Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/241169 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Bank of Canada Staff Working Paper No. 2020-3
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
We propose a novel framework to analyze how policy-makers can manage risks to the median projection and risks specific to the tail of gross domestic product (GDP) growth. By combining a quantile regression of GDP growth with a vector autoregression, we show that monetary and macroprudential policy shocks can reduce credit growth and thus GDP tail risk. So policymakers concerned about GDP tail risk would choose a tighter policy stance at the expense of macroeconomic stability. Using Canadian data, we show how our framework can add tail event information to projection models that ignore them and give policy-makers a tool to communicate the trade-offs they face.
Schlagwörter: 
Central bank research
Economic models
Financial stability
Financial system regulationand policies
Interest rates
Monetary policy
Monetary policy framework
JEL: 
E44
E52
E58
D8
G01
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Dokumentart: 
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