Patrick Alexander - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T08:34:51+00:00Foreign Exchange Interventions: The Long and the Short of It
https://www.bankofcanada.ca/2022/06/staff-working-paper-2022-25/
This paper studies the effects of foreign exchange (FX) interventions in a two-region model where governments issue both short- and long-term bonds. We find that the term premium channel dominates the trade balance channel in our calibrated model. As a result, the conventional beggar-thy-neighbor effects of interventions are overturned.2022-06-06T15:10:58+00:00enForeign Exchange Interventions: The Long and the Short of It2022-06-06Business fluctuations and cyclesExchange rate regimesExchange ratesForeign reserves managementInternational financial marketsInternational topicsStaff Working Paper 2022-25https://www.bankofcanada.ca/wp-content/uploads/2022/06/swp2022-25.pdfForeign Exchange Interventions: The Long and the Short of ItPatrick AlexanderSami AlpandaSerdar KabacaJune 2022FF3F31F33F4F41Exports and the Exchange Rate: A General Equilibrium Perspective
https://www.bankofcanada.ca/2022/04/staff-working-paper-2022-18/
How do a country’s exports change when its currency depreciates? Does it matter which forces drive the exchange rate deprecation in the first place? We find that this relationship varies greatly depending on what drives exchange rate movements, and we conclude that the direct relationship between the exchange rate and exports is weak for Canada.2022-04-04T14:42:27+00:00enExports and the Exchange Rate: A General Equilibrium Perspective2022-04-04Balance of payments and componentsBusiness fluctuations and cyclesExchange rate regimesExchange ratesInternational topicsMonetary policy transmissionTrade integrationStaff Working Paper 2022-18https://www.bankofcanada.ca/wp-content/uploads/2022/04/swp2022-18.pdfExports and the Exchange Rate: A General Equilibrium PerspectivePatrick AlexanderAbeer RezaApril 2022FF3F31F32F33F4F41Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence
https://www.bankofcanada.ca/2019/09/staff-working-paper-2019-34/
We develop a model with firm heterogeneity in importing and cross-border shopping among consumers. Exchange-rate appreciations lower the cost of imported goods, but also lead to more cross-border shopping; hence, the net impact on aggregate retail prices and sales is ambiguous.2019-09-06T16:57:05+00:00enExchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence2019-09-06Exchange ratesInternational topicsService sectorStaff Working Paper 2019-34https://www.bankofcanada.ca/wp-content/uploads/2019/09/swp2019-34.pdfExchange Rates, Retailers, and Importing: Theory and Firm-Level EvidenceAlex ChernoffPatrick AlexanderSeptember 2019FF1F10F14LL8L81Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913
https://www.bankofcanada.ca/2018/08/staff-working-paper-2018-42/
In this paper we document Canada’s trade policy response to late-nineteenth- and earlytwentieth-century globalization. We link newly digitized annual product-specific data on the value of Canadian imports and duties paid from 1870–1913 to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census.2018-08-27T14:15:38+00:00enResponding to the First Era of Globalization: Canadian Trade Policy, 1870–19132018-08-27Economic modelsInternational topicsTrade integrationStaff Working Paper 2018-42https://www.bankofcanada.ca/wp-content/uploads/2018/08/swp2018-42.pdfResponding to the First Era of Globalization: Canadian Trade Policy, 1870–1913Ian KeayPatrick AlexanderAugust 2018FF1F13F14F4F42F6F60NN7N71Did U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure Survey
https://www.bankofcanada.ca/2018/03/staff-working-paper-2018-13/
The impact of oil price shocks on the U.S. economy is a topic of considerable debate. In this paper, we examine the response of U.S. consumers to the 2014–2015 negative oil price shock using representative survey data from the Consumer Expenditure Survey.2018-03-14T14:41:34+00:00enDid U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure Survey2018-03-14Business fluctuations and cyclesDomestic demand and componentsRecent economic and financial developmentsStaff Working Paper 2018-13https://www.bankofcanada.ca/wp-content/uploads/2018/03/swp2018-13.pdfDid U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure SurveyPatrick AlexanderLouis PoirierMarch 2018DD1D12EE2E21QQ4Q43The Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National Policy
https://www.bankofcanada.ca/2017/05/staff-working-paper-2017-18/
In this paper, we study the impact of Canada’s adoption of protectionist trade policy in 1879 on Canadian welfare. Under the National Policy the Canadian average weighted tariff increased from 14% to 21%. The conventional view is that this was a distortionary policy that negatively affected Canadian welfare.2017-05-16T09:44:03+00:00enThe Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National Policy2017-05-16Economic modelsInternational topicsTrade integrationStaff Working Paper 2017-18https://www.bankofcanada.ca/wp-content/uploads/2017/05/swp2017-18.pdfThe Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National PolicyPatrick AlexanderIan KeayMay 2017FF1F13F14F4F42F6F60NN7N71Vertical Specialization and Gains from Trade
https://www.bankofcanada.ca/2017/04/staff-working-paper-2017-17/
Multi-stage production is widely recognized as an important feature of the modern global economy. This feature has been incorporated into many state-of-the-art quantitative trade models, and has been shown to deliver significant additional gains from international trade.2017-04-20T13:57:59+00:00enVertical Specialization and Gains from Trade2017-04-20Economic modelsInternational topicsTrade integrationStaff Working Paper 2017-17https://www.bankofcanada.ca/wp-content/uploads/2017/04/swp2017-17.pdfVertical Specialization and Gains from TradePatrick AlexanderApril 2017FF1F11F14F6F60Producer Heterogeneity, Value-Added, and International Trade
https://www.bankofcanada.ca/2016/12/staff-working-paper-2016-54/
Standard new trade models depict producers as heterogeneous in total factor productivity. In this paper, I adapt the Eaton and Kortum (2002) model of international trade to incorporate tradable intermediate goods and producer heterogeneity in value-added productivity.2016-12-08T13:55:18+00:00enProducer Heterogeneity, Value-Added, and International Trade2016-12-08Economic modelsInternational topicsProductivityTrade integrationStaff Working Paper 2016-54https://www.bankofcanada.ca/wp-content/uploads/2016/12/swp2016-54.pdfProducer Heterogeneity, Value-Added, and International TradePatrick AlexanderDecember 2016FF1F11F12F14