Staff research, Publications
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November 23, 2020
Monitoring payment deferrals during the COVID-19 pandemic
Since the start of the COVID-19 pandemic, Canada’s financial institutions have allowed borrowers to defer payments on a range of loans. In a series of charts, we investigate what payment deferrals tell us about the financial health of borrowers and the related risks to financial stability. -
November 20, 2020
Financial System Survey highlights—November 2020
This article presents the key results from the autumn 2020 Bank of Canada Financial System Survey, conducted from September 8 to September 25, 2020. The survey included a special section on the impact of and the responses to COVID-19. -
Concentration in the market of authorized participants of US fixed-income exchange-traded funds
We show that a small number of authorized participants (APs) actively create and redeem shares of US-listed fixed-income exchange-traded funds (FI-ETFs). In 2019, three APs performed 82 percent of gross creations and redemptions of FI-ETF shares. In contrast, the group of active APs for equity ETFs was much more diverse. -
Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange
We study the short-run effects of monetary policy using a search-theoretic monetary model in which agents are subject to idiosyncratic shocks and aggregate monetary shocks. -
Assessing Global Potential Output Growth: October 2020
This paper presents updated estimates of potential output growth for the global economy through 2022. Global potential output growth is expected to decline sharply in the aftermath of the COVID-19 pandemic and recover partially by the end of the projection horizon of the October 2020 Monetary Policy Report. -
November 9, 2020
Quarterly Financial Report - Third Quarter 2020
Quarterly Financial Report - Third Quarter 2020 - For the period ended September 30, 2020
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How Should Unemployment Insurance Vary over the Business Cycle?
Should unemployment benefits be more generous during economic downturns? The optimal amount and duration of benefit payments ultimately depend on the demographic and wealth characteristics of benefit recipients. -
Earnings Dynamics and Intergenerational Transmission of Skill
How are your past, current and future earnings related to those of your parents? We explore this by using 37 years of Canadian tax data on two generations. -
Understanding Trend Inflation Through the Lens of the Goods and Services Sectors
The goods and services sectors have experienced considerably different dynamics over the past three decades. Our goal in this paper is to understand how such contrasting behaviors at the sectoral level affect the aggregate level of trend inflation dynamics.