Posts

• September 16, 2019

  Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2019

  Media Relations Ottawa, Ontario

  During the month of April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest survey of turnover activity in the foreign exchange and over-the-counter (OTC) derivatives markets in their respective countries. This worldwide effort was coordinated by the Bank for International Settlements (BIS) and is undertaken every three years.

  Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee
• September 16, 2019

  Bank of Canada announces the launch of the 2020 Fellowship Program awards

  The Bank of Canada is inviting Canadian universities to nominate exceptional academics for its 2020 Fellowship and Governor’s awards.

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

• No Double Standards: Quantifying the Impact of Standard Harmonization on Trade

  Staff Working Paper 2019-36 Julia Schmidt, Walter Steingress

  Product standards are omnipresent in industrialized societies. Though standardization can be beneficial for domestic producers, divergent product standards have been categorized as a major obstacle to international trade. This paper quantifies the effect of standard harmonization on trade flows and characterizes the extent to which it changes the cost and demand structure of exporting.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): F, F1, F13, F14, F15, L, L1, L15
• September 10, 2019

  Debt Management Strategy Consultations – 2020-21

  The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2020-21 and beyond.

  Content Type(s): Press, Market notices

• The Simple Economics of Global Fuel Consumption

  Staff Working Paper 2019-35 Doga Bilgin, Reinhard Ellwanger

  This paper presents a structural framework of the global oil market that relies on information on global fuel consumption to identify flow demand for oil. We show that under mild identifying assumptions, data on global fuel consumption help to provide comparatively sharp insights on elasticities and other key structural parameters of the global oil market.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models JEL Code(s): C, C5, C51, L, L7, L71, Q, Q4, Q41, Q43

• Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence

  Staff Working Paper 2019-34 Alex Chernoff, Patrick Alexander

  We develop a model with firm heterogeneity in importing and cross-border shopping among consumers. Exchange-rate appreciations lower the cost of imported goods, but also lead to more cross-border shopping; hence, the net impact on aggregate retail prices and sales is ambiguous.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International topics, Service sector JEL Code(s): F, F1, F10, F14, L, L8, L81

• The Intergenerational Correlation of Employment: Is There a Role for Work Culture?

  Staff Working Paper 2019-33 Gabriela Galassi, David Koll, Lukas Mayr

  We document a substantial positive correlation of employment status between mothers and their children in the United States, linking data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adults. After controlling for ability, education and wealth, a one-year increase in a mother’s employment is associated with six weeks more employment of her child on average.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Economic models, Labour markets JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J62
• September 5, 2019

  Economic Progress Report: Inflation in Canada—Well Behaved and Well Controlled

  Remarks Lawrence L. Schembri Halifax Regional Chamber of Commerce Halifax, Nova Scotia

  Deputy Governor Lawrence Schembri discusses the Bank’s latest interest rate announcement and the behaviour of inflation in Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Inflation targets, Monetary policy, Monetary policy framework, Recent economic and financial developments
• September 5, 2019

  Canadian economy resilient even as global outlook worsens

  Speech summary Lawrence L. Schembri Halifax Chamber of Commerce Halifax, Nova Scotia

  Speaking a day after we decided to hold interest rates steady, Deputy Governor Lawrence Schembri discussed the key points Governing Council considered in their decision.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Inflation targets, Monetary policy, Monetary policy framework, Recent economic and financial developments

• A Comprehensive Evaluation of Measures of Core Inflation in Canada: An Update

  Staff Discussion Paper 2019-9 Helen Lao, Ceciline Steyn

  We provide an updated evaluation of the value of various measures of core inflation that could be used in the conduct of monetary policy. We find that the Bank of Canada’s current preferred measures of core inflation—CPI-trim, CPI-median and CPI-common—continue to outperform alternative core measures across a range of criteria.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52