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
Non-bank financial intermediation: Canada’s submission to the 2023 global monitoring report
Staff Analytical Note 2024-15
Malcolm Fisher,
Alan Walsh
We share insights from Canadian data from 2002 to 2022 that the Bank of Canada collected. The Bank submits these data each year to the Financial Stability Board for inclusion in its Global Monitoring Report on Non-Bank Financial Intermediation.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Sectoral balance sheet
JEL Code(s):
G,
G2,
G21,
G22,
G23
Central Bank Liquidity Policy in Modern Times
Staff Discussion Paper 2024-6
Skylar Brooks
Across several dimensions of lender of last resort policy, I highlight broad changes that have occurred since the 2008–09 global financial crisis and discuss some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Financial institutions,
Financial markets,
Financial stability,
Lender of last resort
JEL Code(s):
D,
D5,
D53,
E,
E5,
E58,
E6,
E61,
G,
G0,
G01,
G2,
G21,
G23,
H,
H1,
H12
Impacts of interest rate hikes on the consumption of households with a mortgage
Staff Analytical Note 2024-14
Panagiotis Bouras,
Joaquín Saldain,
Xing Guo,
Thomas Michael Pugh,
Maria teNyenhuis
We assess how much the recent rate-hike cycle has and will affect mortgage borrowers' consumption through its impacts on mortgage payments. Our analysis provides insights into the effects of changes in monetary policy on the consumption of mortgage borrowers.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Interest rates,
Monetary policy,
Recent economic and financial developments
JEL Code(s):
D,
D1,
D13,
E,
E2,
E21,
G,
G5
Non-Parametric Identification and Testing of Quantal Response Equilibrium
Staff Working Paper 2024-24
Johannes Hoelzemann,
Ryan Webb,
Erhao Xie
We show that the utility function and the error distribution are non-parametrically over-identified under Quantal Response Equilibrium (QRE). This leads to a simple test for QRE. We illustrate our method in a Monte Carlo exercise and a laboratory experiment.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Economic models
JEL Code(s):
C,
C1,
C14,
C5,
C57,
C9,
C92