March 29, 2010 Beyond Recovery: Sustaining Economic Growth Remarks Paul Jenkins Economic Club of Canada Toronto, Ontario John Maynard Keynes said the objective of "analysis is … to provide ourselves with an organized and orderly method of thinking out particular problems .… This is the nature of economic thinking." Content Type(s): Press, Speeches and appearances, Remarks
August 19, 2010 Price-Level Targeting and Relative-Price Shocks Bank of Canada Review - Summer 2010 Stephen Murchison Stephen Murchison reviews the findings of recent Bank of Canada research on the relative merits of inflation targeting and price-level targeting (PLT) for a small open economy, such as Canada's, that is susceptible to large and persistent terms-of-trade shocks. Content Type(s): Publications, Bank of Canada Review articles
Assessing the US and Canadian neutral rates: 2026 update Staff analytical paper 2026-21 Felipe Alves, William Beaudoin, Hélène Desgagnés, Wei Dong, Jan David Schneider, Eugene Trostin, Argyn Toktamyssov, Hannes Twieling We assess the Canadian nominal neutral rate to be in the range of 2.25% to 3.25%, unchanged from our assessment in 2025. We assess the US nominal neutral rate to be in the range of 2.50% to 3.50%, somewhat higher than the range of 2.25% to 3.25% reported in the 2025 assessment. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E4, E43, E5, E52 Research Theme(s): Monetary policy, Monetary policy framework and transmission
August 25, 2015 The Long-Term Evolution of House Prices: An International Perspective Remarks Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario Deputy Governor Lawrence Schembri discusses the international evidence of underlying determinants of long-term movements in house prices. Content Type(s): Press, Speeches and appearances, Remarks
Estimating the Slope of the Demand Function at Auctions for Government of Canada Bonds Staff discussion paper 2023-12 Bo Young Chang We use bid data from Government of Canada bond auctions between 1999 and 2021 to gauge the yield sensitivity of these bonds to the issuance amount. Our new metric estimates the demand function of the bidders at each auction and offers insights into the relationship between supply and yield of government bonds. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D4, D44, G, G1, G12 Research Theme(s): Financial markets and funds management, Funds management, Market functioning
How Do Some Lower-Income Canadians Pay Staff analytical paper 2026-6 Jerry Buckland, Christopher Henry, Wendy Nur, Aidan Romanow-Bear, Stephen Wild Previous research suggests that lower-income Canadians may have unique experiences with the use of payments, including the use of cash and digital payments. We conduct a case study using data from [the Canadian Financial Diaries project/Canadian financial diaries] to gain insight into how some lower-income Canadians pay. Content Type(s): Staff research, Staff analytical paper JEL Code(s): D, D8, D83, E, E4, E41 Research Theme(s): Money and payments, Cash and bank notes, Retail payments
Optimal Monetary Policy According to HANK Staff working paper 2021-55 Sushant Acharya, Edouard Challe, Keshav Dogra We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model. In the model, the central bank has an incentive to reduce consumption inequality in addition to keeping economic activity at its efficient level and inflation stable. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E3, E30, E5, E52, E6, E62, E63 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
March 18, 2008 Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned Bank of Canada Review - Spring 2008 Lawrence L. Schembri Schembri studies Canada's post-World War II experience in introducing a floating exchange rate, including its effects on the Canadian economy and its influence on the development of macroeconomic theory. In particular, Canada's flexible exchange rate and high degree of capital mobility with the United States provided an unprecedented experiment for macroeconomic policy. The successes and difficulties encountered by Canadian authorities in managing monetary and fiscal policy under this regime drew the interest of researchers at the International Monetary Fund and elsewhere and had a significant impact on the development of the Mundell-Fleming model, the path-breaking innovation in modern open-economy macroeconomics. Content Type(s): Publications, Bank of Canada Review articles
Borrowing Costs for Government of Canada Treasury Bills Staff analytical note 2019-28 Jabir Sandhu, Adrian Walton, Jessica Lee The cost of borrowing Government of Canada treasury bills (t-bills) in the repurchase (repo) market is mainly explained by the relationship between the parties involved. Some pairs of parties conduct most of their repos for t-bills rather than bonds, and at relatively high borrowing costs. We speculate that these pairs have formed a mutually beneficial service relationship in which one party consistently receives t-bills, while the other receives cash at a relatively cheap rate. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G10, G11, G12, G2, G20, G21, G23, G3, G32 Research Theme(s): Financial markets and funds management, Funds management, Market functioning
A Look Inside the Box: Combining Aggregate and Marginal Distributions to Identify Joint Distributions Staff working paper 2018-29 Marie-Hélène Felt This paper proposes a method for estimating the joint distribution of two or more variables when only their marginal distributions and the distribution of their aggregates are observed. Nonparametric identification is achieved by modelling dependence using a latent common-factor structure. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C14, D, D1, D14, E, E4, E41 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Cash and bank notes