Arbeitspapier
The Paul Storer Memorial Lecture - Cross-Border Trade Integration and Monetary Policy
In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously. The paper then discusses several channels by which increased integration might affect macroeconomic models. We introduce modifications to the Bank of Canada's main policy model, ToTEM, to capture some of the impacts of integration suggested in the literature and generate stochastic simulations to compare versions of the model with low and high integration. The main conclusion is that increased integration may make it more challenging for central banks to control inflation, in the sense that doing so will require more variability in interest rates, exchange rates and the output gap.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Staff Discussion Paper ; No. 2016-20
- Klassifikation
-
Wirtschaft
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Open Economy Macroeconomics
- Thema
-
Economic Models
Monetary Policy
Trade Integration
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Poloz, Stephen S.
Storer, Paul A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2016
- DOI
-
doi:10.34989/sdp-2016-20
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Poloz, Stephen S.
- Storer, Paul A.
- Bank of Canada
Entstanden
- 2016
Ähnliche Objekte (12)
Cross-border mergers and hollowing-out
Implementing cross-border interbank lending in BoC-GEM-FIN
International banking and cross-border effects of regulation: Lessons from Canada
Monetary policy and cross-border interbank market fragmentation: Lessons from the crisis
The Doug Purvis Memorial Lecture - Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message
Cross-border bank flows and monetary policy: Implications for Canada
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
The carry trade, portfolio diversification, and the adjustment of the Japanese yen
Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Jump-diffusion long-run risks models, variance risk premium and volatility dynamics
Liquidity transformation and bank capital requirements
The causal impact of migration on US trade: Evidence from political refugees
Cross-border mergers and hollowing-out
Implementing cross-border interbank lending in BoC-GEM-FIN
International banking and cross-border effects of regulation: Lessons from Canada
Monetary policy and cross-border interbank market fragmentation: Lessons from the crisis
The Doug Purvis Memorial Lecture - Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message
Cross-border bank flows and monetary policy: Implications for Canada
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
The carry trade, portfolio diversification, and the adjustment of the Japanese yen
Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Jump-diffusion long-run risks models, variance risk premium and volatility dynamics
Liquidity transformation and bank capital requirements
The causal impact of migration on US trade: Evidence from political refugees
Cross-border mergers and hollowing-out
Implementing cross-border interbank lending in BoC-GEM-FIN
International banking and cross-border effects of regulation: Lessons from Canada
Monetary policy and cross-border interbank market fragmentation: Lessons from the crisis
The Doug Purvis Memorial Lecture - Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message
Cross-border bank flows and monetary policy: Implications for Canada
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
The carry trade, portfolio diversification, and the adjustment of the Japanese yen
Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Jump-diffusion long-run risks models, variance risk premium and volatility dynamics
Liquidity transformation and bank capital requirements