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 Research Topic(s): Asset pricing, Economic models, Housing JEL Code(s): H, H4, H41, R, R2, R21, R4, R41
September 18, 2017 How Canada’s International Trade is Changing with the Times Remarks Timothy Lane Saskatoon Regional Economic Development Authority Saskatoon, Saskatchewan Deputy Governor Timothy Lane discusses the changing nature of international trade and the factors that are propelling it. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, International topics, Productivity, Recent economic and financial developments, Trade integration
June 11, 2015 Assessing Vulnerabilities in the Canadian Financial System Financial System Review - June 2015 Ian Christensen, Gitanjali Kumar, Césaire Meh, Lorie Zorn The authors present the four common cyclical vulnerabilities that appear in financial systems, providing examples of qualitative and quantitative indicators used to monitor these vulnerabilities across different sectors. They also discuss other inputs to the vulnerability assessment and to the internal process used at the Bank of Canada for identifying, evaluating and communicating vulnerabilities and risks, and highlight some of the key challenges in assessing financial system vulnerabilities and risks. Content Type(s): Publications, Financial System Review articles Research Topic(s): Financial stability JEL Code(s): G, G0, G01, G1, G10, G2, G20
Should Central Banks Adjust Their Target Horizons in Response to House-Price Bubbles? Staff Discussion Paper 2007-4 Meenakshi Basant Roi, Rhys R. Mendes The authors investigate the implications of house-price bubbles for the optimal inflation-target horizon using a dynamic general-equilibrium model with credit frictions, house-price bubbles, and small open-economy features. They find that, given the distribution of shocks and inflation persistence over the past 25 years, the optimal target horizon for Canada tends to be at the lower […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Credit and credit aggregates, Economic models, Inflation targets, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E42, E44, E5, E52, E58, E6, E61
The Size and Destination of China’s Portfolio Outflows Staff Discussion Paper 2018-11 Rose Cunningham, Eden Hatzvi, Kun Mo The size of China’s financial system raises the possibility that the liberalization of its capital account could have a large effect on the global financial system. This paper provides a counterfactual scenario analysis that estimates what the size and direction of China’s overseas portfolio investments would have been in 2015 if China had had no restrictions on these outflows. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Balance of payments and components, Econometric and statistical methods, International topics JEL Code(s): C, C2, C23, F, F2, F21, F3, F32, G, G1, G15
Assessing the Impact of Demographic Composition on Productivity Staff Discussion Paper 2025-3 Justin-Damien Guénette, Lin Shao We examine how demographic factors influence potential output, focusing on how the age distribution of the working-age population and the old-age dependency ratio affect aggregate productivity. Following Feyrer (2007), we emphasize that the contribution to aggregate productivity varies by age group, with middle-aged individuals (aged 40 to 49) being the most productive. Content Type(s): Staff research, Staff discussion papers Research Topic(s): International topics, Potential output, Productivity JEL Code(s): J, J1, J11, O, O4, O47, O5, O51
Improving Overnight Loan Identification in Payments Systems Staff Working Paper 2014-25 Mark Rempel Information on the allocation and pricing of over-the-counter (OTC) markets is scarce. Furfine (1999) pioneered an algorithm that provides transaction-level data on the OTC interbank lending market. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial markets, Interest rates, Payment clearing and settlement systems JEL Code(s): C, C3, C38, C5, C53, E, E4, E42, E44, G, G1, G10
February 10, 2015 Minding the Labour Gap Remarks Carolyn A. Wilkins Ottawa Economics Association Ottawa, Ontario Senior Deputy Governor Carolyn Wilkins discusses the state of the labour market, the impact of lower oil prices on Canada’s economic outlook and the importance of both for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Inflation and prices, Inflation targets, Labour markets, Monetary policy, Potential output, Productivity
Simulations du ratio du service de la dette des consommateurs en utilisant des données micro Staff Working Paper 2009-18 Ramdane Djoudad The author constructs a formal analytic framework to simulate the impact of various economic shocks on the household debt-service ratio, using data from the Canadian Financial Monitor (CFM) survey. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial stability JEL Code(s): C, C1, C15, C3, C31, D, D1, D14, E, E5, E51
Excess Collateral in the LVTS: How Much is Too Much? Staff Working Paper 2003-36 Kim McPhail, Anastasia Vakos The authors build a theoretical model that generates demand for collateral by Large Value Transfer System (LVTS) participants under the assumption that they minimize the cost of holding and managing collateral for LVTS purposes. The model predicts that the optimal amount of collateral held by each LVTS participant depends on the opportunity cost of collateral, the transactions costs of acquiring assets used as collateral and transferring them in and out of the LVTS, and the distribution of an LVTS participant's payment flows in the LVTS. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21