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Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization

Côté, Denise; Graham, Christopher - Bank of Canada - 2004

path to Economic and Monetary Union (EMU), and assess how these policies, including the introduction of the common currency … evidence that increased harmonization of monetary and fiscal policies on the path to EMU contributed greatly to the convergence … consists of other European Union (EU) countries not included in EMU (Denmark, Sweden, and the United Kingdom), and the second …

Persistent link: https://www.econbiz.de/10005162403

Real effects of price stability with endogenous nominal indexation

Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009

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). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...

Persistent link: https://www.econbiz.de/10003852858

Resurrecting the role of real money balance effects

Dorich, José - 2009

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...

Persistent link: https://www.econbiz.de/10003933293

Household Risk Management and Actual Mortgage Choice in the Euro Area

Ehrmann, Michael; Ziegelmeyer, Michael - Bank of Canada - 2014

Mortgages constitute the largest part of household debt. An essential choice when taking out a mortgage is between fixed-interest-rate mortgages (FRMs) and adjustable-interest-rate mortgages (ARMs). However, so far, no comprehensive cross-country study has analyzed what determines household...

Persistent link: https://www.econbiz.de/10010762046

Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns

Aizenman, Joshua; Pasricha, Gurnain - Bank of Canada - 2013

In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may...

Persistent link: https://www.econbiz.de/10010849944

The Neutral Rate of Interest in Canada

Mendes, Rhys R. - Bank of Canada - 2014

A measure of the neutral policy interest rate can be used to gauge the stance of monetary policy. We define the neutral rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects of all cyclical shocks have dissipated. This is a...

Persistent link: https://www.econbiz.de/10010960403

Money Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions

Porter, Nathan; Xu, TengTeng - Bank of Canada - 2013

Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China’s gradual process of interest rate liberalization. This paper investigates the main...

Persistent link: https://www.econbiz.de/10010670841

The Zero Bound on Nominal Interest Rates: Implications for the Optimal Monetary Policy in Canada

Lavoie, Claude; Pioro, Hope - Bank of Canada - 2007

The authors assess the performance of the Canadian economy under a variety of interest rate rules when the zero bound on nominal interest rates can bind. Their assessment is based on numerical simulations of a dynamic stochastic general-equilibrium model in a stochastic environment. Consistent...

Persistent link: https://www.econbiz.de/10005162377

The Canadian Macroeconomy and the Yield Curve: An Equilibrium-Based Approach

Garcia, René; Luger, Richard - Bank of Canada - 2005

The authors develop and estimate an equilibrium-based model of the Canadian term structure of interest rates. The proposed model incorporates a vector-autoregression description of key macroeconomic dynamics and links them to those of the term structure, where identifying restrictions are based...

Persistent link: https://www.econbiz.de/10005673296

The Impact of U.S. Monetary Policy Normalization on Capital Flows to Emerging-Market Economies

Dahlhaus, Tatjana; Vasishtha, Garima - Bank of Canada - 2014

The Federal Reserve’s path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs). This paper examines the potential impact of U.S. monetary policy normalization on portfolio flows...

Persistent link: https://www.econbiz.de/10011094223

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