Posts
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March 21, 2005
Inflation Targeting: A Canadian Perspective
The invitation is timely, given that the Bank of Canada's inflation-targeting agreement with the Canadian government is up for renewal next year. At the Bank, we are always reflecting on our framework, deciding what works well and what we can improve. Against that backdrop, we have watched with interest the debate taking place here in the United States - inside and outside the Federal Reserve - about whether that institution should join the ranks of inflation-targeting central banks. -
The Macroeconomic Effects of Debt Relief Policies During Recessions
A large-scale reduction in mortgage principal can strengthen a recovery, support house prices and lower foreclosures. The nature of the intervention shapes its impact, which rests on how resources are redistributed across households. The availability of bankruptcy on unsecured debt changes the response to large-scale mortgage relief by reducing precautionary savings. -
Fiscal Stimulus and Skill Accumulation over the Life Cycle
Using micro data from the U.S. Consumer Expenditure Survey and Current Population Survey, I document that government spending shocks affect individuals differently over the life cycle. -
February 17, 2005
Monetary Policy and Exchange Rate Movements
Every year, the Canadian Press surveys news directors and editors to select the top business story of the year. In 2004, they picked the rise of the Canadian dollar. That was not a surprising choice. -
The Effects of the Exchange Rate on Investment: Evidence from Canadian Manufacturing Industries
Using industry-level data for 22 Canadian manufacturing industries, the authors examine the relationship between exchange rates and investment during the period 1981–97. -
Household Risk Management and Actual Mortgage Choice in the Euro Area
Mortgages constitute the largest part of household debt. An essential choice when taking out a mortgage is between fixed-interest-rate mortgages (FRMs) and adjustable-interest-rate mortgages (ARMs). However, so far, no comprehensive cross‐country study has analyzed what determines household demand for mortgage types, a task that this paper takes up using new data for the euro area. -
January 11, 2009
Bank of Canada Review - Winter 2008-2009
Cover page
Chargex
The artefacts on the cover are part of the National Currency Collection of the Bank of Canada.
Photography by Gord Carter
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Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes
How do changes to personal and corporate income tax rates in the United States affect its trading partners? Spillover effects from cuts in the two taxes differ. They are generally small and negative for corporate taxes, but sizable and positive for personal income taxes. -
October 1, 2018
Decrypting “Crypto”
Deputy Governor Timothy Lane discusses the Bank of Canada’s research and responses to public interest in cryptocurrencies.