Posts
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May 25, 2020
Dealing with extreme uncertainty
In a lecture capping off his time as Governor, Stephen S. Poloz discusses how the Bank uses a risk management approach to deal with uncertainty about risks such as the ones associated with the COVID-19 pandemic. -
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. -
A Barometer of Canadian Financial System Vulnerabilities
This note presents a composite indicator of Canadian financial system vulnerabilities—the Vulnerabilities Barometer. It aims to complement the Bank of Canada’s vulnerabilities assessment by adding a quantitative and synthesized perspective to the more granular (distributional) analysis presented in the Financial System Review. -
Search Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output. -
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. -
May 25, 1999
Bank of Canada Announces Appointment of Special Adviser
Professor Daniel Racette has been chosen to fill the visiting economist position of Special Adviser in the Bank of Canada for a one-year term beginning in August 1999. -
February 4, 2014
Bank of Canada Announces Appointment of Special Adviser
The Bank of Canada today announced the appointment of Line Rivard as Special Adviser to the Governor on Financial System. -
August 31, 2002
Macroeconomic Stabilization Policy in Canada
What I propose to do on this panel today is to talk about stabilization policy and policy co-operation from the viewpoint of an industrial country that has a floating exchange rate and both an explicit inflation target for monetary policy and a clear objective for fiscal policy. -
Combining Canadian Interest-Rate Forecasts
Model risk is a constant danger for financial economists using interest-rate forecasts for the purposes of monetary policy analysis, portfolio allocations, or risk-management decisions. Use of multiple models does not necessarily solve the problem as it greatly increases the work required and still leaves the question "which model forecast should one use?"