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.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Labour markets JEL Code(s): E, E3, E32, E4, E44, J, J6

• 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.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial markets, Financial stability, Monetary policy framework JEL Code(s): E, E4, E42, E5, E50, E6, E60

• 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.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Financial markets, Labour markets JEL Code(s): E, E3, E32, E4, E44, J, J6

• 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.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial markets, Labour markets JEL Code(s): E, E3, E32, E4, E44, J, J6

• 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.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, Inflation and prices, Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52

• Price-Level versus Inflation Targeting with Financial Market Imperfections

  Staff Working Paper 2008-26 Francisco Covas, Yahong Zhang

  This paper compares price-level-path targeting (PT) with inflation targeting (IT) in a sticky-price, dynamic, general equilibrium model augmented with imperfections in both the debt and equity markets.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Inflation targets, Monetary policy framework JEL Code(s): E, E4, E40, E5, E50