Staff research, Publications
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October 7, 2016
Business Outlook Survey - Autumn 2016
The autumn Business Outlook Survey provides some signs of improving business prospects, as resource-related activity appears to be gradually bottoming out and foreign demand is providing steady support to firms’ sales expectations. -
October 7, 2016
Senior Loan Officer Survey - Third-Quarter 2016
Survey results suggest that overall business-lending conditions were largely unchanged during the third quarter of 2016. -
Interpreting Volatility Shocks as Preference Shocks
This paper examines the relationship between volatility shocks and preference shocks in an analytically tractable endogenous growth model with recursive preferences and stochastic volatility. I show that there exists an explicit mapping between volatility shocks and preference shocks, and a rise in volatility generates the same impulse responses of macroeconomic aggregates as a negative preference shock. -
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September 30, 2016
Research Update - September 2016
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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Financial Constraint and Productivity: Evidence from Canadian SMEs
The degree to which financial constraint is binding is often not directly observable in commonly used business data sets (e.g., Compustat). In this paper, we measure and estimate the likelihood of a firm being constrained by external financing using a data set of small- and medium-sized Canadian firms. -
The Paul Storer Memorial Lecture—Cross-Border Trade Integration and Monetary Policy
In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously. -