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Credit Market Frictions and Sudden Stops
Imura, Yuko - Bank of Canada - 2014
-sector small open economy model wherein heterogeneous firms face collateralized credit constraints for investment loans. The model … borrowing constraints lead firms to reduce investment and production, which in turn results in some firms holding capital stock …
Persistent link: https://www.econbiz.de/10010960399
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Globalization and Inflation: The Role of China
Côté, Denise; Resende, Carlos de - Bank of Canada - 2008
In this paper, we develop a theoretical model which identifies four channels-import prices, competition with domestic suppliers and workers, and commodity prices-through which priceand wage-setting conditions in country j may affect inflation in country i. We estimate a dynamic inflation...
Persistent link: https://www.econbiz.de/10005808328
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Corporate Balance Sheets in Developed Economies: Implications for Investment
Côté, Denise; Graham, Christopher - Bank of Canada - 2007
material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of … corporate financing i.e., bank-based or market-oriented financing structures. Based on a dynamic business investment error … financial position of non-financial corporations has a statistically significant impact on aggregate business investment growth …
Persistent link: https://www.econbiz.de/10005162459
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Monetary Policy Transmission during Financial Crises: An Empirical Analysis
Dahlhaus, Tatjana - Bank of Canada - 2014
, consumption, and investment than it has during “normal” times. Differences in effects among the regimes seem to originate from non …
Persistent link: https://www.econbiz.de/10010849951
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China’s Emergence in the World Economy and Business Cycles in Latin America
Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - Bank of Canada - 2012
The international business cycle is very important for Latin America’s economic performance as the recent global crisis vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission mechanism of...
Persistent link: https://www.econbiz.de/10010849965
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A New Approach to Infer Changes in the Synchronization of Business Cycle Phases
Leiva-Leon, Danilo - Bank of Canada - 2014
This paper proposes a Markov-switching framework to endogenously identify the following: (1) regimes where economies synchronously enter recessionary and expansionary phases; and (2) regimes where economies are unsynchronized, essentially following independent business cycles. The reliability of...
Persistent link: https://www.econbiz.de/10010960396
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Real-Time Nowcasting of Nominal GDP Under Structural Breaks
Barnett, William A.; Chauvet, Marcelle; Leiva-Leon, Danilo - Bank of Canada - 2014
This paper provides a framework for the early assessment of current U.S. nominal GDP growth, which has been considered a potential new monetary policy target. The nowcasts are computed using the exact amount of information that policy-makers have available at the time predictions are made....
Persistent link: https://www.econbiz.de/10010960400
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Une approche éclectique d'estimation du PIB potentiel américain
Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005673330
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Salaire réel, chocs technologiques et fluctuations économiques
Tremblay, Dominique - Bank of Canada - 2002
The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock. He replicates Galí’s (1999) bivariate model and compares dynamic impulse responses and conditional correlations...
Persistent link: https://www.econbiz.de/10005673345
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Un modèle « PAC » d'analyse et de prévision des dépense des ménages américains
Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2003
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have...
Persistent link: https://www.econbiz.de/10005808324