Understanding the Cross‐Country Effects of US Technology Shocks Staff Working Paper 2017-23 Thuy Lan Nguyen, Wataru Miyamoto Business cycles are substantially correlated across countries. Yet most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, International topics JEL Code(s): E, E3, E30, F, F4, F41, F44, F6, F62
September 6, 2017 Bank of Canada increases overnight rate target to 1 per cent Media Relations Ottawa, Ontario The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
August 31, 2017 Renewing Canada’s Inflation-Control Agreement: 2011–2016 Research Priorities In 2016, the Bank and the Government of Canada renewed their Inflation-Control Target agreement. Learn about our research priorities that led up to the renewal.
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 Research Topic(s): Inflation targets, Labour markets JEL Code(s): E, E2, E24, E5, E52
February 9, 2017 Getting to the Core of Inflation Remarks Lawrence L. Schembri Department of Economics, Western University London, Ontario Deputy Governor Lawrence Schembri discusses the uses and measures of core inflation in the conduct of monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, Central bank research, Inflation and prices, Inflation targets, Monetary policy, Recent economic and financial developments
February 3, 2017 Bank of Canada Announces a Reduction to the Minimum Amount of Government of Canada Nominal Bonds it Acquires at Auction The Bank of Canada announced today that it is decreasing its minimum purchase amount of nominal bonds at auctions to 14 per cent from the current 15 per cent level, effective immediately. Content Type(s): Press, Market notices
January 30, 2017 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Sylvain Leduc House of Commons Standing Committee on Finance Ottawa, Ontario Deputy Governor Sylvain Leduc discusses household debt and house prices, the risks they pose to financial stability and the role of the Bank of Canada. Content Type(s): Press, Speeches and appearances, Opening statements
January 26, 2017 Bank of Canada Directors - Appointment Opportunities The Government of Canada is currently seeking applications from Canadians interested in the position of Director, Bank of Canada. For more information, please see the Governor in Council Appointments website. Content Type(s): Press, Announcements