Serdar Kabaca - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T18:46:33+00:00International Portfolio Rebalancing and Fiscal Policy Spillovers
https://www.bankofcanada.ca/2023/11/staff-working-paper-2023-56/
We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We consider a two-country model with international portfolio rebalancing effects. We show that US fiscal expansions would increase global long-term rates and hinder economic activity in the rest of the world.2023-11-01T15:05:01+00:00enInternational Portfolio Rebalancing and Fiscal Policy Spillovers2023-11-01Economic modelsFiscal policyInternational topicsStaff Working Paper 2023-56https://www.bankofcanada.ca/wp-content/uploads/2023/11/swp2023-56.pdfInternational Portfolio Rebalancing and Fiscal Policy SpilloversSami AlpandaUluc AysunSerdar KabacaNovember 2023EE3E32E6E62FF4F41F44Supply Drivers of US Inflation Since the COVID-19 Pandemic
https://www.bankofcanada.ca/2023/03/staff-working-paper-2023-19/
This paper examines the contribution of several supply factors to US headline inflation since the start of the COVID-19 pandemic. We identify six supply shocks using a structural VAR model: labor supply, labor productivity, global supply chain, oil price, price mark-up and wage mark-up shocks.2023-03-31T13:04:01+00:00enSupply Drivers of US Inflation Since the COVID-19 Pandemic2023-03-31Business fluctuations and cyclesEconometric and statistical methodsInflation and pricesStaff Working Paper 2023-19https://www.bankofcanada.ca/wp-content/uploads/2023/03/swp2023-19.pdfStaff Working Paper 2023-19Serdar KabacaKerem TuzcuogluMarch 2023CC3C32EE3E31E32International Transmission of Quantitative Easing Policies: Evidence from Canada
https://www.bankofcanada.ca/2022/06/staff-working-paper-2022-30/
This paper examines the cross-border spillovers from major economies’ quantitative easing (QE) policies to their trading partners. We concentrate on spillovers from the US to Canada during the zero lower bound period when QE policies were actively used.2022-06-30T07:51:33+00:00enInternational Transmission of Quantitative Easing Policies: Evidence from Canada2022-06-30Business fluctuations and cyclesInternational topicsMonetary policy transmissionStaff Working Paper 2022-30https://www.bankofcanada.ca/wp-content/uploads/2022/06/swp2022-30.pdfInternational Transmission of Quantitative Easing Policies: Evidence from CanadaSerdar KabacaKerem TuzcuogluJune 2022EE5E52FF4F41F44Foreign 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 2022FF3F31F33F4F41Transition Scenarios for Analyzing Climate-Related Financial Risk
https://www.bankofcanada.ca/2022/01/staff-discussion-paper-2022-1/
Climate transition scenarios clarify climate-related risks to our economy and financial system. This paper summarizes key results of Canada-relevant scenarios developed in a pilot project on climate risk by the Bank of Canada and the Office of the Superintendent of Financial Institutions.2022-01-13T14:04:27+00:00enTransition Scenarios for Analyzing Climate-Related Financial Risk2022-01-13Climate changeEconomic modelsFinancial stabilityInternational topicsStaff Discussion Paper 2022-1https://www.bankofcanada.ca/wp-content/uploads/2021/11/sdp2022-1.pdfY.-H. Henry ChenErik EnsOlivier GervaisHossein HosseiniCraig JohnstonSerdar KabacaMiguel MolicoSergey PaltsevAlex ProulxArgyn ToktamyssovJanuary 2022CC6C68DD5D58EE5E50OO4O44PP1P18QQ5Q54Optimal Quantitative Easing in a Monetary Union
https://www.bankofcanada.ca/2020/11/staff-working-paper-2020-49/
How should a central bank conduct quantitative easing (QE) in a monetary union when regions differ in their size and portfolio characteristics? Optimal QE policy suggests allocating greater purchases from the region that faces stronger portfolio frictions, and not necessarily according to each region’s size.2020-11-24T09:04:14+00:00enOptimal Quantitative Easing in a Monetary Union2020-11-24Business fluctuations and cyclesEconomic modelsMonetary policyStaff Working Paper 2020-49https://www.bankofcanada.ca/wp-content/uploads/2020/11/swp2020-49.pdfStaff Working Paper 2020-49Serdar KabacaRenske MaasKostas MavromatisRomanos PriftisNovember 2020EE4E43E5E52E58Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach
https://www.bankofcanada.ca/2016/12/staff-working-paper-2016-55/
This paper studies the effects of quantitative easing (QE) in a small open economy dynamic stochastic general-equilibrium model with international portfolio balancing. Portfolios are classified as imperfectly substitutable short-term and long-term subportfolios, each including domestic and foreign bonds.2016-12-08T14:26:41+00:00enQuantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach2016-12-08International topicsMonetary policy transmissionStaff Working Paper 2016-55https://www.bankofcanada.ca/wp-content/uploads/2016/12/swp2016-55.pdfQuantitative Easing in a Small Open Economy: An International Portfolio Balancing ApproachSerdar KabacaDecember 2016EE5E52FF4F41International Spillovers of Large-Scale Asset Purchases
https://www.bankofcanada.ca/2015/01/working-paper-2015-2/
This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nominal and real rigidities, and portfolio balance effects.2015-01-22T13:20:42+00:00enInternational Spillovers of Large-Scale Asset Purchases2015-01-22Economic modelsInternational topicsMonetary policy transmissionWorking Paper 2015-2https://www.bankofcanada.ca/wp-content/uploads/2015/01/wp2015-2.pdfInternational Spillovers of Large-Scale Asset PurchasesSami AlpandaSerdar KabacaJanuary 2015EE5E52FF4F41Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing
https://www.bankofcanada.ca/2014/10/working-paper-2014-47/
This paper contributes to the literature by documenting labour income share fluctuations in emerging-market economies and proposing an explanation for them. Time-series data indicate that emerging markets differ from developed markets in terms of changes in the labour share over the business cycle.2014-10-27T09:15:54+00:00enLabour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing2014-10-27Business fluctuations and cyclesDevelopment economicsInterest ratesInternational topicsLabour marketsWorking Paper 2014-47https://www.bankofcanada.ca/wp-content/uploads/2014/10/wp2014-47.pdfLabour Share Fluctuations in Emerging Markets: The Role of the Cost of BorrowingSerdar KabacaOctober 2014EE2E25E4E44FF4F41Search Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets
https://www.bankofcanada.ca/2014/08/working-paper-2014-35/
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output.2014-08-08T11:15:11+00:00enSearch Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets2014-08-08Business fluctuations and cyclesDevelopment economicsInterest ratesInternational topicsLabour marketsWorking Paper 2014-35https://www.bankofcanada.ca/wp-content/uploads/2014/08/wp2014-35.pdfSearch Frictions, Financial Frictions and Labour Market Fluctuations in Emerging MarketsSumru AltugSerdar KabacaAugust 2014EE4E44FF4F41JJ4J40