Staff research, Publications
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Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”
The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation could “grease the wheels” of the labour market by putting downward pressure on real wages, easing labour market adjustments during a recession. -
July 31, 2017
Research Update - July 2017
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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Retrieving Implied Financial Networks from Bank Balance-Sheet and Market Data
In complex and interconnected banking systems, counterparty risk does not depend only on the risk of the immediate counterparty but also on the risk of others in the network of exposures. -
Information Contagion and Systemic Risk
We examine the effect of ex-post information contagion on the ex-ante level of systemic risk defined as the probability of joint bank default. -
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Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.