Yaz Terajima - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:35:51+00:00COVID-19 and Financial Stability: Practice Ahead of Theory
https://www.bankofcanada.ca/2022/08/staff-discussion-paper-2022-18/
The COVID-19 pandemic uncovered policy challenges related to the economic measures that were taken to support the economy. Two years later, we attempt to identify the broader impact of these measures and research that needs to follow.2022-08-26T12:56:19+00:00enCOVID-19 and Financial Stability: Practice Ahead of Theory2022-08-26Coronavirus disease (COVID-19)Financial stabilityFinancial system regulation and policiesStaff Discussion Paper 2022-18https://www.bankofcanada.ca/wp-content/uploads/2022/08/sdp2022-18.pdfStaff Discussion Paper 2022-18Jing YangHélène DesgagnésGrzegorz HalajYaz TerajimaAugust 2022EE5E58E6E61GG2G21HH3H8H84Income Inequality in Canada
https://www.bankofcanada.ca/2022/07/staff-discussion-paper-2022-16/
Data show that income inequality in Canada increased substantially during the 1980s and first half of the 1990s but has been relatively stable over the past 25 years. This increase was felt mainly by low-income earners and younger people, while older people benefited from higher retirement income.2022-07-27T07:13:13+00:00enIncome Inequality in Canada2022-07-27Central bank researchLabour marketsMonetary and financial indicatorsStaff Discussion Paper 2022-16https://www.bankofcanada.ca/wp-content/uploads/2022/07/sdp2022-16.pdfIncome Inequality in CanadaSarah BurkinshawYaz TerajimaCarolyn A. WilkinsJuly 2022DD3D31D6D63II2I24I3I32JJ3J31J32NN3N32Heterogeneity and Monetary Policy: A Thematic Review
https://www.bankofcanada.ca/2022/02/staff-discussion-paper-2022-2/
The theory that rich economic diversity of businesses and households both affects and is shaped by economy-wide fluctuations has strong implications for monetary policy. This review places these insights in a Canadian context.2022-02-02T09:25:14+00:00enHeterogeneity and Monetary Policy: A Thematic Review2022-02-02Economic modelsMonetary policy and uncertaintyMonetary policy transmissionStaff Discussion Paper 2022-2https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-2.pdfHeterogeneity and Monetary Policy: A Thematic ReviewFelipe AlvesChristian BustamanteXing GuoKatya KartashovaSoyoung LeeThomas Michael PughKurt SeeYaz TerajimaAlexander UeberfeldtFebruary 2022DD2D25D3D31EE2E22E24E5E50E52Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?
https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-62/
Does the transmission of monetary policy change when interest rates are low or negative? We shed light on this question by analyzing the international bank lending channels of monetary policy using regulatory data on banks from four small open economies: Canada, Chile, the Czech Republic and Norway.2021-11-30T09:13:09+00:00enMonetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?2021-11-30Financial institutionsInternational topicsMonetary policy transmissionStaff Working Paper 2021-62https://www.bankofcanada.ca/wp-content/uploads/2021/11/swp2021-62.pdfStaff Working Paper 2021-62Jin CaoValeriya DingerTomás GómezZuzana GricMartin HodulaAlejandro JaraRagnar JuelsrudKarolis LiaudinskasSimona MalovanáYaz TerajimaNovember 2021EE4E43E5E52E58FF3F34F4F42GG2G21G28The 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 2018EE2E21E4E41Redistributive Effects of a Change in the Inflation Target
https://www.bankofcanada.ca/2017/10/staff-analytical-note-2017-13/
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.2017-10-06T10:57:27+00:00enRedistributive Effects of a Change in the Inflation Target2017-10-06The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies
https://www.bankofcanada.ca/2016/08/staff-working-paper-2016-38/
This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across borders.2016-08-12T12:39:29+00:00enThe Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies2016-08-12Financial stabilityHousingInternational financial marketsMonetary policy frameworkStaff Working Paper 2016-38https://www.bankofcanada.ca/wp-content/uploads/2016/08/swp2016-38.pdfThe Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open EconomiesGregory BauerGurnain PasrichaRodrigo SekkelYaz TerajimaAugust 2016EE4E42E43E44E5E52FF4F41Effects 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 2015EE5E52GG2G21Canadian Bank Balance-Sheet Management: Breakdown by Types of Canadian Financial Institutions
https://www.bankofcanada.ca/2012/09/discussion-paper-2012-7/
The authors document leverage, capital and liquidity ratios of banks in Canada. These ratios are important indicators of different types of risk with respect to a bank’s balance‐sheet management. Particular attention is given to the observations by different types of banks, including small banks that historically received less attention.2012-09-28T13:48:38+00:00enCanadian Bank Balance-Sheet Management: Breakdown by Types of Canadian Financial Institutions2012-09-28Financial institutionsFinancial stabilityFinancial system regulation and policiesDiscussion Paper 2012-7https://www.bankofcanada.ca/wp-content/uploads/2012/09/dp2012-07.pdfCanadian Bank Balance-Sheet Management: Breakdown by Types of Canadian Financial InstitutionsDavid Xiao ChenH. Evren DamarHani SoubraYaz TerajimaSeptember 2012GG2G21G28An Analysis of Indicators of Balance-Sheet Risks at Canadian Financial Institutions
https://www.bankofcanada.ca/wp-content/uploads/2012/08/review-summer12-chen.pdf
This article examines four indicators of balance-sheet risks—leverage, capital, asset liquidity and funding—among different types of financial institutions in Canada over the past three decades. It also discusses relevant developments in the banking sector that could have contributed to the observed dynamics. The authors find that the various risk indicators decreased during the period for most of the non-Big Six financial institutions, but remained relatively unchanged for the Big Six banks. In addition, the balance-sheet risk indicators became more heterogeneous across financial institutions. The observed overall decline and increased heterogeneity follow certain regulatory changes, such as the introduction of the liquidity guidelines on funding in 1995 and the implementation of bank-specific leverage requirements in 2000. Given that these regulations required more balance-sheet risk management, they have likely contributed to the increased resilience of the banking sector.2012-08-16T08:39:22+00:00enAn Analysis of Indicators of Balance-Sheet Risks at Canadian Financial Institutions2012-08-16