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dc.creatorCasares Polo, Migueles_ES
dc.creatorVillar Olano, Alba deles_ES
dc.date.accessioned2019-06-06T11:17:34Z
dc.date.available2019-06-06T11:17:34Z
dc.date.issued2019
dc.identifier.urihttps://hdl.handle.net/2454/33215
dc.description.abstractWe calibrate a two-country New Keynesian model with endogenous portfolio choice and valuation effects to discuss the determinants of the increase in Canadian Net Foreign Assets with the US observed after 2012. Furthermore, we discuss the shocks that may explain the “reversed two-way” capital flows pattern recently characterizing the Canada-US asset trading: Canada has a negative position on bond holdings owned by US investors while a positive balance emerges on its equity holdings from US firms. The combination of a global technology shock, the US fiscal contraction, an adverse wage-push shock in the US and the greater monetary stimulus in the US than in Canada (QE) provide insights to describe the recent capital flows between Canada and the US. Both the QE and the negative wage-push shock in the US play a crucial role as explanatory factors through substantial valuation effects.en
dc.description.sponsorshipMiguel Casares would like to acknowledge the financial support of the Spanish government (research project ECO2015-64330-P)en
dc.format.extent57 p.
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes_ES
dc.relation.ispartofseries1901
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)es
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectUS-Canada capital flowsen
dc.subjectPortfolio choice modelen
dc.subjectBusiness cyclesen
dc.titleA portfolio-choice model to analyze the recent gross capital flows between Canada and the USen
dc.typeinfo:eu-repo/semantics/workingPaperen
dc.typeDocumento de trabajo / Lan gaiakes
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Economíaes_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Ekonomia Sailaeu
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.relation.projectIDinfo:eu-repo/grantAgreement/ES/1PE/ECO2015-64330-Pen


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CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Except where otherwise noted, this item's license is described as CC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)