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 Research 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
May 17, 2012 Bank of Canada Review - Spring 2012 This issue features a summary of the Bank’s annual conference, which took place in November 2011 and dealt with payments systems, and two articles that present research by Bank staff on global current account imbalances and macrofinancial risk assessment. The fourth article in this issue reviews the recent experience with inflation targeting. Content Type(s): Publications, Bank of Canada Review
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 Research Topic(s): Economic models, Financial stability, Housing, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, G, G0, G01
Labour Reallocation, Relative Prices and Productivity Staff Working Paper 2010-2 Shutao Cao, Danny Leung This paper documents the rate at which labour flows between industries and between firms within industries using the most recent data available. It examines the determinants of these flows and their relationship with the productivity growth. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Labour markets, Productivity JEL Code(s): D, D2, D23, E, E3, E32, J, J6
Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics Staff Discussion Paper 2020-11 Oleksiy Kryvtsov, James (Jim) C. MacGee From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52
Complementarities Between Fiscal Policy and Monetary Policy—Literature Review Staff Discussion Paper 2021-4 Wei Dong, Geoffrey R. Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis, Lin Shao This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E5, E52, E58, E6, E62, E63
Market Valuation and Risk Assessment of Canadian Banks Staff Working Paper 2004-34 Ying Liu, Mingwei Yuan, Eli Papakirykos The authors apply the asset-valuation model developed by Rabinovitch (1989) to six publicly traded Canadian banks over the period 1982–2002. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): G, G1, G12, G2, G21
Risk Perceptions and Attitudes Staff Working Paper 2005-17 Miroslav Misina Changes in risk perception have been used in various contexts to explain shorter-term developments in financial markets, as part of a mechanism that amplifies fluctuations in financial markets, as well as in accounts of "irrational exuberance." Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial markets JEL Code(s): D, D8, D81, D84, G, G1, G12
An Eclectic Approach to Estimating U.S. Potential GDP Staff Working Paper 2002-36 Marc-André Gosselin, René Lalonde The authors describe the principal results obtained from a new method applied to the estimation of potential U.S. GDP. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Potential output JEL Code(s): C, C3, C32, E, E2, E23, E3, E32
January 11, 2009 Bank of Canada Review - Winter 2008-2009 Cover page Chargex The artefacts on the cover are part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter Content Type(s): Publications, Bank of Canada Review