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The Transmission of Shocks to the Chinese Economy in a Global Context: A Model-Based Approach
Bailliu, Jeannine; Blagrave, Patrick - Bank of Canada - 2010
To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...
Persistent link: https://www.econbiz.de/10008465967
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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
world have altered the transmission mechanism of international business cycles to Latin America. Evidence based on a Global … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … associated with a deceleration in China’s economic growth in the future for both Latin America and the rest of the world economy …
Persistent link: https://www.econbiz.de/10010849965
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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
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The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework
Paquet, Alain; Phaneuf, Louis; Rebei, Nooman - Bank of Canada - 2003
The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent...
Persistent link: https://www.econbiz.de/10005673325
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Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy
Rebei, Nooman - Bank of Canada - 2004
The author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada. He adopts a semi-structural vector autoregression framework. Restrictions are based on institutional interactions between some policy and non-policy instruments that mimic a...
Persistent link: https://www.econbiz.de/10005162386
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Credit Market Frictions and Sudden Stops
Imura, Yuko - Bank of Canada - 2014
Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows, improvements in trade balance, and large declines in output and total factor productivity (TFP). This paper develops a two-sector small open economy model wherein...
Persistent link: https://www.econbiz.de/10010960399
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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
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Dynamic Employment and Hours Effects of Government Spending Shocks
Yuan, M.; Li, W. - Bank of Canada - 1999
In this paper, we analyze the dynamic behaviour of employment and hours worked per worker in a stochastic general equilibrium model with a matching mechanism between vacancies and unemployed workers. The model is estimated for the United States using the Generalized Methods of Moments (GMM)...
Persistent link: https://www.econbiz.de/10005536853
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Commodities and Monetary Policy: Implications for Inflation and Price Level Targeting
Coletti, Donald; Lalonde, René; Masson, Paul; Muir, Dirk; … - Bank of Canada - 2012
We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices. We find that...
Persistent link: https://www.econbiz.de/10010552498
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International Spillovers of Large-Scale Asset Purchases
Alpanda, Sami; Kabaca, Serdar - Bank of Canada - 2015
-state share of long-term U.S. bond holdings increases in the rest-of-the-world portfolio, as the elasticity of substitution …
Persistent link: https://www.econbiz.de/10011126749