Bio

Nuno Paixão is a Senior Economist in the Financial Stability Department at the Bank of Canada. He is a macroeconomist with research interests in financial economics, household finance, housing, banking and monetary policy. He received his Ph.D. in Economics from the University of Chicago.

Staff analytical notes

Mortgage stress tests and household financial resilience under monetary policy tightening

Staff Analytical Note 2024-25 Jonathan Hartley, Nuno Paixão
This note analyzes mortgage stress tests, a macroprudential tool. We find that when mortgage stress tests are applied to all mortgage purchase originations, they improve credit quality and reduce credit and house price growth. They also improve the resilience of borrowers to financial shocks, such as the large increase in interest rates during 2022–23.
Content Type(s): Staff research, Staff analytical notes Topic(s): Credit and credit aggregates, Financial institutions, Financial system regulation and policies, Monetary policy JEL Code(s): E, E5, E52, G, G2, G21, G28, G5, G50, G51

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Staff working papers

Unpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth

Staff Working Paper 2023-34 Elisa Giannone, Qi Li, Nuno Paixão, Xinle Pang
We propose a model to understand low observed migration rates by considering the interaction between location and wealth decisions. We look at different policies and find that temporary moving vouchers only slightly increase welfare, while lower housing regulations can decrease the welfare gap by lowering house prices nationwide.
Content Type(s): Staff research, Staff working papers Topic(s): Housing, Regional economic developments JEL Code(s): G, G5, G51, R, R1, R12, R13, R2, R3, R31, R5, R52

Market Concentration and Uniform Pricing: Evidence from Bank Mergers

Staff Working Paper 2021-9 João Granja, Nuno Paixão
We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers.
Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial system regulation and policies, Market structure and pricing JEL Code(s): D, D4, G, G2, G20, G21, G28, G3, G34, L, L1, L11

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Journal publications

Other

Working Papers

  • House Prices and Consumer Spending: The Bank Balance Sheet Channel
  • Propagation of House Prices Shocks through the Banking System