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82 Results

The Power of Helicopter Money Revisited: A New Keynesian Perspective

Staff Discussion Paper 2020-1 Thomas J. Carter, Rhys R. Mendes
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves.
February 5, 2020

Securing prosperity is up to all of us

Speech summary Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins explains that Canada is well-positioned to secure prosperity and avoid a long period of slow growth if we take the right steps.
February 5, 2020

Our Economic Destiny: Written in R-stars?

Remarks Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity.

Monetary Policy and Government Debt Dynamics Without Commitment

Staff Working Paper 2019-52 Dmitry Matveev
I show that maturity considerations affect the optimal conduct of monetary and fiscal policy during a period of government debt reduction. I consider a New Keynesian model and study a dynamic game of monetary and fiscal policy authorities without commitment, characterizing the incentives that drive the choice of interest rate.
Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E5, E52, E6, E62, E63
March 14, 2019

The Age of Leverage

Remarks Carolyn A. Wilkins UBC Vancouver School of Economics and CFA Society Vancouver Vancouver, British Columbia
Senior Deputy Governor Carolyn A. Wilkins discusses how high leverage is both a headwind to global growth and a vulnerability in the global financial system.

Inequality in Parental Transfers, Borrowing Constraints and Optimal Higher Education Subsidies

Staff Working Paper 2019-7 Youngmin Park
This paper studies optimal education subsidies when parental transfers are unequally distributed across students and cannot be publicly observed. After documenting substantial inequality in parental transfers among US college students with similar family resources, I examine its implications for how the education subsidy should vary with schooling level and family resources to minimize inefficiencies generated by borrowing constraints.
Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Potential output, Productivity JEL Code(s): D, D1, D14, D6, D61, D64, D8, D82, I, I2, I22, J, J2, J24
November 20, 2018

Choosing the Best Monetary Policy Framework for Canada

Remarks Carolyn A. Wilkins McGill University Max Bell School of Public Policy Montréal, Quebec
Senior Deputy Governor Carolyn A. Wilkins discusses public policy issues around monetary policy frameworks and how those issues have become more complex in the post-global financial crisis world.

Non-Performing Loans, Fiscal Costs and Credit Expansion in China

Staff Working Paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong
This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default.
September 8, 2018

Investing in Monetary Policy Independence in a Small Open Economy

Remarks Stephen S. Poloz, Césaire Meh Monetary Policy Spillovers in a Financially Integrated World Copenhagen, Denmark
Governor Poloz discusses policies that can help central banks keep the ability to pursue independent monetary policy in a financially integrated global economy.
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