00000cam 2200000zi 4500 9.965209 CaOODSP 20260814143454 m o d f cr |n||||||||| 260814e20260724oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2026-28E-PDF Dahlhaus, Tatjana, author. Balancing act : monetary policy responses to natural disasters / Tatjana Dahlhaus, Alexander Ueberfeldt, Malik Shukayev. [Ottawa] : Bank of Canada = Banque du Canada, July 24, 2026. ©2026 1 online resource ([i], 43 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-28 Cover title. Includes bibliographical references. "Natural disasters pose complex challenges for monetary policy in resource-rich small open economies. Using an open-economy dynamic stochastic general equilibrium model calibrated to Canada, we embed stochastic disaster shocks affecting capital, productivity, and the commodity sector. Drawing on detailed historical data, we quantify disaster-specific transmission channels and show that most disasters act as supply shocks, reducing output and modestly raising inflation. The magnitude and persistence of these effects depend on disaster type, sectoral exposure, and spillovers through global trade and terms-of-trade channels. The framework provides a forward-looking assessment of climate-related risks and their implications for monetary policy"--Abstract, page [i]. Monetary policy Canada. Natural disasters Economic aspects Canada. Climatic changes Economic aspects Canada. Stochastic analysis. Politique monétaire Canada. Catastrophes naturelles Aspect économique Canada. Climat Changements Aspect économique Canada. Analyse stochastique. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 1701-9397 ; 2026-28. (CaOODSP)9.806221 PDF 4.51 MB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-28-eng.pdf