http://www.bis.org/cbhub/list/author/author_718/index.rss Research hub papers by author Carlos de Resende en http://www.bankofcanada.ca/en/res/wp/2010/wp10-9.pdf Bank of Canada Working papers by Carlos de Resende, Ali Dib, and Maral Kichian Alternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities 2010-03-15T17:42:59Z You may download the paper in the following format(s): Alternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities 2010-03-15T17:42:59Z Abstract http://www.bankofcanada.ca/en/res/wp/2010/wp10-9.html Full text http://www.bankofcanada.ca/en/res/wp/2010/wp10-9.pdf Carlos de Resende Maral Kichian Ali Dib Carlos de Resende, Ali Dib, and Maral Kichian 2010-03 Bank of Canada Working papers http://www.bankofcanada.ca/en/res/wp/2009/wp09-33.pdf Bank of Canada Working papers by Brian DePratto, Carlos de Resende, and Philipp Maier How Changes in Oil Prices Affect the Macroeconomy 2009-12-14T17:38:00Z You may download the paper in the following format(s): How Changes in Oil Prices Affect the Macroeconomy 2009-12-14T17:38:00Z Abstract http://www.bankofcanada.ca/en/res/wp/2009/wp09-33.html Full text http://www.bankofcanada.ca/en/res/wp/2009/wp09-33.pdf Carlos de Resende Philipp Maier Brian DePratto Brian DePratto, Carlos de Resende, and Philipp Maier 2009-12 Bank of Canada Working papers http://www.bankofcanada.ca/en/res/wp/2008/wp08-35.pdf Bank of Canada Working papers by Denise Côté and Carlos de Resende Globalization and Inflation: The Role of China 2008-10-02T18:17:59Z In this paper, we develop a theoretical model which identifies four channels–import prices, competition with domestic suppliers and workers, and commodity prices–through which priceand wage-setting conditions in country j may affect inflation in country i. We estimate a dynamic inflation equation derived from the theoretical model using a quarterly dataset of eighteen OECD countries over the 1984-2006 period. Although our methodology can be applied to any pair of countries, we focus on the effect of China on the inflation rate of other countries. Our results suggest that while China's negative effect on global inflation has been quantitatively modest, it has increased in absolute terms since the early 2000s. We also find evidence that, for most countries examined, competition with domestic suppliers has been the most important channel. Globalization and Inflation: The Role of China 2008-10-02T18:17:59Z Abstract http://www.bankofcanada.ca/en/res/wp/2008/wp08-35.html Full text http://www.bankofcanada.ca/en/res/wp/2008/wp08-35.pdf Carlos de Resende Denise Côté Denise Côté and Carlos de Resende 2008-10 Bank of Canada Working papers E22 E32 E44 http://www.bankofcanada.ca/en/res/wp/2007/wp07-36.pdf Bank of Canada Working papers by Carlos de Resende Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence 2007-06-22T18:25:59Z This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted value of current and future primary surpluses. The remaining debt is backed by seigniorage revenue. The parameter characterizes the interdependence between fiscal and monetary authorities. It is shown that in a standard monetary economy, this policy rule implies that the price level depends not only on the money stock, but also on the proportion of debt that is backed with money. Empirical estimates of are obtained for OECD and developing countries using data on nominal consumption, monetary base, and debt. Results indicate differences in the degree of fiscal dominance between developed and developing economies. Estimates of correlate positively with some institutional measures of de facto central bank independence. Cross-Country Estimates of the Degree of Fiscal Dominance and Central Bank Independence 2007-06-22T18:25:59Z Abstract http://www.bankofcanada.ca/en/res/wp/2007/wp07-36.html Full text http://www.bankofcanada.ca/en/res/wp/2007/wp07-36.pdf Carlos de Resende Carlos de Resende 2007-06 Bank of Canada Working papers E31 E42 E50 E63 http://www.bankofcanada.ca/en/res/wp/2007/wp07-22.pdf Bank of Canada Working papers by Carlos de Resende IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect 2007-03-29T17:34:00Z The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF). He uses a model where an endogenous borrowing constraint, set up by international lenders who will never lend more than a debt ceiling, forces the borrowing economy to always choose repayment over default. The immediate potential welfare cost of joining a program is driven by IMF conditionality: to be able to borrow from the IMF, the country has to submit to limits on the consumption of public goods. The benefits derive from the additional borrowing from the IMF (at a lower interest rate) and/or through a "catalytic effect" on private loans, which facilitates consumption smoothing over time. Simulations of the dynamic model in two institutional environments – with and without the IMF – are compared. Results indicate that when conditionality forces the country to save more, at a cost that does not prevent it from joining an IMF program, the resulting lower probability of default can induce private lenders to relax their borrowing constraints. Based on a calibration of the model for the Brazilian economy, the overall welfare gains associated with IMF programs are relatively small. IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect 2007-03-29T17:34:00Z Abstract http://www.bankofcanada.ca/en/res/wp/2007/wp07-22.html Full text http://www.bankofcanada.ca/en/res/wp/2007/wp07-22.pdf Carlos de Resende Carlos de Resende 2007-03 Bank of Canada Working papers F32 F33 F34 F41 http://www.bankofcanada.ca/en/res/wp/2006/wp06-37.pdf Bank of Canada Working papers by Carlos de Resende Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy 2006-10-18T17:32:00Z Endogenous Borrowing Constraints and Consumption Volatility in a Small Open Economy 2006-10-18T17:32:00Z Abstract http://www.bankofcanada.ca/en/res/wp/2006/wp06-37.html Full text http://www.bankofcanada.ca/en/res/wp/2006/wp06-37.pdf Carlos de Resende Carlos de Resende 2006-10 Bank of Canada Working papers F32 F34 F41