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9254 Results

The Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations?

Staff Working Paper 2022-41 Paul Beaudry, Thomas J. Carter, Amartya Lahiri
When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and then explore optimal policy under a range of assumptions about how expectations are formed.
September 20, 2022

Macroeconomics of the 2020s: What we’ve learned, and what’s to come

Remarks Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario
Deputy Governor Paul Beaudry discusses the macroeconomic lessons we’ve learned during the COVID-19 pandemic, and what lies ahead to bring inflation back to target.

Calculating Effective Degrees of Freedom for Forecast Combinations and Ensemble Models

Staff Discussion Paper 2022-19 James Younker
This paper derives a calculation for the effective degrees of freedom of a forecast combination under a set of general conditions for linear models. Computing effective degrees of freedom shows that the complexity cost of a forecast combination is driven by the parameters in the weighting scheme and the weighted average of parameters in the auxiliary models.

Windfall Income Shocks with Finite Planning Horizons

Staff Working Paper 2022-40 Michael Boutros
How do households respond when they receive unanticipated income, such as an inheritance or government stimulus cheque? This paper studies these windfall income shocks through a model of household behaviour that generates a realistic consumption response for households along the entire distribution of wealth.
September 20, 2022

Anatomy of a pandemic: Applying old lessons and learning from new ones

Speech summary Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario
Deputy Governor Paul Beaudry describes how the lessons learned from previous economic crises helped central bankers during the global COVID-19 pandemic. He also talks about how managing inflation expectations can help bring inflation back to target.

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

Staff Working Paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.
September 15, 2022

Debt Management Strategy Consultations – 2023-24

The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2023-24 and beyond.
Content Type(s): Press, Market notices
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