Housing Price Network Effects from Public Transit Investment: Evidence from Vancouver Staff working paper 2018-18 Alex Chernoff, Andrea Craig In this paper, we estimate the effect on housing prices of the expansion of the Vancouver SkyTrain rapid transit network during the period 2001–11. We extend the canonical residential sorting equilibrium framework to include commuting time in the household utility function. Content Type(s): Staff research, Staff working papers JEL Code(s): H, H4, H41, R, R2, R21, R4, R41 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Monetary policy, Real economy and forecasting
December 10, 2005 A History of the Canadian Dollar - by James Powell The history of Canada's money provides a unique perspective from which to view the growth and development of the Canadian economy and Canada as a nation. Author James Powell traces the evolution of Canadian money form its pre-colonial origins to the present day, highlighting the currency chaos of the colonial period, as well as the effects of two world wars and the Great Depression. Content Type(s): Publications, Books and monographs, Souvenir books
April 23, 2003 Monetary Policy Report – April 2003 The global economic outlook has been clouded by a high degree of uncertainty, accentuated most recently by the war in Iraq. Content Type(s): Publications, Monetary Policy Report
Understanding Inflation Dynamics: The Role of Government Expenditures Staff working paper 2023-30 Chang Liu, Yinxi Xie We study the impact government expenditure has on inflation. We find that changes in government expenditure account for a substantial portion of inflation variations. We also find that inflation and inflation expectations respond negatively to fiscal spending shocks, reaffirming the supply-side channel through which inflation responds to fiscal expansions. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E6, E62, E63 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures
On the Value of Virtual Currencies Staff working paper 2016-42 Wilko Bolt, Maarten van Oordt This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E42, E5, E51, F, F3, F31, G, G1 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
Complementarities Between Fiscal Policy and Monetary Policy—Literature Review Staff discussion paper 2021-4 Wei Dong, Geoffrey R. Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis, Lin Shao This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E62, E63 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting
The Impact of Bankruptcy Reform on Insolvency Choice and Consumer Credit Staff working paper 2016-26 Jason Allen, Kiana Basiri We examine the impact of the 2009 amendments to the Canadian Bankruptcy and Insolvency Act on insolvency decisions. Rule changes steered debtors out of division I proposals and into the more cost-effective division II proposals. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D14, G, G2, K, K3, K35 Research Theme(s): Financial system, Financial system regulation and oversight, Household and business credit
Vertical Specialization and Gains from Trade Staff working paper 2017-17 Patrick Alexander Multi-stage production is widely recognized as an important feature of the modern global economy. This feature has been incorporated into many state-of-the-art quantitative trade models, and has been shown to deliver significant additional gains from international trade. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F14, F6, F60 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
The Neutral Interest Rate: Past, Present and Future Staff discussion paper 2024-3 Matteo Cacciatore, Bruno Feunou, Galip Kemal Ozhan The decline in safe real interest rates over the past three decades has reignited discussions on the neutral real interest rate, known as R*. We address the determinants and estimation methods of R*, as well as the factors influencing its decline and its future trajectory. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E43, E5, E52, E6, E62 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
October 24, 2012 Monetary Policy Report – October 2012 The Bank projects that the economy will grow by 2.2 per cent in 2012, 2.3 per cent in 2013 and 2.4 per cent in 2014. The economy is expected to return to full capacity by the end of 2013. Content Type(s): Publications, Monetary Policy Report