Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach Staff working paper 2016-55 Serdar Kabaca This paper studies the effects of quantitative easing (QE) in a small open economy dynamic stochastic general-equilibrium model with international portfolio balancing. Portfolios are classified as imperfectly substitutable short-term and long-term subportfolios, each including domestic and foreign bonds. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation, Structural challenges, International trade, finance and competitiveness
On the Evolution of Multiple Jobholding in Canada Staff working paper 2019-49 Olena Kostyshyna, Etienne Lalé The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J60 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Markov‐Switching Three‐Pass Regression Filter Staff working paper 2017-13 Pierre Guérin, Danilo Leiva-Leon, Massimiliano Marcellino We introduce a new approach for the estimation of high-dimensional factor models with regime-switching factor loadings by extending the linear three-pass regression filter to settings where parameters can vary according to Markov processes. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C22, C23, C5, C53 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
Non-Performing Loans, Fiscal Costs and Credit Expansion in China Staff working paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E6, E62 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Models and tools, Economic models, Monetary policy, 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
Unregulated Lending, Mortgage Regulations and Monetary Policy Staff working paper 2022-28 Ugochi Emenogu, Brian Peterson This paper evaluates the effectiveness of macroprudential policies when regulations are uneven across mortgage lender types. We look at credit tightening that results from macroprudential regulations and examine how much of it is counteracted by credit shifting to unregulated lenders. We also study the impact of monetary policy tightening when some lenders are unregulated. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E50, E52, E58, G, G2, G21, G23, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial system regulation and oversight, Household and business credit
March 12, 2012 Promoting Growth, Mitigating Cycles and Inequality: The Role of Price and Financial Stability Remarks Tiff Macklem Brazil-Canada Chamber of Commerce São Paulo, Brazil Senior Deputy Governor Tiff Macklem discusses how price and financial stability help promote growth and mitigate economic cycles and inequality. Content Type(s): Press, Speeches and appearances, Remarks
August 4, 2010 Fellowship Award Annual research grants and expense allowances for a term of up to five years.
Canadian Financial Stress and Macroeconomic Conditions Staff discussion paper 2020-4 Thibaut Duprey Severe disruptions in the financial markets, as observed during the 2008 global financial crisis or the COVID-19 pandemic, can impair the stability of the entire financial system and worsen macroeconomic downturns. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, E, E4, E44, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Real economy and forecasting
An Empirical Analysis of Bill Payment Choices Staff working paper 2021-23 Anneke Kosse How do Canadians pay their bills? 2019 survey data collected from over 4,000 Canadian consumers show how people’s bill payment choices vary with consumer characteristics and types of bills. The data also reveal that many consumers feel limited in their choices, which suggests that preferences of billers might play an important role as well. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D9, G, G2 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Retail payments