Yaz Terajima - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T12:12:25+00:00Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-62/
Does the transmission of monetary policy change when interest rates are low or negative? We shed light on this question by analyzing the international bank lending channels of monetary policy using regulatory data on banks from four small open economies: Canada, Chile, the Czech Republic and Norway.2021-11-30T09:13:09+00:00enMonetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?2021-11-30Financial institutionsInternational topicsMonetary policy transmissionStaff Working Paper 2021-62https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-62.pdfStaff Working Paper 2021-62Jin CaoValeriya DingerTomás GómezZuzana GricMartin HodulaAlejandro JaraRagnar JuelsrudKarolis LiaudinskasSimona MalovanáYaz TerajimaNovember 2021EE4E43E5E52E58FF3F34F4F42GG2G21G28The Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity
https://www.bankofcanada.ca/2018/08/staff-working-paper-2018-40/
We document that, across households, the money consumption ratio increases with age and decreases with consumption, and that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use more money), cohort (younger generations are exposed to better transaction technology), and time effects (nominal interest rates affect money holdings).2018-08-23T10:51:42+00:00enThe Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity2018-08-23Inflation: costs and benefitsStaff Working Paper 2018-40https://www.bankofcanada.ca/wp-content/uploads/2018/08/swp2018-40.pdfThe Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household HeterogeneityShutao CaoCésaire MehJosé-Víctor Ríos-RullYaz TerajimaAugust 2018EE2E21E4E41The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies
https://www.bankofcanada.ca/2016/08/staff-working-paper-2016-38/
This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across borders.2016-08-12T12:39:29+00:00enThe Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies2016-08-12Financial stabilityHousingInternational financial marketsMonetary policy frameworkStaff Working Paper 2016-38https://www.bankofcanada.ca/wp-content/uploads/2016/08/swp2016-38.pdfThe Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open EconomiesGregory BauerGurnain PasrichaRodrigo SekkelYaz TerajimaAugust 2016EE4E42E43E44E5E52FF4F41Effects of Funding Portfolios on the Credit Supply of Canadian Banks
https://www.bankofcanada.ca/2015/03/working-paper-2015-10/
This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans.2015-03-09T13:18:50+00:00enEffects of Funding Portfolios on the Credit Supply of Canadian Banks2015-03-09Financial institutionsFinancial stabilityFinancial system regulation and policiesMonetary policy implementationWorking Paper 2015-10https://www.bankofcanada.ca/wp-content/uploads/2015/03/wp2015-10.pdfEffects of Funding Portfolios on the Credit Supply of Canadian BanksH. Evren DamarCésaire MehYaz TerajimaMarch 2015EE5E52GG2G21Leverage, Balance Sheet Size and Wholesale Funding
https://www.bankofcanada.ca/2010/12/leverage-balance-sheet-size-and-wholesale-funding/
Some evidence points to the procyclicality of leverage among financial institutions leading to aggregate volatility. This procyclicality occurs when financial institutions finance their assets with non-equity funding (i.e., debt financed asset expansions). Wholesale funding is an important source of market-based funding that allows some institutions to quickly adjust their leverage.2010-12-23T15:27:10+00:00enLeverage, Balance Sheet Size and Wholesale Funding2010-12-23Financial stabilityFinancial system regulation and policiesRecent economic and financial developmentsWorking Paper 2010-39https://www.bankofcanada.ca/wp-content/uploads/2010/12/wp10-39.pdfLeverage, Balance Sheet Size and Wholesale FundingH. Evren DamarCésaire MehYaz TerajimaDecember 2010GG2G21G28Real Effects of Price Stability with Endogenous Nominal Indexation
https://www.bankofcanada.ca/2009/05/working-paper-2009-16/
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997).2009-05-03T12:42:40+00:00enReal Effects of Price Stability with Endogenous Nominal Indexation2009-05-03Economic modelsFinancial marketsMonetary policy frameworkMonetary policy transmissionWorking Paper 2009-16 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-16.pdfReal Effects of Price Stability with Endogenous Nominal IndexationCésaire MehVincenzo QuadriniYaz TerajimaMay 2009EE2E21E3E31E4E44E5E52Uninsurable Investment Risks and Capital Income Taxation
https://www.bankofcanada.ca/2009/01/working-paper-2009-3/
This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.2009-01-01T15:53:55+00:00enUninsurable Investment Risks and Capital Income Taxation2009-01-01Economic modelsWorking Paper 2009-3 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp09-3.pdfUninsurable Investment Risks and Capital Income Taxation Césaire MehYaz TerajimaJanuary 2009EE2E21E22E6E62GG3G32HH2H24H25Firm Size and Productivity
https://www.bankofcanada.ca/2008/11/working-paper-2008-45/
This paper examines the relationship between firm size and productivity. In contrast to previous studies, this paper offers evidence of the relationship not only from manufacturing firms, but from non-manufacturing firms as well.2008-11-18T09:48:46+00:00enFirm Size and Productivity2008-11-18ProductivityWorking Paper 2008-45 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-45.pdfFirm Size and ProductivityDanny LeungCésaire MehYaz TerajimaNovember 2008LL1L11L2L25OO4O47Are There Canada-U.S. Differences in SME Financing?
https://www.bankofcanada.ca/2008/10/working-paper-2008-41/
Previous surveys of Canadian and U.S. business owners suggest that access to financing in Canada may be more problematic than in the United States. Using the 2003 Survey of Small Business Financing in the United States and the 2004 Survey on Financing of Small and Medium Enterprises in Canada, this paper examines whether this perception can be better quantified.2008-10-20T16:04:57+00:00enAre There Canada-U.S. Differences in SME Financing?2008-10-20Financial servicesWorking Paper 2008-41https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-41.pdfAre There Canada-U.S. Differences in SME Financing?Danny LeungCésaire MehYaz TerajimaOctober 2008CC2C21GG2G21Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting
https://www.bankofcanada.ca/2008/09/working-paper-2008-31/
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth – between households and the government, between nationals and foreigners, and between households within the same country.2008-09-12T12:16:07+00:00enAggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting2008-09-12Economic modelsInflation and pricesInflation targetsInflation: costs and benefitsMonetary policy frameworkSectoral balance sheetWorking Paper 2008-31https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-31.pdfAggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level TargetingCésaire MehJosé-Víctor Ríos-RullYaz TerajimaSeptember 2008DD3D31EE2E21E3E31E4E44E5E52E6E63