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2360
result(s)
An Equilibrium Analysis of the Rise in House Prices and Mortgage Debt
Staff Working Paper 2013-9
Shaofeng Xu
This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage debt between 1994 and 2005.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Credit and credit aggregates,
Economic models
JEL Code(s):
E,
E2,
E21,
E4,
E44,
G,
G1,
G11,
R,
R2,
R21
Countercyclical Bank Capital Requirement and Optimized Monetary Policy Rules
Staff Working Paper 2013-8
Carlos De Resende,
Ali Dib,
René Lalonde,
Nikita Perevalov
Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that countercyclical capital requirements have a significant stabilizing effect on key macroeconomic variables, but mostly after financial shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial institutions,
Financial stability,
International topics
JEL Code(s):
E,
E3,
E32,
E4,
E44,
E5,
G,
G1,
G2
A Tractable Monetary Model Under General Preferences
Staff Working Paper 2013-7
Tsz-Nga Wong
Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium with degenerate money distribution.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models
JEL Code(s):
D,
D8,
D83,
E,
E4,
E40
To Link or Not To Link? Netting and Exposures Between Central Counterparties
Staff Working Paper 2013-6
Stacey Anderson,
Jean-Philippe Dion,
Héctor Pérez Saiz
This paper provides a framework to compare linked and unlinked CCP configurations in terms of total netting achieved by market participants and the total system default exposures that exist between participants and CCPs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
G,
G1,
G18,
G2,
G23
Market Structure and Cost Pass-Through in Retail
Staff Working Paper 2013-5
Gee Hee Hong,
Nicholas Li
We examine the extent to which vertical and horizontal market structure can together
explain incomplete retail pass-through.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy transmission
JEL Code(s):
E,
E3,
E30,
E31,
L,
L1,
L11,
L16
Méthodologie de construction de séries de taux de défaut pour l’industrie canadienne
Staff Discussion Paper 2013-2
Ramdane Djoudad,
Étienne Bordeleau
Default rates are series commonly used in stress testing. In Canada, as in many other countries, there are no historical series available for sectoral default rates on bank loans to firms.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Financial institutions,
Financial stability
JEL Code(s):
C,
C1,
C13,
C18,
G,
G2,
G21,
G3,
G33
February 21, 2013
The G-20 Framework for Strong, Sustainable and Balanced Growth: Macroeconomic Coordination Since the Crisis
Since 2009, the G-20 Framework for Strong, Sustainable and Balanced Growth has provided a mechanism for international macroeconomic policy coordination. The Framework has had some successes, including agreement on objectives for fiscal consolidation. However, post-crisis global growth has been neither strong nor balanced. Progress has also been slow in developing credible fiscal consolidation plans in some advanced countries and in increasing exchange rate flexibility in certain emerging economies. A stronger peer review process and enhanced analysis of international spillovers would increase the Framework’s influence on member policies.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Exchange rate regimes,
Fiscal policy,
International topics,
Recent economic and financial developments
JEL Code(s):
E,
E6,
E61,
F,
F5,
F53,
F55
February 21, 2013
The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging
The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Business fluctuations and cycles,
International topics,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E21,
E6,
E60
February 21, 2013
Conference Summary: Financial Intermediation and Vulnerabilities
The Bank of Canada’s annual economic conference, held in October 2012, brought together experts from across Canada and around the world to discuss key issues concerning financial intermediation and vulnerabilities. The conference covered such topics as household finances and their relationship to financial stability, as well as bank regulation, securitization and shadow banking.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G2