Bio

Jelena Zivanovic is Senior Economist in the Canadian Economic Analysis (CEA) department. Her research interests include macroeconomics, monetary economics, macro-finance and applied econometrics. Prior to joining the Bank, Jelena worked as Research Assistant at Humboldt University. She holds a Ph.D. in Economics from Humboldt University.

Research Fields: Macroeconomics Monetary and Fiscal Policy Monetary Economics
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Staff Working Papers

What Does Structural Analysis of the External Finance Premium Say About Financial Frictions?

Staff Working Paper 2019-38 Jelena Zivanovic
I use a structural vector autoregression (SVAR) with sign restrictions to provide conditional evidence on the behavior of the US external finance premium (EFP). The results indicate that the excess bond premium, a proxy for the EFP, reacts countercyclically to supply and monetary policy shocks and procyclically to demand shocks.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Financial markets, Recent economic and financial developments JEL Code(s): E, E3, E32, E4, E44

Corporate Debt Composition and Business Cycles

Staff Working Paper 2019-5 Jelena Zivanovic
Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles, Financial institutions, Financial markets, Recent economic and financial developments JEL Code(s): E, E3, E32, E4, E44

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