Dany Brouillette - Latest

• Global Factors and Inflation in Canada

  Staff Analytical Note 2017-17 Dany Brouillette, Laurence Savoie-Chabot

  This note investigates whether the recent weakness in inflation in Canada can be related to global factors not included in the current staff analytical framework (domestic slack, movements in commodity prices and in the exchange rate). A global common factor for inflation among selected advanced economies appears to contain marginal information for Canadian inflation beyond what is found in movements in commodity prices and the exchange rate.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Inflation and prices, Recent economic and financial developments JEL Code(s): E, E3, E31

• Wage Growth in Canada and the United States: Factors Behind Recent Weakness

  Staff Analytical Note 2017-8 Dany Brouillette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine

  This note examines the relatively subdued pace of wage growth in Canada since the commodity price decline in 2014 and assesses whether the weakness is attributable to cyclical (e.g., labour market slack) or structural factors (e.g., resource reallocation and demographic change).

  Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J3, J30

• Downward Nominal Wage Rigidity, Inflation and Unemployment: New Evidence Using Micro‐Level Data

  Staff Analytical Note 2017-6 Dany Brouillette, Natalia Kyui

  Recent evidence suggests that the extent of downward nominal wage rigidity (DNWR) in the Canadian labour market has risen following the 2008–09 recession (see Brouillette, Kostyshyna and Kyui 2016).

  Content Type(s): Staff research, Staff analytical notes Topic(s): Econometric and statistical methods, Inflation and prices, Labour markets JEL Code(s): E, E2, E24, E3, E31, J, J3, J30

• A Canada-US Comparison of Labour Market Conditions

  Staff Analytical Note 2017-4 Dany Brouillette, Katerina Gribbin, Justin-Damien Guénette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine, Colin Scarffe

  In this note, we provide a brief comparison of the recent developments in the labour markets in Canada and the United States. Our analysis indicates that slack remains in the Canadian labour market, while the US labour market is close to full employment.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J21, J22, J23

• Downward Nominal Wage Rigidity in Canada: Evidence from Micro- Level Data

  Staff Working Paper 2016-40 Dany Brouillette, Olena Kostyshyna, Natalia Kyui

  We assess the importance of downward nominal wage rigidity (DNWR) in Canada using both firm- and worker-level microdata. In particular, we analyze employer-level administrative data from the Major Wage Settlements (MWS) and household-based survey data from the Survey of Labour Income Dynamics (SLID).

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): E, E2, E24, J, J3, J30

• Un examen plus approfondi des pressions salariales au Canada

  Staff Analytical Note 2016-6 Dany Brouillette, Laurence Savoie-Chabot

  In this note, we provide a brief outline of the recent developments in wage measures in Canada. We then assess whether wage growth is consistent with its fundamentals.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Productivity JEL Code(s): E, E2, E24, J, J3, J30
• May 16, 2016

  The Micro and Macro of Downward Nominal Wage Rigidity

  Bank of Canada Review - Spring 2016 Robert Amano, Dany Brouillette, Stefano Gnocchi, Natalia Kyui

  The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation and prices, Inflation targets, Labour markets, Monetary policy framework JEL Code(s): E, E3, E4, E5, J, J2, J23, J3, J30

• April 2016 Annual Reassessment of Potential Output in Canada

  Staff Analytical Note 2016-4 Andrew Agopsowicz, Dany Brouillette, Shutao Cao, Natalia Kyui, Pierre St-Amant

  This note summarizes the Bank of Canada’s 2016 annual reassessment of potential output growth, which is projected to be 1.5 per cent over 2016–18 and 1.6 per cent in 2019–20. This projection is weaker than the one presented in the April 2015 Monetary Policy Report.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Potential output, Productivity

• The Complex Adjustment of the Canadian Economy to Lower Commodity Prices

  Staff Analytical Note 2016-1 Julien Champagne, Nikita Perevalov, Hope Pioro, Dany Brouillette, Andrew Agopsowicz

  In this analytical note, we provide a comprehensive assessment of the complex structural adjustment facing the Canadian economy following the commodity price decline since mid-2014. We quantify separately the impacts coming from the commodity sector restructuring and the broader effect of significantly lower terms of trade.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Exchange rates, Labour markets, Potential output, Recent economic and financial developments JEL Code(s): E, E1, E17, E2, E27, E5, E52, J, J2, Q, Q0, Q00