The BoC-GEM-Fin: Banking in the Global Economy

Carlos de Resende and René Lalonde
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René Lalonde: Bank of Canada, https://www.bankofcanada.ca/

Bank of Canada Review, 2011, vol. 2011, issue Summer, 11-21

Abstract: This article describes the Bank of Canada’s version of the Global Economy Model structured to incorporate an active banking system that features an interbank market and cross-border lending. After describing the new model, the authors use it to examine the responses of selected U.S. and Canadian macroeconomic variables to a “credit crunch” in the United States and also to study the impact of changes in the regulatory limits to bank leverage in Canada. They also discuss the relative merits of a monetary policy framework based on inflation targeting and one based on price-level targeting in the presence of shocks to the U.S. and Canadian banking sectors.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:bca:bcarev:v:2011:y:2011:i:summer11:p:11-21

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