February 21, 2013
Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Receive notification by email whenever new research is added to the website.
2373
result(s)
February 21, 2013
The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging
The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Business fluctuations and cycles,
International topics,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E21,
E6,
E60
February 21, 2013
Conference Summary: Financial Intermediation and Vulnerabilities
The Bank of Canada’s annual economic conference, held in October 2012, brought together experts from across Canada and around the world to discuss key issues concerning financial intermediation and vulnerabilities. The conference covered such topics as household finances and their relationship to financial stability, as well as bank regulation, securitization and shadow banking.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G2
Asking About Wages: Results from the Bank of Canada’s Wage Setting Survey of Canadian Companies
Staff Discussion Paper 2013-1
David Amirault,
Paul Fenton,
Thérèse Laflèche
The Bank of Canada conducted a Wage Setting Survey with a sample of 200 private sector firms from mid-October 2007 to May 2008. Results indicate that wage adjustments for the Canadian non-union private workforce are overwhelmingly time dependent, with a fixed duration of one year, and are clustered in the first four months of the year, suggesting that wage stickiness may not be constant over the year.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Monetary policy transmission
JEL Code(s):
E,
E2,
E24,
J,
J3,
J33,
M,
M5,
M52
Financial Development and the Volatility of Income
Staff Working Paper 2013-4
Tiago Pinheiro,
Francisco Rivadeneyra,
Marc Teignier
This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuations in a cross-section of economies with different sizes of their financial sector.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Financial stability
JEL Code(s):
E,
E3,
E32,
E6,
E60
Real-financial Linkages through Loan Default and Bank Capital
Staff Working Paper 2013-3
Tamon Takamura
Many studies in macroeconomics argue that financial frictions do not amplify the impacts of real shocks. This finding is based on models without endogenous default on loans and bank capital. Using a model featuring endogenous interactions between firm default and bank capital, this paper revisits the propagation mechanisms of real and financial shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies,
Interest rates
JEL Code(s):
E,
E3,
E32,
E4,
E44,
E6,
E69
House Prices, Consumption and the Role of Non-Mortgage Debt
Staff Working Paper 2013-2
Katya Kartashova,
Ben Tomlin
This paper examines the relationship between house prices and consumption, through the use of debt. Using unique Canadian household-level data that reports the uses of debt, we begin by looking at the relationship between house prices and debt.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Domestic demand and components
JEL Code(s):
D,
D1,
D10,
D14,
D3,
D31,
E,
E2,
E21
The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications
Staff Working Paper 2013-1
Olivier Coibion,
Yuriy Gorodnichenko,
Gee Hee Hong
We study the cyclical properties of sales, regular price changes and average prices paid by consumers (“effective” prices) using data on prices and quantities sold for numerous retailers across many U.S. metropolitan areas.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy framework,
Monetary policy transmission
JEL Code(s):
E,
E3,
E4,
E5
How Important Are Liquidity Constraints for Canadian Households? Evidence from Micro-Data
Staff Discussion Paper 2012-9
Umar Faruqui,
Samah Torchani
Using a unique micro-dataset containing real and financial information on Canadian households for 2000–07, the authors address two questions: (1) What is the proportion of households whose consumption displays excess sensitivity to income, and who are likely liquidity constrained?
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Sectoral balance sheet
JEL Code(s):
C,
C3,
C35,
D,
D1,
D12,
D3,
D30
Extracting Information from the Business Outlook Survey Using Statistical Approaches
Staff Discussion Paper 2012-8
Lise Pichette
Since the autumn of 1997, the regional offices of the Bank of Canada have conducted quarterly consultations with businesses across Canada. These consultations, summarized in the Business Outlook Survey (BOS), are structured around a survey questionnaire that covers topics of importance to the Bank, notably business activity, pressures on production capacity, prices and inflation, and credit conditions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Regional economic developments
JEL Code(s):
C,
C4,
C43,
C8,
C82,
E,
E3,
E37