High-quality, innovative research underpins everything we do. Explore the broad range of staff research that our people have the intellectual freedom to pursue, and learn about the ways in which the Bank collaborates with and supports the external research community.
You can also browse all our research and subscribe to our research newsletter and latest research feed.
Staff research
Staff research is produced independently from the Bank’s Governing Council. This research may support or challenge prevailing policy orthodoxy or differ from official Bank views. Therefore, views expressed are solely those of the authors, and no responsibility for them should be attributed to the Bank.
Staff analytical notes
Staff analytical notes are short articles that focus on topical issues relevant to the current economic and financial context.
Staff working papers
Staff working papers provide a forum for staff to publish work-in-progress research intended for journal publication.
Staff discussion papers
Staff discussion papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.
Technical reports
Technical reports provide detailed descriptions of staff research project methodologies and model development.
Research leadership
Profiles of the Bank’s economic research leadership, featuring their publications, education, and research fields.
Research staff
Profiles of the Bank’s research staff, featuring their publications, education and research fields.
Authors
Listing of current and past authors of Bank research papers, articles and other publications, 1994 to present.
Collaboration
Financial System Research Centre
The FSRC promotes financial system research in Canada to inform policy and improve the economic and financial well-being of Canadians.
Visiting Scholar Program
This program provides outstanding scholars with an opportunity to work at the Bank of Canada.
Conferences and workshops
Papers and proceedings from Bank of Canada conferences and workshops
Partnerships in Innovation and Technology (PIVOT) Program
We’re looking for innovators to help us respond to challenges that may not have a commercial solution readily available.
Awards
Research paper awards
At the Bank of Canada, we’re pleased to offer awards for research papers by students and by staff.
Scholarship awards
The Bank of Canada’s Scholarship and Work Placement program is designed to assist students with disabilities and Indigenous students in furthering their education and to encourage them to take an interest in the work performed by the Bank of Canada.
Fellowship Program
Learn more about a program to foster excellence in research in Canada and develop partnerships with experts outside the Bank of Canada in areas important to the Bank’s mandate.
The Governor's Challenge
The Governor’s Challenge simulates the monetary policy decision-making process by putting students in the role of advisor to the Bank’s Governing Council.
Browse research
Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Research newsletters
Our newsletter summarizes internal and external publication contributions by Bank of Canada researchers.
Latest research
The Consumer Value Proposition for a Hypothetical Digital Canadian Dollar
Staff Discussion Paper 2024-16
Martine Warren,
Bill Laur,
Ted Garanzotis,
Sebastian Hernandez
We explore the consumer value proposition of a hypothetical Digital Canadian Dollar, adoption considerations and the users who would benefit most from this potential new payment method. We employ a design-thinking consultation methodology, allowing participants to interact with research prototypes of increasing complexity to reveal user preferences, constraints and adoption influences.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Accessibility,
Bank notes,
Central bank research,
Digital currencies and fintech
JEL Code(s):
C,
C9,
D,
D1,
D12,
E,
E4,
E42,
E5,
E58,
O,
O3,
O33
Monetary Policy Transmission amid Demand Reallocations
Staff Working Paper 2024-42
Julien Bengui,
Lu Han,
Gaelan MacKenzie
We analyze the transmission of monetary policy during different phases of a sectoral demand reallocation episode when there are frictions to increasing production in a sector. Monetary policy is more effective in reducing inflation when a larger proportion of sectors are expanding or expect to expand in the near future.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Domestic demand and components,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
E,
E1,
E12,
E2,
E24,
E3,
E31,
E5,
E52
Monetary Policy Transmission to Small Business Loan Performance: Evidence from Loan-Level Data
Staff Working Paper 2024-41
Rodrigo Sekkel,
Tamon Takamura,
Yaz Terajima
We analyze the dynamic and heterogeneous responses of small-business loan performance to a monetary-policy shock using loan-level data in Canada. We find evidence of monetary policy transmission through the cash-flow channel and the aggregate demand channel as well as some, though limited, impact of collateral to discipline loan repayment.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Monetary policy transmission
JEL Code(s):
C,
C3,
C32,
E,
E1,
E17,
E3,
E37,
E5,
E52
Immigration and US Shelter Prices: The Role of Geographical and Immigrant Heterogeneity
Staff Working Paper 2024-40
James Cabral,
Walter Steingress
The arrival of immigrants increases demand for housing and puts upward pressure on shelter prices. Using instrumental variables based on the ancestry composition of residents in US counties, we estimate the causal impact of immigration on local shelter prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Housing,
Inflation and prices,
International topics,
Regional economic developments
JEL Code(s):
J,
J6,
J61,
R,
R2,
R23,
R3,
R31