Product Sophistication and the Slowdown in Chinese Export Growth Staff Discussion Paper 2017-15 Mark Kruger, Walter Steingress, Sri Thanabalasingam Chinese real export growth decelerated considerably during the last decade. This paper argues that the slowdown largely resulted from China moving to a more sophisticated mix of exports: China produced more sophisticated goods over which it had pricing power instead of producing greater volumes of less sophisticated products. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Development economics, Exchange rates, International topics JEL Code(s): F, F1, F14, F17, O, O1, O10
November 17, 2016 Bank of Canada Review - Autumn 2016 What is the role of central banks in financial stability? How has this role changed in recent years? Bank researchers share their insights on this matter and provide an overview of recent changes the Bank has made to its Emergency Lending Assistance Policy. Researchers also provide a history of four major commodity supercycles, dating back to the early 1900s. Finally, there is discussion about structural reforms in emerging-market economies, such as China, and how these reforms influence potential growth. Content Type(s): Publications, Bank of Canada Review
Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy Staff Working Paper 2005-16 René Lalonde The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices, Monetary policy transmission JEL Code(s): C, C3, C32, E, E5, E52
House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data Staff Working Paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Inflation and prices, Interest rates, Monetary policy transmission JEL Code(s): E, E5, E52, R, R2, R21, R3, R31
Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions Staff Discussion Paper 2020-7 Robert Amano, Thomas J. Carter, Lawrence L. Schembri We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Inflation targets, Monetary policy framework JEL Code(s): E, E5, E52, E58
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 Research Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G2, G21, G28
August 17, 2001 The Changing Effects of Energy-Price Shocks on Economic Activity and Inflation Bank of Canada Review - Summer 2001 Gerald Stuber In this article the author examines the effects that major changes in energy prices in recent years have had on inflation and on the pace of economic expansion. These are then compared with the effects of the oil-price shocks that occurred in the 1970s and early 1980s. Changes in the intensity of energy use are examined, as well as developments in Canada's merchandise trade surplus in energy commodities and products. The author also considers the effects that a monetary policy anchored to low and stable inflation could have on price-setting behaviour and thus on the pass-through of higher energy costs to core inflation in Canada and in other industrial countries. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Business fluctuations and cycles
June 12, 2003 Recent Economic Developments and the Conduct of Monetary Policy Remarks David Dodge Conseil du patronat du Québec Montréal, Quebec I want to talk to you about the Canadian economy - how it has evolved over the past few months and what are the prospects ahead. In doing so, I will review the economic forecast from our latest Monetary Policy Report, which we published in April. Then I will talk about what has changed since that time. Content Type(s): Press, Speeches and appearances, Remarks
The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada Staff Working Paper 2018-56 Lutz Kilian, Xiaoqing Zhou How do global oil price shocks spread through Canada’s economy? With Canada’s regionally diverse economy in mind, we explore the implications of oil price shocks for Canadian housing markets and regional economies. We show that the belief that oil price shocks only matter in oil-rich regions is false. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Housing, International topics, Labour markets, Regional economic developments JEL Code(s): F, F4, F43, Q, Q3, Q33, Q4, Q43, R, R1, R12, R3, R31
April 15, 2004 Monetary Policy Report – April 2004 The Canadian economy continues to adjust to developments in the global economy. Content Type(s): Publications, Monetary Policy Report