Posts
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Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). -
September 27, 2017
The Meaning of “Data Dependence”: An Economic Progress Report
Governor Stephen S. Poloz discusses how unknowns in Canada’s inflation outlook have made the Bank’s monetary policy particularly data dependent. -
September 27, 2017
Monetary policy data dependent given unknowns in inflation outlook, Bank of Canada Governor Poloz says
The Bank of Canada’s approach to monetary policy has become particularly data dependent, because of significant unknowns around the inflation outlook as the Canadian economy nears its potential, Governor Stephen S. Poloz said today. -
What’s Up with Unit Non-Response in the Bank of Canada’s Business Outlook Survey? The Effect of Staff Tenure
Since 1997, the Bank of Canada’s regional offices have been conducting the Business Outlook Survey (BOS), a quarterly survey of business conditions. Survey responses are gathered through face-to-face, confidential consultations with a sample of private sector firms representative of the various sectors, firm sizes and regions across Canada. -
A Dynamic Factor Model for Commodity Prices
In this note, we present the Commodities Factor Model (CFM), a dynamic factor model for a large cross-section of energy and non-energy commodity prices. The model decomposes price changes in commodities into a common “global” component, a “block” component confined to subgroups of economically related commodities and an idiosyncratic price shock component. -
Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. -
September 25, 2017
Bank of Canada assets and liabilities: Month-end (formerly B1)
Month-end statement of assets and liabilities as required by the Bank of Canada Act. The figures for the last two reference periods are preliminary and are subject to revision. -
September 25, 2017
Government of Canada direct securities and loans: Distribution of holdings (formerly G4)
Distribution of Government of Canada direct securities and loans among the Bank of Canada, Government of Canada and the general public as at weekly Wednesday and at month-end. -
September 25, 2017
Bank of Canada assets and liabilities: Weekly (formerly B2)
Weekly Wednesday statement of assets and liabilities as required by the Bank of Canada Act. The figures for the last reference period are preliminary and are subject to revision.