June 13, 2013 The Market for Collateral: The Potential Impact of Financial Regulation Financial System Review - June 2013 Jorge Cruz Lopez, Royce Mendes, Harri Vikstedt Content Type(s): Publications, Financial System Review articles
A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation Staff working paper 2020-50 Antonio Diez de los Rios We study the interaction between epidemics and economic decisions in a model that has silent transmission of the virus. We find that rational behaviour strongly diminishes the severity of the epidemic but worsens the economic recession. We also find that the detection and isolation of not only symptomatic individuals but also those who are infected and asymptomatic or mildly symptomatic can reduce the severity of the recession caused by the pandemic. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, H, H0, I, I1 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
Central Bank Digital Currency: Motivations and Implications Staff discussion paper 2017-16 Walter Engert, Ben Fung The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
June 22, 2011 Emerging from the Shadows: Market-Based Financing in Canada Financial System Review - June 2011 James Chapman, Lawrence L. Schembri, Stéphane Lavoie Content Type(s): Publications, Financial System Review articles
Production Networks and the Propagation of Commodity Price Shocks Staff working paper 2020-44 Shutao Cao, Wei Dong We examine the macro implications of commodity price shocks in a model with multiple production sectors that are interconnected within a commodity-exporting small open economy. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D5, D57, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness
Redistributive Effects of a Change in the Inflation Target Staff analytical note 2017-13 Robert Amano, Thomas J. Carter, Yaz Terajima In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E5, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting
The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings Staff working paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, G, G5, G51 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Real economy and forecasting
Occasionally Binding Constraints in Large Models: A Review of Solution Methods Staff discussion paper 2021-5 Jonathan Swarbrick Solving macroeconomic models is difficult. One challenge is the occasionally binding constraint of the zero lower bound on nominal interest rates. This paper reviews various ways to solve models that include this feature. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C6 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
August 4, 2010 Fellowship Award Annual research grants and expense allowances for a term of up to five years.
The Effect of Oil Price Shocks on Asset Markets: Evidence from Oil Inventory News Staff working paper 2020-8 Ron Alquist, Reinhard Ellwanger, Jianjian Jin We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, E, E4, E44, G, G1, G14, G15, Q, Q4, Q41, Q43 Research Theme(s): Financial markets and funds management, International markets and currencies, Market functioning, Monetary policy, Inflation dynamics and pressures