1.
This report provides a detailed technical description of an updated version of the Terms-of-Trade Economic Model (ToTEM II), which replaced ToTEM (Murchison and Rennison [...]
2013 | Text | Technical Report - Rapport technique |
2.
Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH – (UXH)2 = 0 is [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
3.
Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various ty[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
4.
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 |
5.
This paper calibrates a class of jump-diffusion long-run risks (LRR) models to quantify how well they can jointly explain the equity risk premium and the variance risk pr[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
6.
We conduct experiments with human subjects in a model with a positive production externality in which productivity is a non-decreasing function of the average level of em[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
7.
We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies in the United States. Comparing the equilibrium hou[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
8.
This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and volatility, and to study the impact of credit shocks on b[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
9.
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
10.
The authors study the implications of fiscal policy behaviour for sovereign risk in a framework that determines a country’s fiscal limit, the point at which, for economic[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |