Staff research, Publications
-
-
An Equilibrium Analysis of the Rise in House Prices and Mortgage Debt
This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage debt between 1994 and 2005. -
April 22, 2013
Annual Report 2012
2012 was a year of tentative recovery for the world economy, but considerable accomplishment for the Bank of Canada as it worked to promote the economic and financial well-being of Canadians. The 2012 Annual Report provides a Message from the Governor, highlights key achievements over the year, describes the Bank’s corporate governance, and presents financial statements in conjunction with Management’s Discussion and Analysis. -
-
April 17, 2013
Monetary Policy Report – April 2013
Following growth of 1.8 per cent in 2012, the Canadian economy is expected to grow by 1.5 per cent in 2013, 2.8 percent in 2014 and 2.7 in 2015, and to reach full capacity in mid-2015, later than anticipated in the January Report.
-
-
Countercyclical Bank Capital Requirement and Optimized Monetary Policy Rules
Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that countercyclical capital requirements have a significant stabilizing effect on key macroeconomic variables, but mostly after financial shocks. -
April 8, 2013
Business Outlook Survey - Spring 2013
Taken together, responses to the spring survey indicate that, following a recent slowing in economic activity, firms expect business conditions to remain challenging over the next 12 months. -
April 8, 2013
Senior Loan Officer Survey - First-Quarter 2013
The survey results point to a slight easing in overall business-lending conditions during the first quarter of 2013. -