June 23, 2005 Understanding the Benefits and Risks of Synthetic Collateralized Debt Obligations Financial System Review - June 2005 Jim Armstrong, John Kiff Content Type(s): Publications, Financial System Review articles
What to Target? Insights from a Lab Experiment Staff working paper 2021-53 Isabelle Salle In a laboratory experiment, we ask participants to predict inflation using three different policy regimes: inflation targeting—with and without greater communication of the target—average inflation targeting and price level targeting. We use participants’ predictions to compare the level and stability of inflation under each regime. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C9, C92, E, E3, E31, E5, E52, E7 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Monetary policy tools and implementation
December 23, 2005 The Use of Microdata to Assess Risks in the Non-Financial Corporate Sector Financial System Review - December 2005 Meyer Aaron, Dylan Hogg Content Type(s): Publications, Financial System Review articles
May 13, 2004 Business Outlook Survey - Spring 2004 Businesses’ expectations for the pace of economic activity over the next 12 months remain positive, although somewhat less so than in the winter survey.Supplemental questions on the appreciation of the Canadian dollar - April 2004Supplemental questions on the appreciation of the Canadian dollar - February 2004 Content Type(s): Publications, Business Outlook Survey
September 18, 2017 How Canada’s International Trade is Changing with the Times Remarks Timothy Lane Saskatoon Regional Economic Development Authority Saskatoon, Saskatchewan Deputy Governor Timothy Lane discusses the changing nature of international trade and the factors that are propelling it. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth
Producer Heterogeneity, Value-Added, and International Trade Staff working paper 2016-54 Patrick Alexander Standard new trade models depict producers as heterogeneous in total factor productivity. In this paper, I adapt the Eaton and Kortum (2002) model of international trade to incorporate tradable intermediate goods and producer heterogeneity in value-added productivity. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F12, F14 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
Assessing the effects of higher immigration on the Canadian economy and inflation Staff analytical note 2023-17 Julien Champagne, Erik Ens, Xing Guo, Olena Kostyshyna, Alexander Lam, Corinne Luu, Sarah Miller, Patrick Sabourin, Joshua Slive, Temel Taskin, Jaime Trujillo, Shu Lin Wee We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth. Content Type(s): Staff research, Staff analytical notes JEL Code(s): A, A1, A10, E, E2, E20, E3, E31, J, J1, J11, J15 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
Time-Consistent Management of a Liquidity Trap with Government Debt Staff working paper 2018-38 Dmitry Matveev This paper studies optimal discretionary monetary and fiscal policy when the lower bound on nominal interest rates is occasionally binding in a model with nominal rigidities and long-term government debt. At the lower bound it is optimal for the government to temporarily reduce debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, E6, E62, E63 Research Theme(s): Financial system, Financial system regulation and oversight, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
Making It Real: Bringing Research Models into Central Bank Projections Staff discussion paper 2023-29 Marc-André Gosselin, Sharon Kozicki Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model Staff working paper 2018-11 Stefan Hohberger, Romanos Priftis, Lukas Vogel This paper estimates an open-economy dynamic stochastic general equilibrium model with Bayesian techniques to analyse the macroeconomic effects of the European Central Bank’s (ECB’s) quantitative easing (QE) programme. Using data on government debt stocks and yields across maturities, we identify the parameter governing portfolio adjustment in the private sector. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation