Paul Beaudry - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T05:07:56+00:00Gazing at r-star: A Hysteresis Perspective
https://www.bankofcanada.ca/2023/01/staff-working-paper-2023-5/
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets.2023-01-12T09:46:25+00:00enGazing at r-star: A Hysteresis Perspective2023-01-12Economic modelsFiscal policyInflation and pricesInflation targetsInterest ratesMonetary policyMonetary policy frameworkStaff Working Paper 2023-5https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-5.pdfGazing at r-star: A Hysteresis PerspectivePaul BeaudryKatya KartashovaCésaire MehJanuary 2023EE2E21E3E31E4E43E5E52E58E6E62GG5G51HH6The Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations?
https://www.bankofcanada.ca/2022/09/staff-working-paper-2022-41/
When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and then explore optimal policy under a range of assumptions about how expectations are formed.2022-09-20T15:30:42+00:00enThe Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations?2022-09-20Central bank researchEconomic modelsInflation and pricesMonetary policyMonetary policy and uncertaintyMonetary policy communicationsStaff Working Paper 2022-41https://www.bankofcanada.ca/wp-content/uploads/2022/09/swp2022-41.pdfStaff Working Paper 2022-41Paul BeaudryThomas J. CarterAmartya LahiriSeptember 2022EE1E12E2E24E3E31E5E52E58E6E65Monetary Policy, Trends in Real Interest Rates and Depressed Demand
https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-27/
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.2021-06-11T11:00:53+00:00enMonetary Policy, Trends in Real Interest Rates and Depressed Demand2021-06-11Debt managementEconomic modelsFiscal policyInflation and pricesInterest ratesMonetary policyStaff Working Paper 2021-27https://www.bankofcanada.ca/wp-content/uploads/2021/06/swp2021-27.pdfStaff Working Paper 2021-27Paul BeaudryCésaire MehJune 2021EE2E4E43E44E5E52E6E62E63HH3H6H63