Alexander Ueberfeldt - Latest

• Should Monetary Policy Lean Against Housing Market Booms?

  Staff Working Paper 2016-19 Sami Alpanda, Alexander Ueberfeldt

  Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial stability, Housing, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, G, G0, G01

• Do Low Interest Rates Sow the Seeds of Financial Crises?

  Staff Working Paper 2011-31 Simona Cociuba, Malik Shukayev, Alexander Ueberfeldt

  A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial system regulation and policies, Monetary policy transmission JEL Code(s): D, D5, D53, E, E4, E44, E5, E52, G, G2, G28

• Trends in U.S. Hours and the Labor Wedge

  Staff Working Paper 2010-28 Simona Cociuba, Alexander Ueberfeldt

  From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the marginal product of labor, declined substantially.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Potential output JEL Code(s): E, E2, E24, H, H2, H20, H3, H31, J, J2, J22

• Price Level Targeting: What Is the Right Price?

  Staff Working Paper 2010-8 Malik Shukayev, Alexander Ueberfeldt

  Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52

• Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

  Staff Working Paper 2009-17 Gino Cateau, Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework, Monetary policy implementation JEL Code(s): E, E3, E31, E5, E52

• What Accounts for the U.S.-Canada Education-Premium Difference?

  Staff Working Paper 2009-4 Oleksiy Kryvtsov, Alexander Ueberfeldt

  This paper analyzes the differences in wage ratios of university graduates to less than university graduates, the education premium, in Canada and the United States from 1980 to 2000. Both countries experienced a similar increase in the fraction of university graduates and a similar increase in skill biased technological change based on capital-embodied technological progress, but only the United States had a large increase in the education premium.

  Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Productivity JEL Code(s): E, E2, E24, E25, J, J2, J24, J3, J31

• Adopting Price-Level Targeting under Imperfect Credibility: An Update

  Staff Working Paper 2008-37 Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52

• Human Capital Risk and the Firmsize Wage Premium

  Staff Working Paper 2008-33 Danny Leung, Alexander Ueberfeldt

  Why do employed persons in large firms earn more than employed persons in small firms, even after controlling for observable characteristics? Complementary to previous results, this paper proposes a mechanism that gives an answer to this question.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Productivity JEL Code(s): J, J2, J24, J3, J31

• Driving Forces of the Canadian Economy: An Accounting Exercise

  Staff Working Paper 2008-14 Simona Cociuba, Alexander Ueberfeldt

  This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data.

  Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Potential output, Productivity JEL Code(s): E, E2, E24, E6, E65, O, O4, O41, O5, O51

• Adopting Price-Level Targeting under Imperfect Credibility

  Staff Working Paper 2008-3 Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52