00000nam 2200000zi 4500 9.902846 CaOODSP 20221107180056 m o d f cr |n||||||||| 210825t20212021oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2021-24E-PDF Boire, François-Michel, author. Shaping the future : policy shocks and the GDP growth distribution / by François-Michel Boire, Thibaut Duprey and Alexander Ueberfeldt. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (iii, 44 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-24 "Last updated: May 25, 2021." Includes bibliographical references (pages 21-24). "We incorporate quantile regressions into a structural vector autoregression model to empirically assess how monetary and fiscal policy influence risks around future GDP growth. Using a panel of six developed countries, we find that both policy instruments affect the location of the distribution of future GDP growth, whereas fiscal shocks also impact the shape of the distribution. Fiscal stimulus generates upside risk, paving the path to a faster recovery, especially when the policy rate is constrained by the zero lower bound (ZLB). Unconventional monetary policy during ZLB episodes has a comparable effect on future GDP growth as conventional monetary policy"--Abstract, page iii. Gross domestic product Econometric models. Monetary policy Econometric models. Produit intérieur brut Modèles économétriques. Politique monétaire Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2021-24. (CaOODSP)9.806221 PDF 800 KB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-24-eng.pdf