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3045 Results

A Model of Costly Capital Reallocation and Aggregate Productivity

Staff Working Paper 2008-38 Shutao Cao
The author studies the effects of capital reallocation (the flow of productive capital across firms and establishments mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the United States: on average, its total value is 3–4 per cent of U.S. GDP.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Productivity JEL Code(s): E, E2, E22, L, L1, L16

Evaluating the portfolio balance effects of the Government of Canada Bond Purchase Program on the Canadian yield curve

Staff Analytical Note 2024-22 Antonio Diez de los Rios
The Bank of Canada’s Government of Canada Bond Purchase Program, launched in response to the COVID-19 pandemic, lowered the weighted average maturity of the Government of Canada’s debt by approximately 1.4 years. This in turn reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

Reforming the IMF: Lessons from Modern Central Banking

Staff Discussion Paper 2008-6 Philipp Maier, Eric Santor
The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […]
Content Type(s): Staff research, Staff discussion papers Research Topic(s): International topics JEL Code(s): F, F3

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.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Housing JEL Code(s): E, E2, E21, R, R3, R31

Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases

Staff Working Paper 2021-54 Xu Zhang
I propose a novel method to identify and estimate the macroeconomic effects of forward guidance and large-scale asset purchases (LSAP) for each FOMC announcement. I find that LSAP is more important than forward guidance in influencing output and inflation. LSAP puts upward pressure on short-term yields, so it should always be used in conjunction with forward guidance.
November 24, 2004

Bank of Canada Review - Autumn 2004

BoC Review - Autumn 2004

Cover page

Bus Transportation Tokens and Tickets

The pieces illustrated on the cover range in size from 12 mm to 38 mm in diameter or width. They form part of the National Currency Collection, Bank of Canada.

Photography by Gord Carter, Ottawa

Risk and State-Dependent Financial Frictions

Staff Working Paper 2022-37 Martin Harding, Rafael Wouters
Using a nonlinear New Keynesian model with a financial accelerator, we show that financial frictions generate large state-dependent amplification effects. Shocks propagate more strongly in periods of financial stress. We propose an endogenous regime-switching DSGE framework for efficient estimation and improved model fit.
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