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3035 Results

Easing Restrictions on the Stripping and Reconstitution of Government of Canada Bonds

Staff Working Paper 1998-8 David Bolder, Serge Boisvert
The Department of Finance and the Bank of Canada, as its fiscal agent, work closely with financial market participants in the management of the federal government's debt program. From the government's perspective, maintaining a liquid well-functioning market in Government of Canada securities is a key factor in ensuring that debt-service costs are minimized. It is […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management JEL Code(s): G, G1
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.

Measuring Limits of Arbitrage in Fixed-Income Markets

Staff Working Paper 2017-44 Jean-Sébastien Fontaine, Guillaume Nolin
We use relative value to measure limits to arbitrage in fixed-income markets. Relative value captures apparent deviations from no-arbitrage relationships. It is simple, intuitive and can be computed model-free for any bond.

Beyond the averages: Measuring underlying wage growth using Labour Force Survey microdata

Staff Analytical Note 2024-23 Fares Bounajm, Tessa Devakos, Gabriela Galassi
When it comes to understanding the influence of labour costs on inflation, average wage growth is a misleading indicator because it is affected by composition effects. We propose an alternative measure that corrects for these effects by using microdata from the Labour Force Survey. Our new measure has many desirable properties, including reduced volatility and a better relationship with labour market fundamentals.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Labour markets JEL Code(s): C, C3, C31, J, J2, J21, J3, J30, J31, J8, J82

On the Programmability and Uniformity of Digital Currencies

Staff Working Paper 2025-18 Jonathan Chiu, Cyril Monnet
Central bankers argue that programmable digital currencies may compromise the uniformity of money. We develop a stylized model to examine this argument and the trade-offs involved in circulating programmable money.

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
June 11, 2015

Assessing Vulnerabilities in the Canadian Financial System

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
August 18, 2011

Bank Balance Sheets, Deleveraging and the Transmission Mechanism

The author investigates the influence of bank capital on economic activity, using a macroeconomic model that incorporates an explicit role for financial intermediation. The analysis focuses on the role of a “bank-capital channel” in propagating and amplifying monetary policy actions and other shocks. The question of whether weaker bank balance sheets make the economy more vulnerable to adverse shocks is examined, together with the impact of initiatives, such as countercyclical capital buffers, on the transmission of monetary policy and other shocks to the real economy.

A Fresh Look at the Publication and Citation Gap Between Men and Women: Insights from Economics and Political Science

Staff Working Paper 2025-13 Daniel Stockemer, Gabriela Galassi, Engi Abou-El-Kheir
In recent years, significant efforts have been made to attract more women into academia and to support their careers, with the goal of increasing their representation.
Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets JEL Code(s): A, A1, A14, I, I2, I23, J, J1, J16, J4, J44, J7, J71

Alternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities

Staff Working Paper 2010-9 Carlos De Resende, Ali Dib, Maral Kichian
Inflation-targeting central banks around the world often state their inflation objectives with regard to the consumer price index (CPI). Yet the literature on optimal monetary policy based on models with nominal rigidities and more than one sector suggests that CPI inflation is not always the best choice from a social welfare perspective.
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