May 20, 2021
Staff research, Publications
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Detecting exuberance in house prices across Canadian cities
We introduce a model to detect periods of extrapolative house price expectations across Canadian cities. The House Price Exuberance Indicator can be updated on a quarterly basis to support the Bank of Canada’s broader assessment of housing market imbalances. -
May 20, 2021
Financial System Review—2021
A stable and efficient financial system is essential for sustaining economic growth and raising living standards. In our Financial System Review, we identify the main vulnerabilities and risks in the financial system in Canada and explain how they have evolved over the past year. -
An Empirical Analysis of Bill Payment Choices
How do Canadians pay their bills? 2019 survey data collected from over 4,000 Canadian consumers show how people’s bill payment choices vary with consumer characteristics and types of bills. The data also reveal that many consumers feel limited in their choices, which suggests that preferences of billers might play an important role as well. -
Evolving Temperature Dynamics in Canada: Preliminary Evidence Based on 60 Years of Data
Are summers getting hotter? Do daily temperatures change more than they used to? Using daily Canadian temperature data from 1960 to 2020 and modern econometric methods, we provide economists and policy-makers evidence on the important climate change issue of evolving temperatures. -
May 17, 2021
Financial System Survey highlights—Spring 2021
This article presents the key results from the spring 2021 Bank of Canada Financial System Survey, conducted from February 22 to March 12, 2021. The survey included a special section on commercial real estate. -
COVID-19’s impact on the financial health of Canadian businesses: An initial assessment
Despite COVID-19 challenges, bold policy measures in Canada have helped businesses manage cash flow pressures and kept insolvency filings low. But the impact of the pandemic has been uneven, and the financial health of some firms may further deteriorate over the next year. -
Optimal Monetary and Macroprudential Policies
Optimal coordination of monetary and macroprudential policies implies higher risk weights on (safe) bonds any time that banks are required to hold additional capital buffers. Coordination also implies a somewhat tighter monetary-policy stance whenever such capital buffers are released. -
Behaviour in the Canadian large-value payment system: COVID-19 vs. the global financial crisis
Unlike the 2008–09 global financial crisis, the onset of the COVID-19 crisis did not raise stress levels in Canada’s Large Value Transfer System. Swift changes to the Bank of Canada’s collateral policy and its large-scale asset purchase programs likely eased liquidity pressures in the system. -
April 30, 2021
Research Update - April 2021
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.