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282
result(s)
Digitalization and Inflation: A Review of the Literature
Staff Analytical Note 2017-20
Karyne B. Charbonneau,
Alexa Evans,
Subrata Sarker,
Lena Suchanek
In the past few years, many have postulated that the possible disinflationary effects of digitalization could explain the subdued inflation in advanced economies. In this note, we review the evidence found in the literature. We look at three main channels.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation and prices,
Market structure and pricing,
Productivity
JEL Code(s):
D,
D2,
D22,
E,
E3,
E31,
L,
L8,
L81,
O,
O3,
O33
Digital Transformation in the Service Sector: Insights from Consultations with Firms in Wholesale, Retail and Logistics
Staff Analytical Note 2017-19
Wei Dong,
James Fudurich,
Lena Suchanek
Firms increasingly rely on digital technologies such as e-commerce, cloud computing, big data, digital tracking and digital platforms that are reshaping business operations, business models and market structures. In this context, the Bank of Canada consulted with firms in wholesale, retail and logistics, as well as with related industry associations to yield insights on the adoption of digital technologies.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Firm dynamics,
Inflation and prices,
Service sector
JEL Code(s):
D,
D2,
D22,
E,
E3,
E31,
L,
L8,
L81,
L9,
L92,
O,
O3,
O33
Alternative Scenario to the October 2017 MPR Base-Case Projection: Higher Potential Growth
Staff Analytical Note 2017-18
Jing Yang,
Ben Tomlin,
Olivier Gervais
We construct an alternative scenario in which trend labour input and business investment are stronger than that expected in the Bank of Canada’s base-case projection in the October 2017 Monetary Policy Report.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation and prices,
Monetary policy,
Potential output
JEL Code(s):
E,
E2,
E22,
E24,
E27,
E5
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
Low Inflation in Advanced Economies: Facts and Drivers
Staff Analytical Note 2017-16
Sanjana Bhatnagar,
Anne-Katherine Cormier,
Patrisha de Leon-Manlagnit,
Elise Martin,
Vikram Rai,
Renaud St-Cyr,
Subrata Sarker,
Kristina Hess
Since the global financial crisis, core inflation has been persistently below target in most advanced economies. Recently, it has weakened further in several advanced economies despite gradually diminishing slack. This note reviews recent developments in core inflation across advanced economies and identifies distinctive patterns across regions.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation and prices,
International topics
JEL Code(s):
E,
E0,
E3,
E31,
F,
F0
Redistributive Effects of a Change in the Inflation Target
Staff Analytical Note 2017-13
Robert Amano,
Thomas J. Carter,
Yaz Terajima
In light of the financial crisis and its aftermath, several economists have argued that inflation-targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
Global Trade Flows: Revisiting the Exchange Rate Elasticities
Staff Working Paper 2017-41
Matthieu Bussière,
Guillaume Gaulier,
Walter Steingress
This paper contributes to the debate on the magnitude of exchange rate elasticities by providing a set of price and quantity elasticities for 51 advanced and emerging-market economies. Specifically, for each of these countries we report the elasticity of trade prices and trade quantities on both the export and on the import sides, as well as the reaction of the trade balance.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Inflation and prices,
International topics
JEL Code(s):
C,
C5,
C51,
F,
F1,
F14,
F3,
F31,
F33,
F4,
F41
Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada
Staff Working Paper 2017-39
Julien Champagne,
Rodrigo Sekkel
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Central bank research,
Econometric and statistical methods,
Exchange rate regimes,
Inflation and prices,
Inflation targets,
Interest rates,
Monetary policy,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E4,
E43,
E5,
E52,
E58
Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect”
Staff Working Paper 2017-31
Joel Wagner
The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation could “grease the wheels” of the labour market by putting downward pressure on real wages, easing labour market adjustments during a recession.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation targets,
Labour markets
JEL Code(s):
E,
E2,
E24,
E5,
E52