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Financial Development and the Volatility of Income

Pinheiro, Tiago; Rivadeneyra, Francisco; Teignier, Marc - Bank of Canada - 2013

financial sector. The financial sector can amplify or dampen the volatility of income by increasing or reducing the business … cycle effects of technological shocks. We find a non-monotonic relationship between the volatility of income and financial … however the volatility can rise or fall depending on the degree of financial development. …

Persistent link: https://www.econbiz.de/10010604775

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

On Fiscal Multipliers: Estimates from a Medium Scale DSGE Model

Zubairy, Sarah - Bank of Canada - 2010

This paper contributes to the debate on fiscal multipliers, in the context of a structural model. I estimate a micro-founded dynamic stochastic general equilibrium model, that features a rich fiscal policy block and a transmission mechanism for government spending shocks, using Bayesian...

Persistent link: https://www.econbiz.de/10008740311

Learning-by-Doing or Habit Formation?

Bouakez, Hafedh; Kano, Takashi - Bank of Canada - 2005

In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity. They show that this feature magnifies the propagation of shocks and improves the...

Persistent link: https://www.econbiz.de/10005808331

Intertemporal Substitution in Macroeconomics: Evidence from a Two-Dimensional Labour Supply Model with Money

Dib, Ali; Phaneuf, Louis - Bank of Canada - 2005

The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data. The authors show that a two-dimensional labour supply model, adapted to an environment with money as originally proposed by Lucas and Rapping (1969)...

Persistent link: https://www.econbiz.de/10005162401