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008201202t20202020onc     ob   f000 0 eng d
040 |aCaOODSP|beng|erda|cCaOODSP
0410 |aeng|beng|bfre
043 |an-us---
0861 |aFB3-6/2020-12E-PDF
1001 |aBootsma, James, |eauthor.
24510|a2020 US neutral rate assessment / |cby James Bootsma, Thomas J. Carter, Xin Scott Chen, Chris Hajzler and Argyn Toktamyssov.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (ii, 9 pages).
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff discussion paper = |aDocument d'analyse du personnel, |x1914-0568 ; |v2020-12
500 |a"Last updated: December 1, 2020."
504 |aIncludes bibliographical references (page 9).
5203 |a"This paper presents Bank of Canada staff's current assessment of the US neutral rate, along with a newly developed set of models on which that assessment is based. The overall assessment is that the US neutral rate currently lies in a range of 1.75 to 2.75 percent. This represents a decline of 50 basis points relative to the range judged at the time of the Bank's last neutral rate update in April 2019. Roughly half of this decline reflects an assessment of conditions prevailing in late 2019 and is thus unrelated to the COVID-19 pandemic. The other half reflects the balance of several key channels through which the COVID-19 shock is likely to influence US interest rates over the years ahead, including its impacts on potential output growth, inequality, demand for safe assets and the level of US government debt. Results from the new models specifically point to upward pressure from higher government debt being more than offset by downward pressure from lower potential output growth, higher inequality and heightened demand for safe assets"--Abstract, page ii.
546 |aIncludes abstracts in English and French.
650 0|aInterest rates|zUnited States|xEconometric models.
650 0|aMonetary policy|zUnited States.
650 0|aCOVID-19 (Disease)|xEconomic aspects|zUnited States.
650 0|aEpidemics|zEconomic aspects|zUnited States.
650 6|aTaux d'intérêt|xÉtats-Unis|zModèles économétriques.
650 6|aPolitique monétaire|zÉtats-Unis.
650 6|aCOVID-19|xAspect economique|zÉtats-Unis.
650 6|aPandémie de COVID-19, 2020-|xAspect economique|zÉtats-Unis.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff discussion paper (Bank of Canada)|v2020-12.|w(CaOODSP)9.806273
85640|qPDF|s520 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-6-2020-12-eng.pdf