Learning-by-Doing or Habit Formation? Staff Working Paper 2005-15 Hafedh Bouakez, Takashi Kano In a recent paper, Chang, Gomes, and Schorfheide (2002) extend the standard real business cycle (RBC) model to allow for a learning-by-doing (LBD) mechanism whereby current labour supply affects future productivity. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models, Labour markets JEL Code(s): C, C5, C52, E, E3, E32, J, J2, J22
Complex Ownership and Capital Structure Staff Working Paper 2009-12 Teodora Paligorova, Zhaoxia Xu This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G32
May 30, 2005 Reflections on the International Economic and Monetary Order Remarks David Dodge la Conférence de Montréal Montréal, Quebec Up to now, world capital markets have been managing these imbalances in a reasonably smooth way. In the short term, it is reasonable to expect that they will continue to do so. But over the medium term, imbalances of this magnitude are not sustainable. Content Type(s): Press, Speeches and appearances, Remarks
February 18, 2008 Governor Carney Discusses Impacts of Globalization on Canada Media Relations Vancouver, British Columbia Canada has adjusted well to sharp movements in its terms of trade and is enjoying the many benefits of a globalized economy, Bank of Canada Governor Mark Carney said today in a speech to the British Columbia Chamber of Commerce and the Business Council of British Columbia. Content Type(s): Press, Press releases
May 27, 2005 70 Years of Central Banking in Canada Remarks David Dodge Canadian Economics Association Hamilton, Ontario The Bank opened its doors on 11 March 1935, at the height of the Great Depression, and immediately faced enormous challenges. In meeting those challenges, the new Bank of Canada drew on the experience of other, established central banks. It received valuable guidance in functions such as the issuance of bank notes, managing foreign exchange reserves, and promoting financial stability. Content Type(s): Press, Speeches and appearances, Remarks
January 24, 2008 Bank of Canada releases Monetary Policy Report Update Media Relations Ottawa, Ontario The Bank of Canada today released its January Monetary Policy Report Update. Content Type(s): Press, Press releases
January 22, 2008 Bank of Canada lowers overnight rate target by 1/4 percentage point to 4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 4 per cent. Content Type(s): Press, Press releases
May 6, 2005 The Canadian Economy: Adjusting to Global Economic Forces Remarks David Dodge Ottawa Chamber of Commerce Ottawa, Ontario The year 2005 marks the 150th anniversary of the establishment of Ottawa as a city. On 1 January 1855, the logging community of Bytown was formally incorporated as a city and adopted Ottawa as its new name. Content Type(s): Press, Speeches and appearances, Remarks
Computing the Accuracy of Complex Non-Random Sampling Methods: The Case of the Bank of Canada's Business Outlook Survey Staff Working Paper 2009-10 Daniel de Munnik, David Dupuis, Mark Illing A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these surveys because their respective non-random sampling method renders this assessment non-trivial. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Econometric and statistical methods, Regional economic developments JEL Code(s): C, C4, C8, C81, C9, C90
April 19, 2005 Opening Statement before the House of Commons Finance Committee Opening statement David Dodge House of Commons Finance Committee Last Thursday, we released our April Monetary Policy Report. In the report, we said that the global economy has been unfolding largely as expected, and the outlook for the Canadian economy is essentially unchanged from that in January's Monetary Policy Report Update. Content Type(s): Press, Speeches and appearances, Opening statements