Publications

• May 23, 2004

  The Bank of Canada's Business Outlook Survey

  Bank of Canada Review - Spring 2004 Monica Martin

  Since the autumn of 1997, the regional offices of the Bank of Canada have conducted quarterly consultations with businesses across Canada. Timed to feed into the process that precedes the Bank's fixed dates for announcing monetary policy decisions, the consultations (now referred to as the Business Outlook Survey) are structured around a questionnaire which is sent to 100 firms that reflect the Canadian economy in terms of region, type of business activity, and firm size. Martin describes both the consultation process and the questionnaire and makes an initial assessment of the data gathered during the business interviews. The article includes charts and correlation tables that illustrate the responses to the key questions included in the survey.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Business fluctuations and cycles, Regional economic developments
• May 23, 2004

  Bank of Canada Review - Spring 2004

  

  Cover page

  The Millennial Celebrations in Ancient Rome

  The coins pictured on the cover range from approximately 20 to 35 mm in diameter and form part of the National Currency Collection, Bank of Canada.

  Photography by Gord Carter, Ottawa

  Content Type(s): Publications, Bank of Canada Review
• May 22, 2004

  Exchange Rate Pass-Through in Industrialized Countries

  Bank of Canada Review - Spring 2004 Jeannine Bailliu, Hafedh Bouakez

  Economists' long-standing interest in the degree to which exchange rate movements are reflected in prices was rekindled in the 1970s by a combination of rising inflation and the adoption of more flexible exchange rate regimes in many industrialized countries. Specifically, there were concerns that a large currency depreciation could degenerate into an inflationary spiral. Such fears were curtailed in the 1980s and early 1990s as industrialized countries began to reduce and stabilize their inflation rates. The low-inflation period most industrialized countries entered approximately a decade ago coincided with significant exchange rate depreciations that had much smaller effects on consumer prices than expected. This led to a belief that the extent to which exchange rate movements are passed through to consumer prices has declined. In this article, the authors examine why pass-through could be incomplete and review empirical estimates to determine whether pass-through has indeed declined, suggesting possible reasons for this decline and discussing the implications for monetary policy.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Exchange rates, Inflation and prices, Monetary policy framework
• May 21, 2004

  Are Wealth Effects Important for Canada?

  Bank of Canada Review - Spring 2004 Lise Pichette

  Some analysts believe that a sharp rise in equity values was an important factor in the strong consumer spending between 1995 and 2000. Empirical evidence suggests, however, that consumer spending responds more to changes in housing wealth than it does to equity wealth.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Domestic demand and components
• May 13, 2004

  Business Outlook Survey - Spring 2004

  Businesses’ expectations for the pace of economic activity over the next 12 months remain positive, although somewhat less so than in the winter survey.

  Supplemental questions on the appreciation of the Canadian dollar - April 2004

  Supplemental questions on the appreciation of the Canadian dollar - February 2004

  Content Type(s): Publications, Business Outlook Survey