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2182 Results

Are Counterparty Arrangements in Reinsurance a Threat to Financial Stability?

Staff working paper 2016-39 Matt Davison, Darrell Leadbetter, Bin Lu, Jane Voll
Interconnectedness among insurers and reinsurers at a global level is not well understood and may pose a significant risk to the sector, with implications for the macroeconomy. Models of the complex interactions among reinsurers and with other participants in the financial system and the real economy are at a very early stage of development.

Heterogeneity and Monetary Policy: A Thematic Review

The theory that rich economic diversity of businesses and households both affects and is shaped by economy-wide fluctuations has strong implications for monetary policy. This review places these insights in a Canadian context.

Breaking Down the US Employment Multiplier Using Micro­-Level Data

Using newly matched data on US defense contracts and restricted administrative employment data, we show that the employment effects of defense procurement are costly, concentrated and slow to diffuse.

What Are the Macroeconomic Effects of High-Frequency Uncertainty Shocks

Staff working paper 2016-25 Laurent Ferrara, Pierre Guérin
This paper evaluates the effects of high-frequency uncertainty shocks on a set of low-frequency macroeconomic variables that are representative of the U.S. economy. Rather than estimating models at the same common low-frequency, we use recently developed econometric models, which allows us to deal with data of different sampling frequencies.

Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?

Staff working paper 2016-62 Narayan Bulusu, Jefferson Duarte, Carles Vergara-Alert
The common-factor hypothesis is one possible explanation for the housing wealth effect. Under this hypothesis, house price appreciation is related to changes in consumption as long as the available proxies for the common driver of housing and non-housing demand are noisy and housing supply is not perfectly elastic.
December 14, 2007

The Costs of Inflation in New Keynesian Models

Ambler describes three new channels through which inflation affects economic welfare in New Keynesian models. These channels were absent from traditional analyses and may have caused researchers to underestimate the costs associated with variable inflation, even at relatively low levels of inflation. The article concludes with a preliminary assessment of the quantitative importance of the new channels and their significance for monetary policy.

Noisy Monetary Policy

Staff working paper 2018-23 Tatjana Dahlhaus, Luca Gambetti
We introduce limited information in monetary policy. Agents receive signals from the central bank revealing new information (“news") about the future evolution of the policy rate before changes in the rate actually take place. However, the signal is disturbed by noise.

Assessing the Impact of the Bank of Canada’s Government Bond Purchases

Staff discussion paper 2024-5 Chinara Azizova, Jonathan Witmer, Xu Zhang
In March 2020, the Bank of Canada implemented the Government of Canada Bond Purchase Program, eventually purchasing approximately $340 billion of government bonds. In this paper, we analyze the impact of this program on financial market prices and yields as well as on GDP and inflation.
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