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The Canadian neutral rate of interest through the lens of an overlapping-generations model / by Martin Kuncl and Dmitry Matveev

Author
Kuncl, Martin
Published
Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2023.
Copyright Date
©2023
Physical Description
1 online resource (ii, 26 pages) : charts
Additional Creators
Bank of Canada
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Series
Language Note
Includes abstract in English and in French.
Restrictions on Access
Free-to-read Unrestricted online access
Summary
"The neutral rate of interest is an important concept and communication tool for central banks. We develop a small open economy model with overlapping generations to study the determinants of the neutral real rate of interest in a small open economy. The model captures domestic factors such as population aging, declining productivity, rising government debt and inequality. Foreign factors are captured by changes in the global neutral real rate. We use the model to evaluate secular dynamics of the neutral rate in Canada from 1980 to 2018. We find that changes in both foreign and domestic factors resulted in a protracted decline in the neutral rate"--Abstract.
Report Numbers
FB3-6/2023-5E-PDF
Subject(s)
Note
Distributed by the Government of Canada Publishing and Depository Services Program (Weekly acquisitions list 2023-17).
"Last updated: February 21, 2023."
Bibliography Note
Includes bibliographical references (pages 22-23).
View MARC record | catkey: 43243025