Posts

• April 24, 2023

  CARR Meeting (April 24, 2023)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
• April 20, 2023

  Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

  On Thursday, April 20, 2023, the Governor of the Bank of Canada, Tiff Macklem, will appear before the Standing Senate Committee on Banking, Commerce and the Economy. He will be accompanied by Senior Deputy Governor Carolyn Rogers.

  Content Type(s): Press, Media advisories
• April 20, 2023

  Opening Statement before the Standing Senate Committee on Banking, Commerce and the Economy

  Opening statement Tiff Macklem Standing Senate Committee on Banking, Commerce and the Economy Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements
• April 18, 2023

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements
• April 18, 2023

  Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

  On Tuesday, April 18, 2023, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers.

  Content Type(s): Press, Media advisories
• April 14, 2023

  Media roundtable with Governor Macklem

  On Friday, April 14, Tiff Macklem, Governor of the Bank of Canada, will hold a virtual roundtable with journalists from the sidelines of the G7-G20-IMF meetings in Washington.

  Content Type(s): Press, Media advisories

• From LVTS to Lynx: Quantitative Assessment of Payment System Transition

  Staff Working Paper 2023-24 Ajit Desai, Zhentong Lu, Hiru Rodrigo, Jacob Sharples, Phoebe Tian, Nellie Zhang

  We quantitatively assess the changes in participants’ payment behaviour from modernizing Canada's high-value payments system to Lynx. Our analysis suggests that Lynx's liquidity-saving mechanism encourages liquidity pooling and early payments submission, resulting in improved efficiency for participants but with slightly increased payment delays.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C1, C10, E, E4, E42, G, G2, G28

• Narrative-Driven Fluctuations in Sentiment: Evidence Linking Traditional and Social Media

  Staff Working Paper 2023-23 Alistair Macaulay, Wenting Song

  News media present competing interpretations of what breaking news implies for the macroeconomy. Recent examples include news reporting on high inflation and yield curve inversions. Do these narratives shape macroeconomic sentiment? In this paper, we highlight the importance of narratives using evidence linking traditional media and social media.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Inflation and prices, Monetary policy JEL Code(s): D, D8, D84, E, E3, E32, E4, E43, E44, E5, G, G1

• The Impact of Unemployment Insurance and Unsecured Credit on Business Cycles

  Staff Working Paper 2023-22 Michael Irwin

  This paper studies how unsecured consumer credit impacts the extent to which unemployment insurance (UI) policies smooth aggregate consumption fluctuations over the business cycle. Using a general equilibrium real business cycle model, I find that unsecured credit amplifies the extent to which UI smooths cyclical consumption fluctuations.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Economic models, Fiscal policy, Labour markets JEL Code(s): E, E2, E21, E24, E3, E32, E4, E44, E6, E62

• Trade and Diffusion of Embodied Technology: An Empirical Analysis

  Staff Working Paper 2023-21 Stephen Ayerst, Faisal Ibrahim, Gaelan MacKenzie, Swapnika Rachapalli

  Using data from patents, citations, inter-sectoral sales and customs, we examine the international diffusion of technology through imports of sectoral knowledge and production inputs. We develop an instrumental variable strategy to identify the causal effects of technology embodied in imports on innovation and diffusion outcomes.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics, International topics, Productivity, Trade integration JEL Code(s): F, F1, F14, F6, F61, O, O1, O19, O3, O31, O33