Dorich, José; Mendes, Rhys R.; Zhang, Yang - In: Bank of Canada Review 2011 (2011) Summer, pp. 3-10
This article describes changes to the structure of ToTEM—the Bank of Canada’s main model for projection and policy analysis—that allow an independent role for long-term interest rates, as well as for the risk spreads that lead to differences in the interest rates faced by households, firms...