316
result(s)
Networking the Yield Curve: Implications for Monetary Policy
Staff Working Paper 2021-4
Tatjana Dahlhaus,
Julia Schaumburg,
Tatevik Sekhposyan
We study how different monetary policies affect the yield curve and interact. Our study highlights the importance of the spillover structure across the yield curve for policy-making.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates,
Monetary policy implementation
JEL Code(s):
C,
C1,
C18,
C2,
C21,
C5,
C53,
E,
E4,
E43,
E44,
E5,
E52
Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds
Staff Working Paper 2021-3
Jeannine Bailliu,
Xinfen Han,
Barbara Sadaba,
Mark Kruger
What are the main drivers behind the monetary policy reaction function of the People’s Bank of China?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics,
Monetary policy communications,
Monetary policy framework
JEL Code(s):
C,
C6,
C63,
E,
E5,
E52,
E58
Qualitative Field Research in Monetary Policy Making
Staff Discussion Paper 2021-1
Chris D'Souza,
Jane Voll
Central banks conduct research involving in-depth interviews with external parties—but little is known about how this information affects monetary policy. We address this gap by analyzing open-ended interviews with senior central bank economic and policy staff who work closely with policy decision-makers.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Monetary policy,
Monetary policy and uncertainty
JEL Code(s):
C,
C8,
C83,
E,
E3,
E37,
E5,
E52
Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature
Staff Discussion Paper 2020-16
Grahame Johnson,
Sharon Kozicki,
Romanos Priftis,
Lena Suchanek,
Jonathan Witmer,
Jing Yang
This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Monetary policy,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E5,
E52,
E58,
E6,
E63
Can the Business Outlook Survey Help Improve Estimates of the Canadian Output Gap?
Staff Discussion Paper 2020-14
Calista Cheung,
Luke Frymire,
Lise Pichette
We investigate whether questions in the Bank of Canada’s Business Outlook Survey can provide useful signals for the output gap.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Central bank research,
Economic models,
Monetary policy and uncertainty,
Potential output
JEL Code(s):
E,
E3
Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange
Staff Working Paper 2020-48
Jonathan Chiu,
Miguel Molico
We study the short-run effects of monetary policy using a search-theoretic monetary model in which agents are subject to idiosyncratic shocks and aggregate monetary shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy,
Monetary policy transmission
JEL Code(s):
E,
E4,
E40,
E5,
E50
Understanding Trend Inflation Through the Lens of the Goods and Services Sectors
Staff Working Paper 2020-45
Yunjong Eo,
Luis Uzeda,
Benjamin Wong
The goods and services sectors have experienced considerably different dynamics over the past three decades. Our goal in this paper is to understand how such contrasting behaviors at the sectoral level affect the aggregate level of trend inflation dynamics.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
C,
C1,
C11,
C3,
C32,
E,
E3,
E31,
E5,
E52
Corporate investment and monetary policy transmission in Canada
Staff Analytical Note 2020-26
Min Jae Kim,
Jonathan Witmer
Unexpected changes in interest rates lead small firms to materially change their investment rate. Large firms, in contrast, show a smaller response. This suggests both that financial conditions are an important channel for transmitting monetary policy and that firm characteristics can help us better understand fluctuations in business investment.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Firm dynamics,
Monetary policy,
Monetary policy transmission
JEL Code(s):
D,
D2,
D22,
D9,
D92,
G,
G3,
G31,
G32
Forward Guidance and Expectation Formation: A Narrative Approach
Staff Working Paper 2020-40
Christopher S. Sutherland
How exactly does forward guidance influence interest rate expectations?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Monetary policy,
Monetary policy communications,
Monetary policy transmission
JEL Code(s):
D,
D8,
D83,
D84,
E,
E3,
E37,
E5,
E52,
E58