Staff analytical notes are short articles that focus on topical issues relevant to the current economic and financial context.
234
result(s)
Weakness in Non-Commodity Exports: Demand versus Supply Factors
Staff Analytical Note 2018-28
José Dorich,
Vadym Lepetyuk,
Jonathan Swarbrick
We use the Terms-of-Trade Economic Model (ToTEM) to conduct demand- and supply-driven simulations, both of which deliver weakness in Canadian non-commodity exports relative to foreign activity in line with recent data.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
International topics,
Monetary policy,
Recent economic and financial developments,
Trade integration
JEL Code(s):
E,
E5,
E52,
F,
F1,
F10,
F14,
F17
Characterizing Canada’s Export Sector by Industry: A Supply-Side Perspective
Staff Analytical Note 2018-27
Taylor Webley
This note examines supply-side trends in Canadian non-energy industries and their implications for export performance. Between 2002 and 2016, capital stocks and total labour input declined in many industries that export non-energy goods. These soft trends in the factors of production have likely contributed to the decline in non-energy exports in about half of the goods industries analyzed in this note.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
International topics,
Productivity
JEL Code(s):
E,
E2,
E22,
E23,
E24,
F,
F1,
F19
Decomposing Canada’s Market Shares: An Update
Staff Analytical Note 2018-26
Nicholas Labelle
Building on the shift-share analysis of Barnett and Charbonneau (2015), this note decomposes Canada’s market shares in the United States, Europe and China for imports of non-energy goods into competitiveness, preference shifts and an interaction term. We find that, despite the depreciation of the dollar, Canada continued to lose market share over 2014–17 (around 0.4 percentage points lost per year on average over four years).
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
International topics
JEL Code(s):
F,
F1,
F10,
F14,
F4
What Is Restraining Non-Energy Export Growth?
Staff Analytical Note 2018-25
Dany Brouillette,
José Dorich,
Chris D'Souza,
Adrienne Gagnon,
Claudia Godbout
This note summarizes the key findings from Bank of Canada staff analytical work examining the reasons for the recent weakness in Canadian non-energy exports. Canada steadily lost market share in US non-energy imports between 2002 and 2017, mostly reflecting continued and broad-based competitiveness losses.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
International topics,
Monetary policy,
Recent economic and financial developments,
Trade integration
JEL Code(s):
E,
E5,
E52,
F,
F1,
F10,
F14,
F17
The Characteristics of Uninsured Mortgages and their Securitization Potential
Staff Analytical Note 2018-24
Adi Mordel,
Maria teNyenhuis
Following changes to housing finance policies that target insured mortgages, uninsured mortgage credit has been growing. This robust growth creates a larger pool of mortgages that may be suitable for private-label residential mortgage-backed securities (RMBS).
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Financial system regulation and policies,
Wholesale funding
JEL Code(s):
G,
G2,
G21,
G28
Bitcoin Awareness and Usage in Canada: An Update
Staff Analytical Note 2018-23
Christopher Henry,
Kim Huynh,
Gradon Nicholls
The results of our 2017 Bitcoin Omnibus Survey (December 12 to 15, 2017) when compared with those from 2016 show that Bitcoin “awareness” increased from 64 to 85 per cent, while ownership increased from 2.9 to 5.0 per cent. Most Bitcoin purchasers are using the cryptocurrency as an investment and not as a means of payment for goods or services.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
E,
E4
The Neutral Rate in Canada: 2018 Estimates
Staff Analytical Note 2018-22
Xin Scott Chen,
José Dorich
The neutral nominal policy rate serves as a benchmark for assessing the degree of monetary stimulus and provides a medium- to long-run anchor for the policy rate. Since quantitative measures of the neutral rate are subject to considerable uncertainty, Bank staff rely on four different approaches to estimate the Canadian neutral rate.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Economic models,
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E40,
E43,
E5,
E50,
E52,
E58,
F,
F4,
F41
Redemption Runs in Canadian Corporate Bond Funds?
Staff Analytical Note 2018-21
Rohan Arora
Mutual funds employ a host of tools to manage redemption run risk. However, our results suggest that Canadian corporate bond funds may be vulnerable to redemption runs, especially when they are less liquid and when market volatility is high.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Financial markets
JEL Code(s):
G,
G0,
G01,
G2,
G23
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