Search

Content Types

Topics

JEL Codes

Locations

Departments

Authors

Sources

Statuses

Published After

Published Before

280 Results

The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus

Staff Discussion Paper 2010-1 Carlos De Resende, René Lalonde, Stephen Snudden
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and international linkages.

Estimating DSGE-Model-Consistent Trends for Use in Forecasting

The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format.

Optimal Monetary Policy during Endogenous Housing-Market Boom-Bust Cycles

Staff Working Paper 2009-32 Hajime Tomura
This paper uses a small-open economy model for the Canadian economy to examine the optimal Taylor-type monetary policy rule that stabilizes output and inflation in an environment where endogenous boom-bust cycles in house prices can occur.

Risk Premium Shocks and the Zero Bound on Nominal Interest Rates

Staff Working Paper 2009-27 Robert Amano, Malik Shukayev
There appears to be a disconnect between the importance of the zero bound on nominal interest rates in the real-world and predictions from quantitative DSGE models. Recent economic events have reinforced the relevance of the zero bound for monetary policy whereas quantitative models suggest that the zero bound does not constrain (optimal) monetary policy.
Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52

Consumption, Housing Collateral, and the Canadian Business Cycle

Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle.

Resurrecting the Role of Real Money Balance Effects

Staff Working Paper 2009-24 José Dorich
I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the early postwar period.

Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

Real Effects of Price Stability with Endogenous Nominal Indexation

Staff Working Paper 2009-16 Césaire Meh, Vincenzo Quadrini, Yaz Terajima
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997).
Go To Page