Alexander Ueberfeldt

Alexander Ueberfeldt

Assistant Chief

Alexander Ueberfeldt is the Assistant Chief of the Macro-Financial Studies Division in the Canadian Economic Analysis Department. An applied macroeconomist, Alexander has contributed to the understanding of price-level targeting, long-run trends in macro-labour economics and the connection between monetary policy and the risk taking behaviour of financial intermediaries. Prior to joining the Bank of Canada, Alexander was an Analyst at the Federal Reserve Bank of Minneapolis from 2003-2005. He holds a PhD in Economics from the University of Minnesota.

Contact

Alexander Ueberfeldt

Assistant Chief
Canadian Economic Analysis
Macro Financial Studies

Bank of Canada
234 Laurier Avenue West
Ottawa, ON, K1A 0G9

Curriculum vitae

Latest

Should Monetary Policy Lean Against Housing Market Booms?

Staff Working Paper 2016-19 Sami Alpanda, Alexander Ueberfeldt
Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Financial stability, Housing, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, G, G0, G01

Do Low Interest Rates Sow the Seeds of Financial Crises?

Staff Working Paper 2011-31 Simona Cociuba, Malik Shukayev, Alexander Ueberfeldt
A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial system regulation and policies, Transmission of monetary policy JEL Code(s): D, D5, D53, E, E4, E44, E5, E52, G, G2, G28

Trends in U.S. Hours and the Labor Wedge

Staff Working Paper 2010-28 Simona Cociuba, Alexander Ueberfeldt
From 1980 until 2007, U.S. average hours worked increased by thirteen percent, due to a large increase in female hours. At the same time, the U.S. labor wedge, measured as the discrepancy between a representative household's marginal rate of substitution between consumption and leisure and the marginal product of labor, declined substantially.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Labour markets, Potential output JEL Code(s): E, E2, E24, H, H2, H20, H3, H31, J, J2, J22

Price Level Targeting: What Is the Right Price?

Staff Working Paper 2010-8 Malik Shukayev, Alexander Ueberfeldt
Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52

Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

Staff Working Paper 2009-17 Gino Cateau, Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt
Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy framework, Monetary policy implementation JEL Code(s): E, E3, E31, E5, E52

See More

Other

Other Publications

  • “Optimal Monetary Policy under Incomplete Markets and Aggregate Uncertainty: A Long-Run Perspective.”
    (with O. Kryvtsov and M. Shukayev) Journal of Economic Dynamics and Control 35 (7): 1045–60, 2011.

Work in Progress

  • “Interest Rate Policy and Financial Regulation: How to Control Excessive Risk Taking?”
    (with Simona Cociuba and Malik Shukayev) 2013.
  • “Savings in times of demographic transition,”
    (with Yi Zheng), mimeo, Bank of Canada, 2012.

Archives

Bank Publications

Education

  • PhD (Economics), University of Minnesota (2005)
  • Diploma (Volkswirtschaftslehre / Economics), University of Bielefeld (2000)
  • MA (Economics), Purdue University (1999)

Research Interests

  • Macroeconomics
  • Monetary economics
  • Macro-labour economics
  • Financial stability

RePEc

Alexander Ueberfeldt

About

Affiliate Sites

Legal

Follow the Bank