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ToTEM II: An Updated Version of the Bank of Canada’s Quarterly Projection Model
Dorich, José; Johnston, Michael K.; Mendes, Rhys R.; … - Bank of Canada - 2013
This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison 2006) in June 2011 as the Bank of Canada’s quarterly projection model for Canada. ToTEM has been improved along a number of...
Persistent link: https://www.econbiz.de/10010849975
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ToTEM: The Bank of Canada's New Quarterly Projection Model
Murchison, Stephen; Rennison, Andrew - Bank of Canada - 2006
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy. ToTEM is an open-economy, dynamic...
Persistent link: https://www.econbiz.de/10005162371
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Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence
Bouakez, Hafedh - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005808283
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Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets
Osakwe, Patrick N. - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005226956
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The Sensitivity of Producer Prices to Exchange Rates: Insights from Micro Data
Cao, Shutao; Dong, Wei; Tomlin, Ben - Bank of Canada - 2012
This paper studies the sensitivity of Canadian producer prices to the Canada-U.S. exchange rate. Using a unique product-level price data set, we estimate and analyze the impact of movements in the exchange rate on both domestic and export producer prices. First, we find that both domestic and...
Persistent link: https://www.econbiz.de/10010559416
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Real Effects of Collapsing Exchange Rate Regimes: An Application to Mexico
Osakwe, Patrick; Schembri, Lawrence - Bank of Canada - 1999
This paper examines the impact of a collapsing exchange rate regime on output in an open economy in which shocks to capital flows and exports predominate. A sticky-price rational expectations model is used to compare the variability of output under the collapsing regime to that under alternative...
Persistent link: https://www.econbiz.de/10005673255
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Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?
Friedrich, Christian - Bank of Canada - 2014
Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global … financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected … today - was initially observed in 2012, when inflation rates in advanced countries were weakening rapidly despite the …
Persistent link: https://www.econbiz.de/10010885041
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Uncertain Fiscal Consolidations
Bi, Huixin; Leeper, Eric M.; Leith, Campbell - Bank of Canada - 2013
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...
Persistent link: https://www.econbiz.de/10010849954
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Housing and Tax Policy
Alpanda, Sami; Zubairy, Sarah - Bank of Canada - 2013
In this paper, we investigate the effects of housing-related tax policy measures on macroeconomic aggregates using a dynamic general-equilibrium model. The model features borrowing and lending across heterogeneous households, financial frictions in the form of collateral constraints tied to...
Persistent link: https://www.econbiz.de/10010849964
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Housework and Fiscal Expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi - Bank of Canada - 2014
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. We show that if substitutability between home and market goods is...
Persistent link: https://www.econbiz.de/10010885042