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Zhang, Xu - 2021 - Last updated: June 21, 2021

Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...

Persistent link: https://www.econbiz.de/10012546138

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 … 2020 workshop, "Towards the 2021 Renewal of the Bank of Canada's Monetary Policy Framework." The Bank will publish updated …

Persistent link: https://www.econbiz.de/10012613645

An overview of the indigenous economy in Canada

Chernoff, Alex; Cheung, Calista - 2023

Attempts to measure aspects of the Indigenous economy in Canada are limited by data availability and quality. Drawing … on the most recent data sources and research, we provide an overview of the Indigenous economy in Canada. This includes a …

Persistent link: https://www.econbiz.de/10014392968

A horse race of alternative monetary policy regimes under bounded rationality

Wagner, Joel; Schlanger, Tudor; Zhang, Yang - 2022

match Canadian macroeconomic data since Canada's adoption of inflation targeting. We use the model to provide a quantitative …

Persistent link: https://www.econbiz.de/10013161512

Risk and state-dependent financial frictions

Harding, Martín; Wouters, Rafael - 2022 - Last updated: August 9, 2022

We augment a standard New Keynesian model with a financial accelerator mechanism and show that financial frictions generate large state-dependent amplification effects. We fit the model to US data and show that, when shocks drive the model far away from the steady state, the nonlinear model...

Persistent link: https://www.econbiz.de/10013335014

The role of international financial integration in monetary policy transmission

Wu, Jing Cynthia; Xie, Yinxi; Zhang, Ji - 2024 - Last updated: February 6, 2024

Motivated by empirical evidence, we propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We find financial integration features an amplification for a domestic monetary policy shock and a negative spillover...

Persistent link: https://www.econbiz.de/10014475379

How do households respond to expected inflation? : an investigation of transmission mechanisms

Jiang, Janet Hua; Kamdar, Rupal; Lu, Kelin; Puzzello, … - 2024 - Last updated: November 8, 2024

We disentangle the channels through which inflation expectations affect household spending. We conduct a survey featuring hypothetical scenarios that generate a controlled increase in inflation expectations. For 74% of households, current spending is unresponsive, typically due to fixed budget...

Persistent link: https://www.econbiz.de/10015100812

Forward guidance and expectation formation : a narrative approach

Sutherland, Christopher S. - 2020 - Last updated: September 28, 2020

How forward guidance influences expectations is not yet fully understood. To study this issue, I construct central bank data that includes forward guidance and its attributes, central bank projections, and quantitative easing, which I combine with survey data. I find that, in response to a...

Persistent link: https://www.econbiz.de/10012291197

Quantitative easing as a policy tool under the effective lower bound

Reza, Abeer; Santor, Eric; Suchanek, Lena - 2015

This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank's balance sheet through...

Persistent link: https://www.econbiz.de/10011384133

The bank of Canada and the modern view of central banking

Lavoie, Marc; Seccareccia, Mario - In: International journal of political economy : a journal … 35 (2006/07) 1, pp. 44-61

Persistent link: https://www.econbiz.de/10003497455