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73 Results

(Optimal) Monetary Policy with and without Debt

How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.

Labor Market Policies During an Epidemic

Staff Working Paper 2020-54 Serdar Birinci, Fatih Karahan, Yusuf Mercan, Kurt See
We study the labour market and welfare effects of expanding unemployment insurance benefits and introducing payroll subsidies during the COVID-19 pandemic. We find that both policies are complementary and are beneficial to different types of workers. Payroll subsidies preserve the employment of workers in highly productive jobs, while unemployment insurance replaces lost income for workers who experience inevitable job loss.

How Should Unemployment Insurance Vary over the Business Cycle?

Staff Working Paper 2020-47 Serdar Birinci, Kurt See
Should unemployment benefits be more generous during economic downturns? The optimal amount and duration of benefit payments ultimately depend on the demographic and wealth characteristics of benefit recipients.

Child Skill Production: Accounting for Parental and Market-Based Time and Goods Investments

Can daycare replace parents’ time spent with children? We explore this by using data on how parents spend time and money on children and how this spending is related to their child’s development.
June 18, 2020

Spending patterns in a pandemic

Speech summary Lawrence L. Schembri Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan
Deputy Governor Lawrence Schembri explains how household spending has changed because of COVID-19 and discusses why the Bank expects the recovery to have two phases.
June 18, 2020

Living with limits: household behaviour in Canada in the time of COVID-19

Remarks (delivered virtually) Lawrence L. Schembri Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan
Deputy Governor Lawrence Schembri explains how the COVID-19 pandemic has affected household spending and economic activity, and discusses what the recovery is expected to look like.

Household indebtedness risks in the wake of COVID‑19

Staff Analytical Note 2020-8 Olga Bilyk, Anson T. Y. Ho, Mikael Khan, Geneviève Vallée
COVID-19 presents challenges for indebted households. We assess these by drawing parallels between pandemics and natural disasters. Taking into account the financial health of the household sector when the pandemic began, we run model simulations to illustrate how payment deferrals and the labour market recovery will affect mortgage defaults.