Diverging monetary policies are the natural consequence of large declines in resource prices and should be expected, Bank of Canada Governor Stephen S. Poloz said in a speech today at the Mayor’s Breakfast Series in Ottawa. Last month’s interest rate increase by the U.S. Federal Reserve is the first step in a long process toward […]
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.
Using a novel dataset for the US states, this paper examines whether household debt and the protracted debt deleveraging help explain the dismal performance of US consumption since 2007, in the aftermath of the housing bubble.