A Model of Housing Stock for Canada Staff Working Paper 2010-19 David Dupuis, Yi Zheng Using an error-correction model (ECM) framework, the authors attempt to quantify the degree of disequilibrium in Canadian housing stock over the period 1961–2008 for the national aggregate and over 1981–2008 for the provinces. Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components JEL Code(s): E, E2, E21, J, J0, J00
November 13, 2014 Bank of Canada Review - Autumn 2014 In this issue, Bank staff discuss recent developments in experimental macroeconomics, research results on price-level and unemployment thresholds in forward guidance, and the spillover effects of quantitative easing in advance economies. Articles also explore the competitiveness strategies of Canadian firms as well as their use of financial derivatives. Content Type(s): Publications, Bank of Canada Review
Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt Staff Discussion Paper 2019-12 Stephen S. Poloz This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial stability, International topics, Monetary policy, Monetary policy and uncertainty, Trade integration JEL Code(s): E, E6, E63, F, F0, F02, F1, F15, F5, F53, F6, H, O, O1, O11, O3, O33
December 10, 2014 Financial System Review - December 2014 The Reports section of the Financial System Review examines selected issues of relevance to the Canadian and global financial systems. The December 2014 issue features two reports on important developments in the financial system: rapid growth and innovation in the market for exchange-traded funds, and the increasing significance of cyber attacks to the operational resilience of financial institutions and financial market infrastructures. Content Type(s): Publications, Financial Stability Report
The Bank of Canada's Version of the Global Economy Model (BoC-GEM) Technical Report No. 98 René Lalonde, Dirk Muir The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research). Content Type(s): Staff research, Technical reports Research Topic(s): Business fluctuations and cycles, Economic models, International topics JEL Code(s): C, C6, C68, E, E2, E27, E3, E37, F, F3, F32, F4, F47
May 16, 2001 Core Principles for Systemically Important Payments Systems and Their Application in Canada Bank of Canada Review - Spring 2001 Clyde Goodlet Systemically important payments systems are systems that, because of the size or the nature of the payments they process, could trigger or transmit serious shocks across domestic or international financial systems if they were insufficiently protected against risk. This article describes the overall framework of core principles developed for the design, operation, and oversight of such payments systems. The article reviews the role of the task force established to develop the core principles and examines the core principles themselves. It also examines the role of central banks in overseeing major payments systems and in applying the core principles to them. The focus is on the Bank of Canada's oversight responsibilities under the Payment Clearing and Settlement Act and on Canada's systemically important payments system—the LVTS. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Payment clearing and settlement systems
December 11, 2014 Speculating on the Future of Finance Remarks Stephen S. Poloz Economic Club of New York New York, New York Governor Stephen S. Poloz discusses the global financial reforms and what they mean for the future of finance. Content Type(s): Press, Speeches and appearances, Remarks
Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound Staff Working Paper 2012-21 Christiane Baumeister, Luca Benati We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Interest rates, Monetary policy framework, Monetary policy transmission JEL Code(s): C, C1, C11, C3, C32, E, E5, E52, E58
A Policy Framework for E-Money: A Report on Bank of Canada Research Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52, E58
Quantity, Quality, and Relevance: Central Bank Research, 1990–2003 Staff Working Paper 2005-37 Pierre St-Amant, Greg Tkacz, Annie Guérard-Langlois, Louis Morel The authors document the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research productivity of central banks over this period. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research JEL Code(s): E, E5, E59