This note characterises the evolution of Chile's public debt, and discusses its implications for the management of the country's monetary policy. Historically, the main issuer of public debt in Chile was the central bank. The government, in turn, has recently started to engage in a more active...

We document significant US monetary policy spillovers to domestic bond markets in a sample of 24 countries, including 12 developed and 12 emerging market economies. We rely on an event study methodology where US monetary policy changes are identified as the response of short-term US treasury...

International financial integration and a high co-movement in risk premia have caused long-term interest rates in developing countries to become highly correlated with long-term interest rates in the main financial centres. Arguably, this reveals a limit to monetary policy independence. We...

We document significant US monetary policy (MP) spillovers to international bond markets. Our methodology identifies US MP shocks as the change in short-term treasury yields within a narrow window around FOMC meetings, and traces their effects on international bond yields using panel...

This article examines the expenditure commitments, individually and in aggregate, from the Liberal Party of Canada in the 43rd Canadian federal election in October 2019. The authors articulate which proposed policies are relatively efficient in their design ex ante, which could be adjusted to...

Canada's inflation rate rose from 3.1 percent in June 2021 to 8.1 percent one year later. What is behind this rapid surge? And will higher interest rates ease the pressure? We explore these questions with a detailed analysis of recently rising inflation. We find a few items dominate, especially...

The Bank of Canada is responding to high inflation by increasing its policy interest rate. With the Bank having recently expanded its balance sheet by buying government bonds and increasing its liabilities to financial institutions, higher policy rates have immediate implications for the Bank of...