E60 - General - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-19T11:26:39+00:00What People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-36/
We conduct a large-scale survey to shed light on what people believe about public finance. An experiment demonstrates that central bank communication can persistently shift views on monetary financing. It further suggests that views on monetary financing impact support for fiscal discipline.2023-06-14T09:52:58+00:00enWhat People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment2023-06-14Central bank researchFiscal policyMonetary policyStaff Working Paper 2023-36https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-36.pdfWhat People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey ExperimentCars HommesJulien PinterIsabelle SalleJune 2023CC8C83EE5E58E6E60E62E7E70GG5G53HH3H31The COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-57/
A multi-country consumer survey investigates why and how much households decreased their consumption in five key sectors after pandemic-related restrictions were lifted in Europe in July 2020. Beyond infection risk and precautionary saving motives, households also reported not missing some consumption items, which may indicate preference shifts and structural changes in the post-COVID-19 economy.2021-11-18T09:52:37+00:00enThe COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey2021-11-18Coronavirus disease (COVID-19)Domestic demand and componentsFirm dynamicsFiscal policyRecent economic and financial developmentsStaff Working Paper 2021-57https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-57.pdfThe COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country SurveyAlexander HodbodCars HommesStefanie J. HuberIsabelle SalleNovember 2021DD1D12D8D81D84EE2E21E6E60E7E71Optimal Monetary and Macroprudential Policies
https://www.bankofcanada.ca/2021/05/staff-working-paper-2021-21/
Optimal coordination of monetary and macroprudential policies implies higher risk weights on (safe) bonds any time that banks are required to hold additional capital buffers. Coordination also implies a somewhat tighter monetary-policy stance whenever such capital buffers are released.2021-05-07T09:34:56+00:00enOptimal Monetary and Macroprudential Policies2021-05-07Credit and credit aggregatesFinancial stabilityFinancial system regulation and policiesInflation targetsMonetary policyStaff Working Paper 2021-21https://www.bankofcanada.ca/wp-content/uploads/2021/05/swp2021-21.pdfStaff Working Paper 2021-21Josef SchrothMay 2021EE4E44E6E60GG2G21G28The Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications
https://www.bankofcanada.ca/2017/09/staff-working-paper-2017-36/
I examine the impact of non-regulated lenders in the mortgage market using a dynamic stochastic general equilibrium (DSGE) model. My model features two types of financial intermediaries that differ in three ways: (i) only regulated intermediaries face a capital requirement, (ii) non-regulated intermediaries finance themselves by selling securities and cannot accept deposits, and (iii) non-regulated intermediaries face a more elastic demand.2017-09-14T10:26:31+00:00enThe Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic Implications2017-09-14Business fluctuations and cyclesEconomic modelsFinancial system regulation and policiesHousingStaff Working Paper 2017-36https://www.bankofcanada.ca/wp-content/uploads/2017/09/swp2017-36.pdfThe Rise of Non-Regulated Financial Intermediaries in the Housing Sector and its Macroeconomic ImplicationsHélène DesgagnésSeptember 2017EE3E32E4E44E47E6E60GG2G21G23G28The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging
https://www.bankofcanada.ca/wp-content/uploads/2013/02/boc-review-winter-12-13-lavender.pdf
The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.2013-02-21T10:31:30+00:00enThe U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging2013-02-21Financial Development and the Volatility of Income
https://www.bankofcanada.ca/2013/01/working-paper-2013-4/
This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuations in a cross-section of economies with different sizes of their financial sector.2013-01-30T10:48:33+00:00enFinancial Development and the Volatility of Income2013-01-30Credit and credit aggregatesFinancial stabilityWorking Paper 2013-4https://www.bankofcanada.ca/wp-content/uploads/2013/01/wp2013-04.pdfFinancial Development and the Volatility of IncomeTiago PinheiroFrancisco RivadeneyraMarc TeignierJanuary 2013EE3E32E6E60Financial Crisis Resolution
https://www.bankofcanada.ca/2012/12/working-paper-2012-42/
This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crisis. A pecuniary externality entails that banks’ desire to accumulate capital over time aggravates the scarcity of informed capital during the financial crisis.2012-12-21T07:52:41+00:00enFinancial Crisis Resolution2012-12-21Financial marketsFinancial system regulation and policiesWorking Paper 2012-42https://www.bankofcanada.ca/wp-content/uploads/2012/12/wp2012-42.pdfFinancial Crisis ResolutionJosef SchrothDecember 2012DD5D53EE6E60GG0G01G1G10G18Macroprudential Rules and Monetary Policy when Financial Frictions Matter
https://www.bankofcanada.ca/2012/02/working-paper-2012-6/
This paper examines the interaction between monetary policy and macroprudential policy and whether policy makers should respond to financial imbalances. To address this issue, we build a dynamic general equilibrium model that features financial market frictions and financial shocks as well as standard macroeconomic shocks.2012-02-27T09:53:08+00:00enMacroprudential Rules and Monetary Policy when Financial Frictions Matter2012-02-27Economic modelsFinancial marketsFinancial stabilityMonetary policy frameworkWorking Paper 2012-06https://www.bankofcanada.ca/wp-content/uploads/2012/02/wp2012-06.pdfMacroprudential Rules and Monetary Policy when Financial Frictions MatterJeannine BailliuCésaire MehYahong ZhangFebruary 2012EE4E42E5E50E6E60Emerging Asia's Impact on Food and Oil Prices: A Model-Based Analysis
https://www.bankofcanada.ca/2009/01/discussion-paper-2009-3/
The authors explore the usefulness of macroeconomic models in analyzing global economic developments by examining movements in commodity prices between July 2007 and July 2008. They use the Bank of Canada's version of the Global Economy Model and investigate the longer-term outlook for commodity prices by constructing two different, globally consistent, scenarios for emerging Asia.2009-01-29T11:25:20+00:00enEmerging Asia's Impact on Food and Oil Prices: A Model-Based Analysis2009-01-29International topicsRecent economic and financial developmentsDiscussion Paper 2009-3https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp09-3.pdfEmerging Asia’s Impact on Food and Oil Prices: A Model-Based AnalysisRené LalondePhilipp MaierDirk MuirJanuary 2009EE3E30E5E50E58E6E60