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This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage deb[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper examines the relationship between house prices and consumption, through the use of debt. Using unique Canadian household-level data that reports the uses of de[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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3.
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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 thes[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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4.
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From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured a[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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5.
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Using an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961–2008 for the [...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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6.
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This article investigates the stability of Okun's law for Canada and the United States using a time varying parameter approach. Time variation is modeled as driftless ran[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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7.
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Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identifie[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of thi[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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9.
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This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rise[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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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 &a[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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