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8698 Results

March 25, 2022

A world of difference: Households, the pandemic and monetary policy

Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California
Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy.
March 25, 2022

Speech: San Francisco Fed’s Macroeconomics and Monetary Policy Conference

A world of difference: households, the pandemic and monetary policy — Deputy Governor Sharon Kozicki speaks by videoconference (12:45 (ET) approx.).

March 25, 2022

Household differences and why they matter

Speech summary Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California
Deputy Governor Sharon Kozicki talks about why differences in income, wealth and debt across households are important for the economy and what the Bank of Canada will be watching for as interest rates rise.

Real Exchange Rate Decompositions

Staff Discussion Paper 2022-6 Bruno Feunou, Jean-Sébastien Fontaine, Ingomar Krohn
We break down the exchange rate based on an explicit link between fixed income and currency markets. We isolate a foreign exchange risk premium and show it is the main driver of the exchange rate between the Canadian and US dollars, especially on monetary policy and macroeconomic news announcement days.

Equilibrium in Two-Sided Markets for Payments: Consumer Awareness and the Welfare Cost of the Interchange Fee

Staff Working Paper 2022-15 Kim Huynh, Gradon Nicholls, Oleksandr Shcherbakov
We construct and estimate a structural two-stage model of equilibrium in a market for payments in order to quantify the network externalities and identify the main determinants of consumer and merchant decisions.

Job Ladder and Business Cycles

Staff Working Paper 2022-14 Felipe Alves
During downturns, workers get stuck in low-productivity jobs and wages remain stagnant. I build an heterogenous agent incomplete market model with a full job ladder that accounts for these facts. An adverse financial shock calibrated to the US Great Recession replicates the period’s slow recovery and missing disinflation.
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