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156
result(s)
Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans
Staff Working Paper 2023-54
Michael Boutros,
Nuno Clara,
Francisco Gomes
We investigate alternative student debt contracts that defer payments and ease the burden of student loans on US households by preserving disposable income early in borrowers’ lives. Our model shows substantial welfare gains from these contracts relative to existing plans and gains similar to the Biden administration's proposals but with a significantly lower cost.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Economic models,
Financial markets,
Labour markets,
Market structure and pricing
JEL Code(s):
E,
E2,
G,
G5,
H,
H3
An Overview of the Indigenous Economy in Canada
Staff Discussion Paper 2023-25
Alex Chernoff,
Calista Cheung
Several measures suggest economic outcomes have improved for Indigenous Peoples in recent decades. Yet, institutional settings and gaps in infrastructure and financing continue to hinder their economic progress. Recent efforts have helped address some data gaps, and new institutions are helping Indigenous communities to overcome historic barriers to growth.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Development economics,
Financial services,
Labour markets,
Monetary policy transmission,
Regional economic developments
JEL Code(s):
E,
E0,
E01,
E02,
N,
N4,
N41,
N42,
O,
O4,
O43,
P,
P4,
P48
A Blueprint for the Fourth Generation of Bank of Canada Projection and Policy Analysis Models
Staff Discussion Paper 2023-23
Donald Coletti
The fourth generation of Bank of Canada projection and policy analysis models seeks to improve our understanding of inflation dynamics, the supply side of the economy and the underlying risks faced by policy-makers coming from uncertainty about how the economy functions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Inflation and prices,
Labour markets,
Monetary policy and uncertainty
JEL Code(s):
C,
C5,
C50,
C51,
C52,
C53,
C54,
C55
Labor Market Shocks and Monetary Policy
Staff Working Paper 2023-52
Serdar Birinci,
Fatih Karahan,
Yusuf Mercan,
Kurt See
We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer transitions for inflation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Inflation and prices,
Labour markets,
Monetary policy
JEL Code(s):
E,
E1,
E12,
E2,
E24,
E5,
E52,
J,
J3,
J31,
J6,
J62,
J64
Labour Supply and Firm Size
Staff Working Paper 2023-47
Lin Shao,
Faisal Sohail,
Emircan Yurdagul
This paper documents a systematic pattern of how wages, hours and their relationship vary across firms of different sizes. Using a model with heterogeneous firms and workers, we show how the interplay between wages, hours and firm size affect worker sorting and inequality.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Labour markets
JEL Code(s):
E,
E2,
E24,
J,
J2,
J3,
J31
Digitalization: Labour Markets
Staff Discussion Paper 2023-16
Alex Chernoff,
Gabriela Galassi
In this paper, the authors assess the relationship between digitalization and labour demand and supply, and how this relationship affects wages and income inequality. We also explore implications of recent digitalization trends for the future of work.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Digitalization,
Labour markets
JEL Code(s):
I,
I2,
I23,
J,
J2,
J23,
J24,
O,
O3,
O33
Benchmarks for assessing labour market health: 2023 update
Staff Analytical Note 2023-7
Erik Ens,
Kurt See,
Corinne Luu
We enhance benchmarks for assessing strength in the Canadian labour market. We find the labour market remains tight despite recent strong increases in labour supply, including among prime-working-age women. We also assess the anticipated easing in labour conditions in a context of high population growth.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Coronavirus disease (COVID-19),
Econometric and statistical methods,
Labour markets,
Monetary policy
JEL Code(s):
E,
E2,
E24,
J,
J2,
J21,
J6
Potential output and the neutral rate in Canada: 2023 assessment
Staff Analytical Note 2023-6
Julien Champagne,
Christopher Hajzler,
Dmitry Matveev,
Harlee Melinchuk,
Antoine Poulin-Moore,
Galip Kemal Ozhan,
Youngmin Park,
Temel Taskin
We expect that potential output growth will rebound from 1.4% in 2022 to 2.2% on average between 2023 and 2026. We revised down our estimates of growth over 2022–25 relative to the April 2022 assessment. The Canadian nominal neutral rate remains unchanged—in the range of 2% to 3%.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Economic models,
Interest rates,
Labour markets,
Monetary policy,
Potential output,
Productivity
JEL Code(s):
E,
E2,
E3,
E4,
E5
The Impact of Unemployment Insurance and Unsecured Credit on Business Cycles
Staff Working Paper 2023-22
Michael Irwin
This paper studies how unsecured consumer credit impacts the extent to which unemployment insurance (UI) policies smooth aggregate consumption fluctuations over the business cycle. Using a general equilibrium real business cycle model, I find that unsecured credit amplifies the extent to which UI smooths cyclical consumption fluctuations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Economic models,
Fiscal policy,
Labour markets
JEL Code(s):
E,
E2,
E21,
E24,
E3,
E32,
E4,
E44,
E6,
E62