00000nam 2200000zi 4500 9.902581 CaOODSP 20241210082402 m o d f cr cn||||||||| 210817t20212021oncd ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-1/119-2021E-PDF Corrigan, Paul R. (Paul Richard), 1976- author. ToTEM III : the Bank of Canada's main DSGE model for projection and policy analysis / by Paul Corrigan, Hélène Desgagnés, José Dorich, Vadym Lepetyuk, Wataru Miyamoto and Yang Zhang. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (ii, 56 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Technical report = Rapport technique, 1919-689X ; 119 Cover title. "Last updated: June 28, 2021." Includes bibliographical references (pages 45-47). "We present a technical description of the second large-scale update to the Terms-of-Trade Economic Model: ToTEM III. This updated version of the model replaced ToTEM II in 2017. ToTEM III's structure includes key aspects of household indebtedness and improved modelling of the housing market. These new features allow Bank staff to address a broader range of economic issues. Moreover, the model is estimated using a Bayesian methodology with informative priors and a larger set of observable variables, including improved measures of the factors explaining non-commodity exports. These enhancements in the model structure and estimation have contributed to significant improvements in the empirical properties of the model. We also compare the new model’s responses to key macroeconomic shocks with those of ToTEM II and explore two important policy applications"--Abstract, page ii. Bank of Canada. Banque du Canada. Monetary policy Canada Econometric models. Politique monétaire Canada Modèles économétriques. Bank of Canada, issuing body. Technical report (Bank of Canada) 1919-689X ; 119. (CaOODSP)9.505019 PDF 1.79 MB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-1-119-2021-eng.pdf