Staff research, Publications
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January 30, 2015
Research Update - January 2015
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. -
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The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes
Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes. -
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International Spillovers of Large-Scale Asset Purchases
This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nominal and real rigidities, and portfolio balance effects. -
January 21, 2015
Monetary Policy Report – January 2015
Economic growth in Canada is expected to average 2.1 per cent in 2015 and 2.4 per cent in 2016, with a return to full capacity around the end of 2016. -
Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable. -
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January 12, 2015
Business Outlook Survey - Winter 2014-15
The winter Business Outlook Survey continues to provide signs of strengthening demand, especially among export-oriented firms and manufacturers. However, the outlook for businesses that are linked directly or indirectly to the energy sector has deteriorated.