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2126 Results

Global Demand and Supply Sentiment: Evidence from Earnings Calls

Staff working paper 2023-37 Temel Taskin, Franz Ulrich Ruch
This paper quantifies global demand, supply and uncertainty shocks and compares two major global recessions: the 2008–09 Great Recession and the COVID-19 pandemic. We use two alternate approaches to decompose economic shocks: text mining techniques on earnings calls transcripts and a structural Bayesian vector autoregression model.
April 7, 2009

Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts

Many central banks around the world have embraced inflation targeting as a monetary policy framework. Interest is growing, however, in price-level targeting as an alternative. The choice of frameworks has important consequences for financial contracts, most of which are not fully indexed to the price level. Changes in the price level therefore lead to changes in the real value of contracts.
May 16, 2013

Unconventional Monetary Policies: Evolving Practices, Their Effects and Potential Costs

Following the recent financial crisis, major central banks have introduced several types of unconventional monetary policy measures, including liquidity and credit facilities, asset purchases and forward guidance. To date, these measures appear to have been successful. They restored market functioning, facilitated the transmission of monetary policy and supported economic activity. They have potential costs, however, including challenges related to the greatly expanded balance sheets of central banks and the eventual exit from these measures, as well as the vulnerabilities that can arise from prolonged monetary accommodation.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E5, E52, E58, E6, E65

Limiting Sender’s Information in Bayesian Persuasion

Staff working paper 2019-10 Shota Ichihashi
This paper studies how the outcome of Bayesian persuasion depends on a sender’s information. I study a game in which, prior to the sender’s information disclosure, the designer can restrict the most informative signal that the sender can generate.

Systemic Risk and Collateral Adequacy

Staff working paper 2019-23 Radoslav Raykov
Many derivatives markets use collateral requirements calculated with industry-standard but dated methods that are not designed with systemic risk in mind. This paper explores whether the conservative nature of conventional collateral requirements outweighs their lack of consideration of systemic risk.

Are Working Hours Complements in Production?

Staff working paper 2022-47 Lin Shao, Faisal Sohail, Emircan Yurdagul
Using Canadian matched employer-employee data, we show that working hours of different workers are gross complements in production rather than perfect substitutes, as is typically assumed by macroeconomic models of production.
August 4, 2010

Governor's Award

Annual research grants for a term of up to two years.

Understanding Post-COVID Inflation Dynamics

Staff working paper 2022-50 Martin Harding, Jesper Lindé, Mathias Trabandt
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. Our model can generate more sizable inflation surges due to cost-push and demand shocks than a standard linearized model when inflation is high.
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