Forecasting with multiple interest rates: Bank of Canada paper

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A Bank of Canada paper, published on Friday, provides an overview of the introduction of multiple interest rates to Totem, the central bank's main model for projection and policy analysis.

José Dorich, Rhys Mendes and Yang Zhang, the paper's authors, incorporate multiple interest rates, as well as several other modifications to a new version of Totem.

The authors find that both short- and long-term rates, as well as the risk spreads faced by households and firms, have significant effects on

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