab Experiments
https://www.bankofcanada.ca/2019/06/staff-working-paper-2019-21/
We use controlled laboratory experiments to test the causal effects of central bank communication on economic expectations and to distinguish the underlying mechanisms of those effects. In an experiment where subjects learn to forecast economic variables, we find that central bank communication has a stabilizing effect on individual and aggregate outcomes and that the size of the effect varies with the type of communication.2019-06-13T09:11:50+00:00enCentral Bank Communication That Works: Lessons from Lab Experiments2019-06-13Monetary policy implementationMonetary policy transmissionStaff Working Paper 2019-21https://www.bankofcanada.ca/wp-content/uploads/2019/06/swp2019-21.pdfCentral Bank Communication That Works: Lessons from Lab ExperimentsOleksiy KryvtsovLuba PetersenJune 2019CC9DD8D84EE3E5E52Price Selection
https://www.bankofcanada.ca/2018/09/staff-working-paper-2018-44/
We propose a simple, model-free way to measure selection in price setting and its contribution to inflation dynamics. The proposed measure of price selection is based on the observed comovement between inflation and the average level from which adjusting prices depart.2018-09-07T13:54:30+00:00enPrice Selection2018-09-07Business fluctuations and cyclesInflation and pricesMonetary policy transmissionStaff Working Paper 2018-44https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-44.pdfPrice SelectionCarlos CarvalhoOleksiy KryvtsovSeptember 2018EE3E31E5E51On the Evolution of the United Kingdom Price Distributions
https://www.bankofcanada.ca/2018/06/staff-working-paper-2018-25/
We propose a functional principal components method that accounts for stratified random sample weighting and time dependence in the observations to understand the evolution of distributions of monthly micro-level consumer prices for the United Kingdom (UK).2018-06-21T11:01:35+00:00enOn the Evolution of the United Kingdom Price Distributions2018-06-21Econometric and statistical methodsInflation and pricesStaff Working Paper 2018-25https://www.bankofcanada.ca/wp-content/uploads/2018/06/swp2018-25.pdfOn the Evolution of the United Kingdom Price DistributionsBa M. ChuKim HuynhDavid T. Jacho-ChávezOleksiy KryvtsovJune 2018CC1C14C8C83EE3E31E37Leaning Within a Flexible Inflation-Targeting Framework: Review of Costs and Benefits
https://www.bankofcanada.ca/2016/08/staff-discussion-paper-2016-17/
This note examines the merits of monetary policy adjustments in response to financial stability concerns, taking into account changes in the state of knowledge since the renewal of the inflation-targeting agreement in 2011. A key financial system vulnerability in Canada is elevated household indebtedness: as more and more households are nearing their debt-capacity limits, the likelihood and severity of a large negative correction in housing markets are also increasing.2016-08-24T14:44:31+00:00enLeaning Within a Flexible Inflation-Targeting Framework: Review of Costs and Benefits2016-08-24Financial stabilityMonetary policy frameworkStaff Discussion Paper 2016-17https://www.bankofcanada.ca/wp-content/uploads/2016/08/sdp2016-17.pdfLeaning Within a Flexible Inflation-Targeting Framework: Review of Costs and BenefitsDenis GoreaOleksiy KryvtsovTamon TakamuraAugust 2016EE0E4E44E5E52E58GG1G18