00000000nam 2200000zi 4500
0019.886404
003CaOODSP
00520221107171416
006m     o  d f      
007cr |n|||||||||
008200427t20202020oncd    ob   f000 0 eng d
040 |aCaOODSP|beng|erda|cCaOODSP
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-5/2020-13E-PDF
1001 |aGhironi, Fabio, |eauthor.
24510|aInterest rate uncertainty as a policy tool / |cby Fabio Ghironi and Galip Kemal Ozhan.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (iv, 79 pages) : |bcolour charts.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-13
500 |aCover title.
504 |aIncludes bibliographical references.
5203 |a"We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external account between short-term securities and foreign direct investment (FDI). We identify the trade-offs faced in navigating between external balance and price stability. The interest rate uncertainty policy discourages short-term inflows mainly through portfolio risk and precautionary saving channels. A markup channel generates net FDI inflows under imperfect exchange rate pass-through. We further investigate new channels under different assumptions about the irreversibility of FDI, the currency of export invoicing, risk aversion of outside agents, and effective lower bound in the rest of the world. Under every scenario, uncertainty policy is inflationary"--Abstract.
546 |aIncludes abstract in French.
650 0|aInterest rates|xEconometric models.
650 0|aUncertainty|xEconometric models.
650 0|aInvestments, Foreign|xEconometric models.
650 6|aTaux d'intérêt|xModèles économétriques.
650 6|aIncertitude|xModèles économétriques.
650 6|aInvestissements étrangers|xModèles économétriques.
650 0|aMonetary policy|xEconometric models.
650 6|aPolitique monétaire|xModèles économétriques.
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|v2020-13.|w(CaOODSP)9.806221
85640|qPDF|s13.93 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-13-eng.pdf