Posts

• September 28, 2016

  Bank of Canada Calls for Nominations for the 2017 Fellowship and Governor’s Awards

  Media Relations Ottawa, Ontario

  The Bank of Canada is calling for nominations under its Fellowship Program for 2017. This program provides monetary awards to foster excellence in economic and financial research in Canada, and supports the Bank’s development of partnerships with leading experts.

  Content Type(s): Press, Press releases Source(s): Fellowship Program

• Financial Constraint and Productivity: Evidence from Canadian SMEs

  Staff Working Paper 2016-44 Shutao Cao, Danny Leung

  The degree to which financial constraint is binding is often not directly observable in commonly used business data sets (e.g., Compustat). In this paper, we measure and estimate the likelihood of a firm being constrained by external financing using a data set of small- and medium-sized Canadian firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, G, G3, G32, L, L2, L25
• September 26, 2016

  Integrating economies through trade affects monetary policy, Governor Poloz says

  Media Relations Bellingham, Washington

  In the first annual Paul Storer Memorial Lecture on Canada–US relations, given at Western Washington University, Governor Poloz said that the evolution of international trade practices, such as building global value chains and establishing foreign affiliates, suggests that economies are becoming more integrated.

  Content Type(s): Press, Press releases

• The Paul Storer Memorial Lecture—Cross-Border Trade Integration and Monetary Policy

  Staff Discussion Paper 2016-20 Stephen S. Poloz

  In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Monetary policy, Trade integration JEL Code(s): E, E3, E37, E5, F, F1, F4, F41, F6
• September 26, 2016

  Cross-Border Trade Integration and Monetary Policy

  Lecture Stephen S. Poloz Western Washington University Bellingham, Washington

  Governor Stephen S. Poloz discusses global trade integration and the implications for the conduct of monetary policy.

  Content Type(s): Press, Speeches and appearances, Lectures Topic(s): Central bank research, Economic models, Monetary policy, Monetary policy implementation, Monetary policy transmission, Trade integration
• September 23, 2016

  Weekly Financial Statistics - 23 September 2016

  Content Type(s): Publications, Historical: Weekly Financial Statistics

• On What States Do Prices Depend? Answers from Ecuador

  Staff Working Paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry

  In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E5, F, F3, F33

• A Primer on Neo-Fisherian Economics

  Staff Analytical Note 2016-14 Robert Amano, Thomas J. Carter, Rhys R. Mendes

  Conventional models imply that central banks aiming to raise inflation should lower nominal rates and thus stimulate aggregate demand. However, several economists have recently challenged this conventional wisdom in favour of an alternative “neo-Fisherian’’ view under which higher nominal rates might in fact lead to higher inflation.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Inflation and prices, Interest rates, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E5

• The Global Benefits of Low Oil Prices: More Than Meets the Eye

  Staff Analytical Note 2016-13 Robert Fay, Justin-Damien Guénette, Louis Morel

  Between mid-2014 and early 2016, oil prices fell by roughly 65 per cent. This note documents the channels through which this oil price decline is expected to affect the global economy. One important and immediate channel is through higher expenditures, especially in net oil-importing countries.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, International topics, Recent economic and financial developments JEL Code(s): E, E3, E32, E37, F, F0, F01, Q, Q4, Q43
• September 20, 2016

  Lower-for-longer interest rates require adjustments, Governor Poloz says

  Media Relations Québec, Québec

  Canadians need to understand the forces that have led to a prolonged period of low interest rates and make adjustments, Bank of Canada Governor Stephen S. Poloz said.

  Content Type(s): Press, Press releases