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2104 Results

What People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment

Staff working paper 2023-36 Cars Hommes, Julien Pinter, Isabelle Salle
We conduct a large-scale survey to shed light on what people believe about public finance. An experiment demonstrates that central bank communication can persistently shift views on monetary financing. It further suggests that views on monetary financing impact support for fiscal discipline.

Earnings Dynamics and Intergenerational Transmission of Skill

Staff working paper 2020-46 Lance Lochner, Youngmin Park
How are your past, current and future earnings related to those of your parents? We explore this by using 37 years of Canadian tax data on two generations.

A Dynamic Factor Model for Commodity Prices

Staff analytical note 2017-12 Doga Bilgin, Reinhard Ellwanger
In this note, we present the Commodities Factor Model (CFM), a dynamic factor model for a large cross-section of energy and non-energy commodity prices. The model decomposes price changes in commodities into a common “global” component, a “block” component confined to subgroups of economically related commodities and an idiosyncratic price shock component.

Inflation Targeting and Liquidity Traps Under Endogenous Credibility

Staff working paper 2019-9 Cars Hommes, Joep Lustenhouwer
Policy implications are derived for an inflation-targeting central bank, whose credibility is endogenous and depends on its past ability to achieve its targets. This is done in a New Keynesian framework with heterogeneous and boundedly rational expectations.

What Fed Funds Futures Tell Us About Monetary Policy Uncertainty

Staff working paper 2016-61 Jean-Sébastien Fontaine
The uncertainty around future changes to the Federal Reserve target rate varies over time. In our results, the main driver of uncertainty is a “path” factor signaling information about future policy actions, which is filtered from federal funds futures data.
June 4, 2020

Economic progress report: keeping markets working

Remarks (delivered virtually) Toni Gravelle Greater Sudbury Chamber of Commerce Sudbury, Ontario
Deputy Governor Toni Gravelle discusses the Bank’s latest interest rate announcement and explains how efforts to keep financial markets functioning through the COVID-19 crisis will lay a solid foundation for economic recovery

Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence

Staff working paper 2019-34 Alex Chernoff, Patrick Alexander
We develop a model with firm heterogeneity in importing and cross-border shopping among consumers. Exchange-rate appreciations lower the cost of imported goods, but also lead to more cross-border shopping; hence, the net impact on aggregate retail prices and sales is ambiguous.

Demographic Origins of the Decline in Labor’s Share

Staff working paper 2023-20 Andrew Glover, Jacob Short
Declining labour market dynamism of workers results in an increasing wedge between their earnings and their marginal product as they age. This wedge and the demographic shift in the earnings shares of older workers can account for 59% of the decline in labor’s share of earnings in the United States.

COVID-19 Hasn’t Killed Merchant Acceptance of Cash: Results from the 2023 Merchant Acceptance Survey

Staff discussion paper 2024-2 Angelika Welte, Katrina Talavera, Liang Wang, Joy Wu
The Bank of Canada’s Merchant Acceptance Survey finds that 96% of small and medium-sized businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased to 89%, and acceptance of digital payments has also increased. However, Canada is far from being a cashless society.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C8, D, D2, D22, E, E4, L, L2 Research Theme(s): Money and payments, Cash and bank notes, Retail payments
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