Search

Content Types

Subjects

Authors

Research Themes

JEL Codes

Sources

Published After

Published Before

2170 Results

House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

Staff working paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.

The Neutral Rate in Canada: 2018 Estimates

Staff analytical note 2018-22 Xin Scott Chen, José Dorich
The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate.

Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor Markets

Staff working paper 2016-36 Tomiyuki Kitamura, Tamon Takamura
In a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to generate positive output comovement.

Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program

Staff working paper 2024-34 Antonio Diez de los Rios
Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

The Dynamics of Capital Flow Episodes

Staff working paper 2016-9 Christian Friedrich, Pierre Guérin
This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific assumptions.

Government Corruption and Foreign Direct Investment Under the Threat of Expropriation

Staff working paper 2016-13 Christopher Hajzler, Jonathan Rosborough
Foreign investment is often constrained by two forms of political risk: expropriation and corruption. We examine the role of government corruption in foreign direct investment (FDI) when contracts are not fully transparent and investors face the threat of expropriation.

Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification

Staff working paper 2022-24 Pablo Ottonello, Wenting Song
We provide empirical evidence of effects to the aggregate economy from surprises about financial intermediaries’ net worth based on a high-frequency identification strategy. We estimate that news of a 1% decline in intermediaries’ net worth leads to a 0.2%–0.4% decrease in the market value of nonfinancial firms.

Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada

Staff discussion paper 2018-18 Thomas J. Carter, Rhys R. Mendes, Lawrence L. Schembri
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks.
Go To Page