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The doug purvis memorial lecture : monetary/fiscal policy mix and financial stability : the medium term is still the message
Poloz, Stephen S. - 2016
Financial stability risks have become topical in the wake of the global financial crisis and the subsequent extended period of very low interest rates. This paper investigates the significance of the mix of monetary and fiscal policies for financial stability through counterfactual simulations...
Persistent link: https://www.econbiz.de/10011483812
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What explains month-end funding pressure in Canada?
Sutherland, Christopher S. - 2017
the overnight repo rate and Bank of Canada liquidity provision tend to rise in these windows. This paper proposes three … frictions. Market participants place a premium on liquidity around month-end periods because of the confluence of a generalized … liquidity preference, heightened month-end forecast uncertainty, and resultant search frictions in the repo market. Second, this …
Persistent link: https://www.econbiz.de/10011661122
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Strengthening inflation targeting: review and renewal processes in Canada and other advanced jurisdictions
Amano, Robert A.; Carter, Thomas J.; Schembri, Lawrence - 2020
A growing number of advanced economies with monetary policy frameworks that involve inflation targeting have adopted formal processes of review and renewal. These allow policy-makers and other stakeholders to assess the current framework's performance to date, explore the merits of potential...
Persistent link: https://www.econbiz.de/10012257021
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The Bank of Canada's "horse race" of alternative monetary policy frameworks: some interim results from model simulations
Dorich, José; Mendes, Rhys; Zhang, Yang - 2021
Since 1991, the Bank of Canada has had an inflation‐targeting (IT) framework established by a joint agreement between the Bank and the Government of Canada. The framework is reviewed every five years as part of the process for renewing the inflation‐control agreement. This discussion paper...
Persistent link: https://www.econbiz.de/10012613645
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Power of many : assessing the economic impact of the global fiscal stimulus
De Resende, Carlos; Lalonde, René; Snudden, Stephen - 2010
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...
Persistent link: https://www.econbiz.de/10003933262
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Interaction of macroprudential and monetary policies : practice ahead of theory
Duprey, Thibaut; Terajima, Yaz; Yang, Jing - 2024
This paper examines how monetary and macroprudential policies interact and possibly complement each other in achieving their respective price and financial stability objectives. We first review the Canadian experience of housing market cycles and highlight the need to coordinate the two sets of...
Persistent link: https://www.econbiz.de/10015163673
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The optimal level of the inflation target : a selective review of the literature and outstanding issues
Kryvtsov, Oleksiy; Mendes, Rhys R. - 2015
Bank of Canada research done prior to the most recent renewal of the inflation-control agreement in 2011 concluded that the benefits associated with a target below 2 per cent were insufficient to justify the increased risk of being constrained by the zero lower bound (ZLB) on nominal interest...
Persistent link: https://www.econbiz.de/10011341760
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A comprehensive evaluation of measures of core inflation for Canada
Khan, Mikael; Morel, Louis; Sabourin, Patrick - 2015
This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter...
Persistent link: https://www.econbiz.de/10011373736
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Leaning within a flexible inflation-targeting framework : review of costs and benefits
Gorea, Denis; Kryvtsov, Oleksiy; Takamura, Tamon - 2016
This note examines the merits of monetary policy adjustments in response to financial stability concerns, taking into account changes in the state of knowledge since the renewal of the inflation-targeting agreement in 2011. A key financial system vulnerability in Canada is elevated household...
Persistent link: https://www.econbiz.de/10011530245
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The power of helicopter money revisited : a new Keynesian perspective
Carter, Thomas J.; Mendes, Rhys R. - 2020
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...
Persistent link: https://www.econbiz.de/10012159954