F - International Economics - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-29T15:16:16+00:00The Role of International Financial Integration in Monetary Policy Transmission
https://www.bankofcanada.ca/2024/02/staff-working-paper-2024-3/
We propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We study the implications of financial integration on monetary policy transmission. Among various aspects of financial integration, the bond duration plays a major role. These results hold for conventional and unconventional monetary policies.2024-02-06T14:47:16+00:00enThe Role of International Financial Integration in Monetary Policy Transmission2024-02-06Central bank researchInternational financial marketsMonetary policy transmissionStaff Working Paper 2024-3https://www.bankofcanada.ca/wp-content/uploads/2024/02/swp2024-3.pdfThe Role of International Financial Integration in Monetary Policy TransmissionJing Cynthia WuYinxi XieJi ZhangFebruary 2024EE4E44E5E52FF3F36F4F42Third-Country Effects of U.S. Immigration Policy
https://www.bankofcanada.ca/2023/12/staff-working-paper-2023-60/
We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change.2023-12-27T13:00:00+00:00enThird-Country Effects of U.S. Immigration Policy2023-12-27International topicsLabour marketsRecent economic and financial developmentsTrade integrationStaff Working Paper 2023-60https://www.bankofcanada.ca/wp-content/uploads/2023/12/swp2023-60.pdfThird-Country Effects of U.S. Immigration PolicyAgostina BrinattiXing GuoDecember 2023FF1F16F2F22JJ6J61Immigration and Provision of Public Goods: Evidence at the Local Level in the U.S.
https://www.bankofcanada.ca/2023/11/staff-working-paper-2023-57/
Using U.S. county-level data from 1990 to 2010, we study the causal impact of immigration on the provision of local public goods. We uncover substantial heterogeneity across immigrants with different skills and immigrants of different generations, which leads to unequal fiscal effects across U.S. counties.2023-11-24T14:53:52+00:00enImmigration and Provision of Public Goods: Evidence at the Local Level in the U.S.2023-11-24Fiscal policyInternational topicsRegional economic developmentsStaff Working Paper 2023-57https://www.bankofcanada.ca/wp-content/uploads/2023/11/swp2023-57.pdfImmigration and Provision of Public Goods: Evidence at the Local Level in the U.S.Anna Maria MaydaMine Z. SensesWalter SteingressNovember 2023FF2F22HH4H41H7JJ6J61J68RR5International 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 2023EE3E32E6E62FF4F41F44International Economic Sanctions and Third-Country Effects
https://www.bankofcanada.ca/2023/08/staff-working-paper-2023-46/
We study the transmission and third-country effects of international sanctions. A sanctioned country’s losses are mitigated, and the sanctioning country’s losses amplified, if a third country does not join the sanctions, but the third country benefits from not joining.2023-08-23T14:39:57+00:00enInternational Economic Sanctions and Third-Country Effects2023-08-23Economic modelsExchange ratesInternational topicsStaff Working Paper 2023-46https://www.bankofcanada.ca/wp-content/uploads/2023/08/swp2023-46.pdfStaff Working Paper 2023-46Fabio GhironiDaisoon KimGalip Kemal OzhanAugust 2023FF3F31F4F41F42F5F51A Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight
https://www.bankofcanada.ca/2023/08/staff-working-paper-2023-44/
This paper studies exchange rate dynamics by incorporating bounded rationality, that is, limited foresight, in a small open-economy model. This behavior of limited foresight helps explain several observations and puzzles in the data of exchange rate movements.2023-08-17T08:56:50+00:00enA Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight2023-08-17Business fluctuations and cyclesExchange ratesInternational topicsMonetary policy transmissionStaff Working Paper 2023-44https://www.bankofcanada.ca/wp-content/uploads/2023/08/swp2023-44.pdfStaff Working Paper 2023-44Seunghoon NaYinxi XieAugust 2023EE4E43E7E70FF3F31F4F41BoC–BoE Sovereign Default Database: What’s new in 2023?
https://www.bankofcanada.ca/2023/07/staff-analytical-note-2023-10/
The BoC–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default. The 2023 edition includes a new section about the characteristics of sovereign defaults and provides new visuals showing regional debt in default.2023-07-31T10:00:22+00:00enBoC–BoE Sovereign Default Database: What’s new in 2023?2023-07-31BoC–BoE Sovereign Default Database: Appendix and References
https://www.bankofcanada.ca/2023/07/technical-report-125/
Since 2014, the Bank of Canada (BoC) has maintained a comprehensive database of sovereign defaults to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. The database is posted on the BoC’s website and is updated annually in partnership with the Bank of England (BoE).2023-07-28T11:13:28+00:00enBoC–BoE Sovereign Default Database: Appendix and References2023-07-28Debt managementDevelopment economicsFinancial stabilityInternational financial marketsTechnical Report 2023-125https://www.bankofcanada.ca/wp-content/uploads/2023/07/tr125.pdfTechnical Report 2023-125David BeersObiageri NdukweAlex CharronJuly 2023FF3F34GG1G10G14G15BoC–BoE Sovereign Default Database: Methodology and Assumptions
https://www.bankofcanada.ca/2023/07/technical-report-124/
The Bank of Canada (BoC), in partnership with the Bank of England (BoE), developed a comprehensive database of sovereign defaults in 2014. The database is posted on the Bank of Canada’s website and updated annually. The BoC–BoE database draws on datasets published by various public and private sector sources. It combines elements of these, together with new information, to develop comprehensive estimates of stocks of government obligations in default.2023-07-28T11:04:38+00:00enBoC–BoE Sovereign Default Database: Methodology and Assumptions2023-07-28Debt managementDevelopment economicsFinancial stabilityInternational financial marketsTechnical Report 2023-124https://www.bankofcanada.ca/wp-content/uploads/2023/07/tr124.pdfTechnical Report 2023-124David BeersObiageri NdukweAlex CharronJuly 2023FF3F34GG1G10G14G15The Macroeconomic Effects of Portfolio Equity Inflows
https://www.bankofcanada.ca/2023/06/staff-working-paper-2023-31/
I provide evidence that portfolio equity inflows can have expansionary effects on GDP and inflation if not offset by monetary policy. I use a shift-share instrument to estimate equity inflows based on plausibly exogenous timing of inflows into mutual funds with heterogeneous country portfolios.2023-06-09T09:26:14+00:00enThe Macroeconomic Effects of Portfolio Equity Inflows2023-06-09Business fluctuations and cyclesInternational financial marketsInternational topicsMonetary policyStaff Working Paper 2023-31https://www.bankofcanada.ca/wp-content/uploads/2023/06/swp2023-31.pdfThe Macroeconomic Effects of Portfolio Equity InflowsNick SanderJune 2023EE3E32FF3F32F4F44