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Consumption, Housing Collateral, and the Canadian Business Cycle
Christensen, Ian; Corrigan, Paul; Mendicino, Caterina; … - Bank of Canada - 2009
correlation between consumption and house prices. Finally we find that housing collateral induced spillovers account for a large … share of consumption growth during the housing market boom-bust cycle of the late 1980s. …
Persistent link: https://www.econbiz.de/10008566348
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Un modèle « PAC » d'analyse et de prévision des dépense des ménages américains
Gosselin, Marc-André; Lalonde, René - Bank of Canada - 2003
Traditional structural models cannot distinguish whether changes in activity are a function of altered expectations today or lagged responses to past plans. Polynomial-adjustment-cost (PAC) models remove this ambiguity by explicitly separating observed dynamic behaviour into movements that have...
Persistent link: https://www.econbiz.de/10005808324
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The Propagation of U.S. Shocks to Canada: Understanding the Role of Real-Financial Linkages
Beaton, Kimberly; Lalonde, René; Snudden, Stephen - Bank of Canada - 2010
This paper examines the transmission of U.S. real and financial shocks to Canada and, in particular, the role of financial frictions in affecting the transmission of these shocks. These questions are addressed within the Bank of Canada's Global Economy Model (de Resende et al. forthcoming), a...
Persistent link: https://www.econbiz.de/10008765826
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Real Effects of Price Stability with Endogenous Nominal Indexation
Meh, Césaire; Quadrini, Vincenzo; Terajima, Yaz - Bank of Canada - 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/10004999118
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Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting
Meh, Césaire A.; Rios-Rull, José-Victor; Terajima, Yaz - Bank of Canada - 2008
Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth - between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...
Persistent link: https://www.econbiz.de/10005673256
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Housework and Fiscal Expansions
Gnocchi, Stefano; Hauser, Daniela; Pappa, Evi - Bank of Canada - 2014
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 calibrated on the empirically relevant range, consumption … relevance of consumption-hours complementarity for fiscal multipliers. However, we also find that explicitly modeling the home …
Persistent link: https://www.econbiz.de/10010885042
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On the Importance of Sales for Aggregate Price Flexibility
Kryvtsov, Oleksiy; Vincent, Nicolas - Bank of Canada - 2014
much smaller response of real consumption to monetary shocks. …
Persistent link: https://www.econbiz.de/10010960391
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Price-Level Targeting and Inflation Expectations: Experimental Evidence
Amano, Robert; Engle-Warnick, Jim; Shukayev, Malik - Bank of Canada - 2011
In this paper, we use an economics decision-making experiment to test a key assumption underpinning the efficacy of price-level targeting relative to inflation targeting for business cycle stabilization and mitigating the effects of the zero lower bound on nominal interest rates. In particular,...
Persistent link: https://www.econbiz.de/10009326655
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On Inflation and the Persistence of Shocks to Output
Luger, Richard; Kichian, Maral - Bank of Canada - 2001
This paper empirically investigates the possibility that the effects of shocks to output depend on the level of inflation. The analysis extends Elwood’s (1998) framework by incorporating in the model an inflation-threshold process that can potentially influence the stochastic properties of...
Persistent link: https://www.econbiz.de/10005808321
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Resurrecting the Role of Real Money Balance Effects
Dorich, José - Bank of Canada - 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/10005042251