August 31, 2023
Posts
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August 29, 2023
CARR finalizes the allowed uses for Term CORRA
Today, the Canadian Alternative Reference Rate working group (CARR) finalized its guidance on the allowable use cases for Term CORRA. -
August 28, 2023
Debt Management Strategy Consultations – 2024-25
The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2024-25 and beyond. -
The Macroeconomic Effects of Debt Relief Policies During Recessions
A large-scale reduction in mortgage principal can strengthen a recovery, support house prices and lower foreclosures. The nature of the intervention shapes its impact, which rests on how resources are redistributed across households. The availability of bankruptcy on unsecured debt changes the response to large-scale mortgage relief by reducing precautionary savings. -
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August 25, 2023
Quarterly Financial Report - Second Quarter 2023
Quarterly Financial Report - Second Quarter 2023 - For the period ended June 30, 2023 -
Labour Supply and Firm Size
This paper documents a systematic pattern of how wages, hours and their relationship vary across firms of different sizes. Using a model with heterogeneous firms and workers, we show how the interplay between wages, hours and firm size affect worker sorting and inequality. -
International Economic Sanctions and Third-Country Effects
We study the transmission and third-country effects of international sanctions. A sanctioned country’s losses are mitigated, and the sanctioning country’s losses amplified, if a third country does not join the sanctions, but the third country benefits from not joining. -
Combining Large Numbers of Density Predictions with Bayesian Predictive Synthesis
I show how to combine large numbers of forecasts using several approaches within the framework of a Bayesian predictive synthesis. I find techniques that choose and combine a handful of forecasts, known as global-local shrinkage priors, perform best. -
A Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight
This paper studies exchange rate dynamics by incorporating bounded rationality, that is, limited foresight, in a small open-economy model. This behavior of limited foresight helps explain several observations and puzzles in the data of exchange rate movements.