Examining the Impact of Home Purchase Restrictions on China’s Housing Market Staff Working Paper 2021-18 Zhentong Lu, Sisi Zhang, Jian Hong How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11. Content Type(s): Staff research, Staff working papers Topic(s): Housing, Market structure and pricing JEL Code(s): O, O1, O18, R, R3, R31, R38
Trade and Market Power in Product and Labor Markets Staff Working Paper 2021-17 Gaelan MacKenzie Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Market structure and pricing, Productivity, Trade integration JEL Code(s): D, D4, D43, F, F1, F12, F6, J, L, L1, L13
April 6, 2021 CFIF Meeting (April 6, 2021) Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum
April 6, 2021 CORRA: Summary of errors detected after publication Access a summary of the impact of errors detected after publication of the Canadian Overnight Repo Rate Average (CORRA).
April 6, 2021 Bank of Canada to begin publishing CORRA Compounded Index As administrator of the Canadian Overnight Repo Rate Average (CORRA), the Bank of Canada (Bank) will begin publishing the CORRA Compounded Index effective April 6, 2021. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
April 5, 2021 Operational details for upcoming secondary market purchases of Government of Canada securities (April 12-23) As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP). Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program
April 5, 2021 Understanding how monetary policy works It takes time for our policy decisions to filter—or be transmitted—through the economy and financial system. Content Type(s): Explainers Topic(s): Monetary policy
How Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy Staff Working Paper 2021-16 Janet Hua Jiang, Daniela Puzzello, Cathy Zhang Standard monetary models adopt an infinite horizon with discounting. Testing these models in the lab requires implementing this horizon within a limited time frame. We compare three approaches to such an implementation and discuss their relative advantages. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Economic models, Inflation and prices JEL Code(s): C, C9, C92, D, D8, D83, E, E4, E40