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2173 Results

Tracking Heterogeneous Spending Patterns with Credit Card Microdata

Staff analytical paper 2026-38 Jia Qi Xiao, Jackson Reid, Joey Daniels
We present a measure of account-level credit card spending constructed using credit bureau microdata, capturing monthly spending for approximately 80% of adults in Canada. Our measure offers higher frequency than other publicly available consumption metrics, and can be disaggregated by age, geographic location and credit history.
November 22, 2003

Recent Labour Market Developments in Canada

In the year and a half leading up to mid-2003, both employment and labour force participation increased at an unusually rapid pace compared to domestic economic activity. Gains in employment were unusually large, relative to output growth, compared to gains in total hours worked. This is explained by a faster rate of increase in the participation rate of the 55 and older age group, many of whom opted for part-time employment. This shift in the composition of employment contributed to a reduction in the length of the average workweek in 2002. As a result, labour input progressed at a rate that was markedly slower than for employment and more in line with its historical relationship to output growth. The authors anticipate that the 55 and older age group will continue to participate strongly in the labour force, but that as the economy rebounds and uncertainty diminishes, the cyclical component in the growth of part-time work should diminish and that of full-time employment increase. Employment growth should moderate in relation to output growth and there may be a cyclical rebound in labour productivity as total hours worked increases during the initial recovery in output growth.

Assessing the US and Canadian neutral rates: 2026 update

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.

Discount Rates, Debt Maturity, and the Fiscal Theory

Staff working paper 2021-58 Alexandre Corhay, Thilo Kind, Howard Kung, Gonzalo Morales
Do bond risk premiums influence the effects of debt maturity operations? Using a model with realistic bond risk premiums, we show that maturity operations have sizable effects on expected inflation and output when the central bank passively responds to inflation and the fiscal authority weakly responds to the debt level.
October 8, 2009

Central Banking in Canada: Meeting Today's and Tomorrow's Challenges

Remarks Paul Jenkins Vancouver Board of Trade Vancouver, British Columbia
Indeed, the global financial crisis of the past two years has presented unique, stressful challenges that have forced us all to assess what has worked well and what needs to change. Today, I would like to review some of the critical thinking around these issues, primarily from the perspective of our work at the Bank of Canada.

An Alternative Estimate of Canadian Potential Output: The Multivariate State-Space Framework

Staff discussion paper 2018-14 Lise Pichette, Maria Bernier, Marie-Noëlle Robitaille
In this paper, we extend the state-space methodology proposed by Blagrave et al. (2015) and decompose Canadian potential output into trend labour productivity and trend labour input. As in Blagrave et al. (2015), we include output growth and inflation expectations from consensus forecasts to help refine our estimates.
October 3, 2023

Understanding the unusual: How firms set prices during periods of high inflation

Remarks Nicolas Vincent Chamber of Commerce of Metropolitan Montreal Montréal, Quebec
Deputy Governor Nicolas Vincent discusses how firms set their prices and how pricing behaviour changed in our recent environment of high inflation.

The Financial Origins of Non-fundamental Risk

Staff working paper 2022-4 Sushant Acharya, Keshav Dogra, Sanjay Singh
We explore the idea that the financial sector can be a source of non-fundamental risk to the rest of the economy. We also consider whether policy can be used to reduce this risk—either by increasing the supply of publicly backed safe assets or by reducing the demand for safe assets.

The Impact of Mortgage Interest Costs on Rental Inflation Amid Population Growth

Staff analytical paper 2026-14 Amina Enkhbold, Serdar Kabaca
This note finds evidence of a positive and nonlinear relationship between mortgage interest costs (MIC) and rental inflation: the impact of MIC on rents is small when population growth is near its historical norm, but significantly stronger during periods of rapid population growth.
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