F4 - Macroeconomic Aspects of International Trade and Finance
-
ToTEM: The Bank of Canada's New Quarterly Projection Model
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy. -
Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy
Consumption volatility relative to output volatility is consistently higher in emerging economies than in developed economies. -
Convergence in a Stochastic Dynamic Heckscher-Ohlin Model
The authors characterize the equilibrium for a small economy in a dynamic Heckscher-Ohlin model with uncertainty. -
Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model
Suppose that the dynamics of the macroeconomy were given by (partly) random fluctuations between two equilibria: "good" and "bad." -
Structural Change in Covariance and Exchange Rate Pass-Through: The Case of Canada
The authors address empirically the implications of structural breaks in the variance-covariance matrix of inflation and import prices for changes in pass-through.