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| 02413cam 2200361zi 4500 |
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| 001 | 9.902800 |
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| 003 | CaOODSP |
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| 005 | 20221107180048 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 210824t20212021oncd ob f|0| 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2021-14E-PDF |
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| 100 | 1 |aFeunou, Bruno, |eauthor. |
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| 245 | 10|aSecular economic changes and bond yields / |cby Bruno Feunou and Jean-Sébastien Fontaine. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (ii, 62 pages) : |bcharts. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-14 |
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| 500 | |a"Last updated: March 19, 2021." |
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| 504 | |aIncludes bibliographical references (pages 52-55). |
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| 520 | |a"We build a model for bond yields based on a small-scale representation of an economy with secular declines in inflation, the real rate and output growth. Long-run restrictions identify nominal shocks that influence long-run inflation but do not influence the long-run real rate or output growth. These nominal shocks have loadings that can change over time. The results show that, before the anchoring of inflation around the mid-1990s, nominal shocks lifted the output gap and inflation, leading to higher yields and a steeper yield curve via higher short rate expectations and term premiums. The short rate peaked after several quarters but only after the responses of growth and inflation started to decline. With inflation anchored, however, nominal shocks have a short-lived impact on inflation, an insignificant impact on output and only a small impact on bond yields via the term premium"--Abstract, page ii. |
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| 650 | 0|aInflation (Finance)|zCanada|xEconometric models. |
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| 650 | 0|aMonetary policy|zCanada|xEconometric models. |
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| 650 | 6|aInflation|zCanada|xModèles économétriques. |
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| 650 | 6|aPolitique monétaire|zCanada|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-14.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.34 MB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-14-eng.pdf |
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