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786
result(s)
Readability and the Bank of Canada
Staff Analytical Note 2018-20
Alexandre Deslongchamps
In this note, I assess the readability of Bank of Canada publications using a formula commonly used for this type of evaluation. I find that Bank publications are more difficult to read than the media articles and other content our target audiences likely consume. This suggests that more simple writing can help the Bank better meet its communication objectives.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credibility,
Monetary policy communications
JEL Code(s):
D,
D8,
D83
On the Evolution of the United Kingdom Price Distributions
Staff Working Paper 2018-25
Ba M. Chu,
Kim Huynh,
David T. Jacho-Chávez,
Oleksiy Kryvtsov
We propose a functional principal components method that accounts for stratified random sample weighting and time dependence in the observations to understand the evolution of distributions of monthly micro-level consumer prices for the United Kingdom (UK).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices
JEL Code(s):
C,
C1,
C14,
C8,
C83,
E,
E3,
E31,
E37
A Primer on the Canadian Bankers’ Acceptance Market
Staff Discussion Paper 2018-6
Kaetlynd McRae,
Danny Auger
This paper discusses how the bankers’ acceptance (BA) market in Canada is organized and its essential link to the Canadian Dollar Offered Rate (CDOR). Globally, BAs are a niche product used only in a limited number of jurisdictions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial markets,
Financial system regulation and policies,
Market structure and pricing
JEL Code(s):
G,
G1,
G18,
G2,
G21,
G23
Measuring Vulnerabilities in the Non-Financial Corporate Sector Using Industry- and Firm-Level Data
Staff Analytical Note 2018-17
Timothy Grieder,
Michal Lipsitz
Aggregate non-financial corporate debt-to-GDP has been growing rapidly in recent years and is at an all-time high. This growth began in 2011 and accelerated as the oil price shock affected the Canadian economy.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Financial stability,
Monetary and financial indicators,
Recent economic and financial developments,
Sectoral balance sheet
JEL Code(s):
G,
G0,
G01,
G3,
G32
Applying the Wage-Common to Canadian Provinces
Staff Analytical Note 2018-16
Jonathan Lachaine
As at the national level, available sources of hourly wage data for Canadian provinces sometimes send conflicting signals about wage growth. This note has two objectives. First, we develop a common measure of provincial wages (the provincial wage-common) to better capture the underlying wage pressures, reflecting the overall trend across all data sources.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Econometric and statistical methods,
Labour markets,
Recent economic and financial developments
JEL Code(s):
C,
C3,
C38,
J,
J3
Uncovered Return Parity: Equity Returns and Currency Returns
Staff Working Paper 2018-22
Edouard Djeutem,
Geoffrey R. Dunbar
We propose an uncovered expected returns parity (URP) condition for the bilateral spot exchange rate. URP implies that unilateral exchange rate equations are misspecified and that equity returns also affect exchange rates. Fama regressions provide evidence that URP is statistically preferred to uncovered interest rate parity (UIP) for nominal bilateral exchange rates between the US dollar and six countries (Australia, Canada, Japan, Norway, Switzerland and the UK) at the monthly frequency.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Exchange rates,
International financial markets
JEL Code(s):
E,
E4,
E43,
F,
F3,
F31,
G,
G1,
G15
The Share of Systematic Variations in the Canadian Dollar—Part III
Staff Analytical Note 2018-13
Guillaume Nolin,
James Kyeong,
Jean-Sébastien Fontaine
We draw a parallel between the dramatic increases of systematic variations in exchange rates and international bank lending. We find that when a country’s currency has a larger share of systematic variations, lending flows by international banks to that country become more sensitive to global lending - they also become more systematic. This parallel is particularly prevalent for large commodity exporters, including Canada. Global financial intermediation may open a new channel between the real economy and exchange rates.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31
How to Manage Macroeconomic and Financial Stability Risks: A New Framework
Staff Analytical Note 2018-11
Alexander Ueberfeldt,
Thibaut Duprey
Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Economic models,
Financial stability,
Financial system regulation and policies,
Interest rates,
Monetary policy,
Monetary policy framework
JEL Code(s):
E,
E4,
E44,
E5,
E52,
E58,
G,
G0,
G01
Potential Output in Canada: 2018 Reassessment
Staff Analytical Note 2018-10
Andrew Agopsowicz,
Dany Brouillette,
Bassirou Gueye,
Julien McDonald-Guimond,
Jeffrey Mollins,
Youngmin Park
This note summarizes the reassessment of potential output, conducted by the Bank of Canada for the April 2018 Monetary Policy Report. Overall, the profile for potential output growth is expected to remain flat at 1.8 per cent between 2018 and 2020 and 1.9 per cent in 2021.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
E,
E0,
E00,
E2,
E22,
E23,
E24,
E3,
E37,
E6