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The BoC-GEM-Fin: Banking in the Global Economy

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This article describes the Bank of Canada’s version of the Global Economy Model structured to incorporate an active banking system that features an interbank market and cross-border lending. After describing the new model, the authors use it to examine the responses of selected U.S. and Canadian macroeconomic variables to a “credit crunch” in the United States and also to study the impact of changes in the regulatory limits to bank leverage in Canada. They also discuss the relative merits of a monetary policy framework based on inflation targeting and one based on price-level targeting in the presence of shocks to the U.S. and Canadian banking sectors.

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  • Carlos De Resende & René Lalonde, 2011. "The BoC-GEM-Fin: Banking in the Global Economy," Bank of Canada Review, Bank of Canada, vol. 2011(Summer), pages 11-21.
    • Handle: RePEc:bca:bcarev:v:2011:y:2011:i:summer11:p:11-21
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    File URL: https://www.bankofcanada.ca/wp-content/uploads/2011/08/resende.pdf
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    1. Carlos De Resende & Claudia Godbout & René Lalonde & Eric Morin & Nikita Perevalov, 2012. "On the Adjustment of the Global Economy," Bank of Canada Review, Bank of Canada, vol. 2012(Spring), pages 1-15.
    2. Shukayev, Malik & Toktamyssov, Argyn, 2016. "Implementing Cross-Border Interbank Lending in BoC-GEM-FIN," Working Papers 2016-15, University of Alberta, Department of Economics.
    3. José Dorich & Rhys R. Mendes & Yang Zhang, 2011. "Introducing Multiple Interest rates in ToTEM," Bank of Canada Review, Bank of Canada, vol. 2011(Summer), pages 3-10.
    4. Y.-H. Henry Chen & Erik Ens & Olivier Gervais & Hossein Hosseini & Craig Johnston & Serdar Kabaca & Miguel Molico & Sergey Paltsev & Alex Proulx & Argyn Toktamyssov, 2022. "Transition Scenarios for Analyzing Climate-Related Financial Risk," Discussion Papers 2022-1, Bank of Canada.

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