Yahong Zhang

Latest

Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada

Staff Working Paper 2013-40 Yahong Zhang
The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy.

Macroprudential Rules and Monetary Policy when Financial Frictions Matter

Staff Working Paper 2012-6 Jeannine Bailliu, Césaire Meh, Yahong Zhang
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.

Financial Frictions, Financial Shocks and Labour Market Fluctuations in Canada

Staff Discussion Paper 2011-10 Yahong Zhang
What are the effects of financial market imperfections on unemployment and vacancies in Canada? The author estimates the model of Zhang (2011) – a standard monetary dynamic stochastic general-equilibrium model augmented with explicit financial and labour market frictions – with Canadian data for the period 1984Q2–2010Q4, and uses it to examine the importance of financial shocks on labour market fluctuations in Canada.

Financial Factors and Labour Market Fluctuations

Staff Working Paper 2011-12 Yahong Zhang
What are the effects of financial market imperfections on unemployment and vacancies? Since standard DSGE models do not typically model unemployment, they abstract from this issue.

Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis

Staff Working Paper 2008-40 Ali Dib, Caterina Mendicino, Yahong Zhang
How important are the benefits of low price-level uncertainty? This paper explores the desirability of price-level path targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations.

See More

Follow the Bank