E71 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T21:54:32+00:00How Do Agents Form Macroeconomic Expectations? Evidence from Inflation Uncertainty
https://www.bankofcanada.ca/2024/02/staff-working-paper-2024-5/
The uncertainty regarding inflation that is observed in density forecasts of households and professionals helps macroeconomists understand the formation mechanism of inflation expectations. Shocks to inflation take time to be perceived by all agents in the economy, and such rigidity is lower in a high-inflation environment.2024-02-16T10:31:48+00:00enHow Do Agents Form Macroeconomic Expectations? Evidence from Inflation Uncertainty2024-02-16Business fluctuations and cyclesInflation and pricesMonetary policy and uncertaintyStaff Working Paper 2024-5https://www.bankofcanada.ca/wp-content/uploads/2024/02/swp2024-5.pdfHow Do Agents Form Macroeconomic Expectations? Evidence from Inflation UncertaintyTao WangFebruary 2024DD8D84EE3E31E7E71Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-59/
Perceived income risks reported in a survey of consumer expectations are more heterogeneous and, on average, lower than indirectly calibrated risks based on panel data. They prove to be one explanation for why a large fraction of households hold very little liquid savings and why accumulated wealth is widely unequal across households.2023-12-27T11:44:56+00:00enPerceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models2023-12-27Business fluctuations and cyclesMonetary policyMonetary policy and uncertaintyStaff Working Paper 2023-59https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-59.pdfPerceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption ModelsTao WangDecember 2023DD1D14EE2E21E7E71GG5G51More Than Words: Fed Chairs’ Communication During Congressional Testimonies
https://www.bankofcanada.ca/2022/05/staff-working-paper-2022-20/
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility.2022-05-05T10:38:08+00:00enMore Than Words: Fed Chairs’ Communication During Congressional Testimonies2022-05-05Central bank researchFinancial marketsMonetary policy communicationsStaff Working Paper 2022-20https://www.bankofcanada.ca/wp-content/uploads/2022/05/swp2022-20.pdfMore Than Words: Fed Chairs’ Communication During Congressional TestimoniesMichelle AlexopoulosXinfen HanOleksiy KryvtsovXu ZhangMay 2022EE5E52E58E7E71The 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 2021DD1D12D8D81D84EE2E21E6E60E7E71