Césaire Meh - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T10:43:22+00:00Gazing at r-star: A Hysteresis Perspective
https://www.bankofcanada.ca/2023/01/staff-working-paper-2023-5/
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets.2023-01-12T09:46:25+00:00enGazing at r-star: A Hysteresis Perspective2023-01-12Economic modelsFiscal policyInflation and pricesInflation targetsInterest ratesMonetary policyMonetary policy frameworkStaff Working Paper 2023-5https://www.bankofcanada.ca/wp-content/uploads/2023/01/swp2023-5.pdfGazing at r-star: A Hysteresis PerspectivePaul BeaudryKatya KartashovaCésaire MehJanuary 2023EE2E21E3E31E4E43E5E52E58E6E62GG5G51HH6Monetary Policy, Trends in Real Interest Rates and Depressed Demand
https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-27/
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.2021-06-11T11:00:53+00:00enMonetary Policy, Trends in Real Interest Rates and Depressed Demand2021-06-11Debt managementEconomic modelsFiscal policyInflation and pricesInterest ratesMonetary policyStaff Working Paper 2021-27https://www.bankofcanada.ca/wp-content/uploads/2021/06/swp2021-27.pdfStaff Working Paper 2021-27Paul BeaudryCésaire MehJune 2021EE2E4E43E44E5E52E6E62E63HH3H6H63Investing in Monetary Policy Independence in a Small Open Economy
https://www.bankofcanada.ca/2018/09/investing-monetary-policy-independence-small-open-economy/
Governor Poloz discusses policies that can help central banks keep the ability to pursue independent monetary policy in a financially integrated global economy.2018-09-08T10:03:26+00:00Investing in Monetary Policy Independence in a Small Open Economy2018-09-08Stephen S. PolozCésaire MehThe Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity
https://www.bankofcanada.ca/2018/08/staff-working-paper-2018-40/
We document that, across households, the money consumption ratio increases with age and decreases with consumption, and that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use more money), cohort (younger generations are exposed to better transaction technology), and time effects (nominal interest rates affect money holdings).2018-08-23T10:51:42+00:00enThe Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity2018-08-23Inflation: costs and benefitsStaff Working Paper 2018-40https://www.bankofcanada.ca/wp-content/uploads/2018/08/swp2018-40.pdfThe Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household HeterogeneityShutao CaoCésaire MehJosé-Víctor Ríos-RullYaz TerajimaAugust 2018EE2E21E4E41Housing Market Dynamics and Macroprudential Policy
https://www.bankofcanada.ca/2016/07/staff-working-paper-2016-31/
We perform an analysis to determine how well the introduction of a countercyclical loanto- value (LTV) ratio can reduce household indebtedness and housing price fluctuations compared with a monetary policy rule augmented with house price inflation.2016-07-19T10:01:51+00:00enHousing Market Dynamics and Macroprudential Policy2016-07-19Business fluctuations and cyclesFinancial stabilityHousingMonetary policy frameworkMonetary policy transmissionStaff Working Paper 2016-31https://www.bankofcanada.ca/wp-content/uploads/2016/07/swp2016-31.pdfHousing Market Dynamics and Macroprudential PolicyGabriel BruneauIan ChristensenCésaire MehJuly 2016EE3E31E4E42HH2H23Assessing Vulnerabilities in the Canadian Financial System
https://www.bankofcanada.ca/wp-content/uploads/2015/06/fsr-june15-christensen.pdf
The authors present the four common cyclical vulnerabilities that appear in financial systems, providing examples of qualitative and quantitative indicators used to monitor these vulnerabilities across different sectors. They also discuss other inputs to the vulnerability assessment and to the internal process used at the Bank of Canada for identifying, evaluating and communicating vulnerabilities and risks, and highlight some of the key challenges in assessing financial system vulnerabilities and risks.2015-06-11T10:30:23+00:00enAssessing Vulnerabilities in the Canadian Financial System2015-06-11Effects of Funding Portfolios on the Credit Supply of Canadian Banks
https://www.bankofcanada.ca/2015/03/working-paper-2015-10/
This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans.2015-03-09T13:18:50+00:00enEffects of Funding Portfolios on the Credit Supply of Canadian Banks2015-03-09Financial institutionsFinancial stabilityFinancial system regulation and policiesMonetary policy implementationWorking Paper 2015-10https://www.bankofcanada.ca/wp-content/uploads/2015/03/wp2015-10.pdfEffects of Funding Portfolios on the Credit Supply of Canadian BanksH. Evren DamarCésaire MehYaz TerajimaMarch 2015EE5E52GG2G21A Policy Model to Analyze Macroprudential Regulations and Monetary Policy
https://www.bankofcanada.ca/2014/02/working-paper-2014-6/
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features.2014-02-06T07:47:02+00:00enA Policy Model to Analyze Macroprudential Regulations and Monetary Policy2014-02-06Economic modelsFinancial system regulation and policiesWorking Paper 2014-6https://www.bankofcanada.ca/wp-content/uploads/2014/02/wp2014-6.pdfA Policy Model to Analyze Macroprudential Regulations and Monetary PolicySami AlpandaGino CateauCésaire MehFebruary 2014EE1E17E3E32E4E44FF4F41The Residential Mortgage Market in Canada: A Primer
https://www.bankofcanada.ca/wp-content/uploads/2013/12/fsr-december13-crawford.pdf
2013-12-10T09:35:03+00:00enThe Residential Mortgage Market in Canada: A Primer2013-12-10Macroprudential 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 2012EE4E42E5E50E6E60