Staff discussion papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.
281
result(s)
The Neutral Rate of Interest in Canada
Staff Discussion Paper 2014-5
Rhys R. Mendes
A measure of the neutral policy interest rate can be used to gauge the stance of monetary policy. We define the neutral rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects of all cyclical shocks have dissipated.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Interest rates,
Monetary policy transmission
JEL Code(s):
E,
E4,
E40,
E42,
E43,
E5,
E50,
E52,
E58
Removal of the Unwinding Provisions in the Automated Clearing Settlement System: A Risk Assessment
Staff Discussion Paper 2014-4
Nicholas Labelle,
Varya Taylor
A default in the Automated Clearing Settlement System (ACSS) occurs when a Direct Clearer is unable to settle its final obligation.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial stability,
Payment clearing and settlement systems
JEL Code(s):
C,
C1,
C15,
G,
G0,
G01,
G2,
G3
Forecasting Short-Term Real GDP Growth in the Euro Area and Japan Using Unrestricted MIDAS Regressions
Staff Discussion Paper 2014-3
Maxime Leboeuf,
Louis Morel
In this paper, the authors develop a new tool to improve the short-term forecasting of real GDP growth in the euro area and Japan. This new tool, which uses unrestricted mixed-data sampling (U-MIDAS) regressions, allows an evaluation of the usefulness of a wide range of indicators in predicting short-term real GDP growth.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
C,
C5,
C50,
C53,
E,
E3,
E37,
E4,
E47
Electronic Money and Payments: Recent Developments and Issues
Staff Discussion Paper 2014-2
Ben Fung,
Miguel Molico,
Gerald Stuber
The authors review recent developments in retail payments in Canada and elsewhere, with a focus on e-money products, and assess their potential public policy implications.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42
Canadian Non-Energy Exports: Past Performance and Future Prospects
Staff Discussion Paper 2014-1
André Binette,
Daniel de Munnik,
Émilien Gouin-Bonenfant
Canada has continued to lose market share in the United States since the Great Recession, beyond what our bilateral competitiveness measures (relative unit labour costs) would suggest.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Balance of payments and components,
Exchange rates
JEL Code(s):
F,
F1,
F10,
F14,
F4,
F43
Lessons from the Financial Crisis: Bank Performance and Regulatory Reform
Staff Discussion Paper 2013-4
Neville Arjani,
Graydon Paulin
The financial systems of some countries fared materially better than others during the global financial crisis of 2007-09.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial system regulation and policies
JEL Code(s):
G,
G2,
G21,
G28
Sovereign Default and State-Contingent Debt
Staff Discussion Paper 2013-3
Martin Brooke,
Rhys R. Mendes,
Alex Pienkowski,
Eric Santor
The Latin American debt crises in the 1980s and the Asian crisis in the late 1990s both provided impetus for reforming the framework for restructuring sovereign debt. In the late 1980s, the Brady plan established the importance of substantive debt relief in addressing some crises.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International financial markets,
International topics
JEL Code(s):
F,
F3,
F34
Méthodologie de construction de séries de taux de défaut pour l’industrie canadienne
Staff Discussion Paper 2013-2
Ramdane Djoudad,
Étienne Bordeleau
Default rates are series commonly used in stress testing. In Canada, as in many other countries, there are no historical series available for sectoral default rates on bank loans to firms.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Financial institutions,
Financial stability
JEL Code(s):
C,
C1,
C13,
C18,
G,
G2,
G21,
G3,
G33
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