Paul Beaudry

1 month ago | bis.org | Paul Beaudry |Paolo Cavallino |Tim Willems

FocusLong-term real interest rates are typically thought to be determined by real factors like productivity growth, demographics, income inequality and shifts in the demand and supply of safe assets. However, long-term real rates seem to be very sensitive to changes in central bank policy rates.

1 month ago | nber.org | Paul Beaudry |Chenyu Hou |Franck Portier

We thank Pierpaolo Benigno, Gauti Eggertsson and Giulia Gitti for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Paul Beaudry Paul Beaudry would like to acknowledge financial support from the Social Science and Research Council of Canada and the Bank of Canada.

2 months ago | bankofengland.co.uk | Paul Beaudry |Paolo Cavallino |Tim Willems

Staff Working Paper No. 1,117By Paul Beaudry, Paolo Cavallino and Tim WillemsThis paper presents theory and evidence to advance the notion that very persistent policy‑induced interest rate changes may have only weak effects on activity. This arises when consumption‑savings decisions are not primarily driven by intertemporal substitution, but also by life‑cycle forces.

Sep 19, 2024 | scoregolf.com | Paul Beaudry

Next week, some of the world’s best golfers will gather in Montreal to compete for the Presidents Cup, the PGA Tour’s largest global event. The matches, to be held at the historic Royal Montreal Golf Club, will draw thousands of visitors to the Quebec metropolis, allowing them the opportunity to experience the city’s energy, rich history, early fall colours and perhaps a round of golf or two.

Aug 8, 2024 | nber.org | Julian Ashwin |Paul Beaudry |Martin Ellison

The authors gratefully acknowledge discussions with Guido Ascari, Roger Farmer, Friedrich Geiecke, Thomas Lubik, Michael McMahon, Leonardo Melosi, Galo Nuño, Ernesto Pastén, Michael Reiter, and useful comments from participants at the International Symposium in Computational Economics and Finance, the Young Economist Symposium (YES), the Warsaw International Economics Meeting, the Econometric Society Winter Meeting, the Society for Nonlinear Dynamics and Econometrics Symposium and the SNDE...