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Improving Public Equity Markets? No Pain, No Gain

Kartashova, Katya - Bank of Canada - 2014

This paper quantifies the effects of improving public equity markets on macroeconomic aggregates and welfare. I use an open-economy extension of Angeletos (2007), where entrepreneurs face idiosyncratic productivity risk in privately held firms. They can diversify by investing in publicly traded...

Persistent link: https://www.econbiz.de/10010960401

A financial conditions index for the United States

Beaton, Kimberly; Lalonde, René; Luu, Corinne - 2009

activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by constructing … two growthbased financial conditions indexes (FCIs) that measure the contribution to quarterly (annualized) GDP growth … percentage points from quarterly annualized real GDP growth in the United States in 2008Q4 and 2009Q1 and should subtract another …

Persistent link: https://www.econbiz.de/10003933229

Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital

Atta-Mensah, Joseph - Bank of Canada - 2004

The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, rather than through standard forms of financing. The issue of this type of bond could provide an opportunity for...

Persistent link: https://www.econbiz.de/10005162471

Monetary Policy Transmission during Financial Crises: An Empirical Analysis

Dahlhaus, Tatjana - Bank of Canada - 2014

This paper studies the effects of a monetary policy expansion in the United States during times of high financial stress. The analysis is carried out by introducing a smooth transition factor model where the transition between states (“normal” and high financial stress) depends on a...

Persistent link: https://www.econbiz.de/10010849951

Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults

Pesaran, M. Hashem; Xu, TengTeng - Bank of Canada - 2013

volatility, and to study the impact of credit shocks on business cycle dynamics. Firms are identical ex ante but differ ex post …

Persistent link: https://www.econbiz.de/10010849962

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Alpanda, Sami; Cateau, Gino; Meh, Césaire - Bank of Canada - 2014

We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...

Persistent link: https://www.econbiz.de/10010849963

Securitization under Asymmetric Information over the Business Cycle

Kuncl, Martin - Bank of Canada - 2015

This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly...

Persistent link: https://www.econbiz.de/10011170163

A Financial Conditions Index for the United States

Beaton, Kimberly; Lalonde, René; Luu, Corinne - Bank of Canada - 2009

economic activity. The authors estimate the effect of current and past shocks to financial variables on U.S. GDP growth by … constructing two growthbased financial conditions indexes (FCIs) that measure the contribution to quarterly (annualized) GDP growth … percentage points from quarterly annualized real GDP growth in the United States in 2008Q4 and 2009Q1 and should subtract another …

Persistent link: https://www.econbiz.de/10005017308

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

Corporate Balance Sheets in Developed Economies: Implications for Investment

Côté, Denise; Graham, Christopher - Bank of Canada - 2007

-correction model that controls for the opportunity cost of capital and output growth, the authors test the above hypotheses using a … financial position of non-financial corporations has a statistically significant impact on aggregate business investment growth …

Persistent link: https://www.econbiz.de/10005162459