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2155 Results

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.

On the Nexus of Monetary Policy and Financial Stability: Is the Financial System More Resilient?

Staff discussion paper 2016-12 Patricia Palhau Mora, Michael Januska
Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20’s post-crisis agenda for financial regulatory reform.

Interpreting Volatility Shocks as Preference Shocks

Staff working paper 2016-45 Shaofeng Xu
This paper examines the relationship between volatility shocks and preference shocks in an analytically tractable endogenous growth model with recursive preferences and stochastic volatility. I show that there exists an explicit mapping between volatility shocks and preference shocks, and a rise in volatility generates the same impulse responses of macroeconomic aggregates as a negative preference shock.
March 9, 2010

Inflation Expectations and the Conduct of Monetary Policy: A Review of Recent Evidence and Experience

This article explores the role of inflation expectations in the conduct of monetary policy. It reviews the various measures of inflation expectations used by central banks, including surveys and market-based indicators, and considers their advantages and disadvantages. It examines the critical role of inflation expectations in the framework that central banks use to understand, forecast, and control inflation. It also looks at their role as an indicator of central bank credibility. The behaviour of inflation expectations over the past two years is analyzed and policy conclusions are offered.

The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design

Staff working paper 2017-43 Heng Chen, Geoffrey R. Dunbar, Rallye Shen
Changes in survey mode (e.g., online, offline) may influence the values of survey responses, and may be particularly problematic when comparing repeated cross-sectional surveys.
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