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3541 Results

International Portfolio Rebalancing and Fiscal Policy Spillovers

Staff working paper 2023-56 Sami Alpanda, Uluc Aysun, Serdar Kabaca
We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We consider a two-country model with international portfolio rebalancing effects. We show that US fiscal expansions would increase global long-term rates and hinder economic activity in the rest of the world.

The Trend Unemployment Rate in Canada: Searching for the Unobservable

In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We also consider improvements and extensions to some existing methods.
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