International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada Staff Working Paper 2014-43 Tatjana Dahlhaus, Abeer Reza, Kristina Hess The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Monetary policy framework, Monetary policy transmission JEL Code(s): C, C3, C32, E, E5, E52, E58, F, F4, F42, F44
Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy Staff Working Paper 2003-29 Steve Ambler, Ali Dib, Nooman Rebei The authors analyze exchange rate pass-through in an estimated structural model of a small open economy that incorporates three types of nominal rigidity (wages and the prices of domestically produced and imported goods) and eight different structural shocks. The model is estimated using quarterly data from Canada and the United States. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Exchange rates, Inflation and prices, International topics JEL Code(s): F, F2, F3, F31, F33
Canadians’ access to cash in 2023 Staff Analytical Note 2025-13 Heng Chen, Hongyu Xiao, Daneal O’Habib, Stephen Wild This study updates our measure of Canadians' access to cash through automated banking machines and financial institution branches. We find that in 2023 overall access to cash remains stable, while rural Canadians continue having less access. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Bank notes, Financial services, Regional economic developments JEL Code(s): J, J1, J15, O, O1, R, R5, R51
Combining Large Numbers of Density Predictions with Bayesian Predictive Synthesis Staff Working Paper 2023-45 Tony Chernis I show how to combine large numbers of forecasts using several approaches within the framework of a Bayesian predictive synthesis. I find techniques that choose and combine a handful of forecasts, known as global-local shrinkage priors, perform best. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C11, C5, C52, C53, E, E3, E37
Uninsured Idiosyncratic Production Risk with Borrowing Constraints Staff Working Paper 2005-26 Francisco Covas The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial institutions, Financial markets JEL Code(s): E, E2, E22, G, G1, G11, M, M1, M13
Reassessing Trade Barriers with Global Value Chains Staff Working Paper 2019-19 Yuko Imura This paper provides a systematic, quantitative analysis of the short-run and long-run effects of various trade-restricting policies in the presence of global value chains and multinational production. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Firm dynamics, International topics, Trade integration JEL Code(s): F, F1, F12, F13, F4, F41
Changes in Payment Timing in Canada’s Large Value Transfer System Staff Working Paper 2015-20 Nellie Zhang This paper uncovers trends in payment timing in Canada’s Large Value Transfer System (LVTS) from 2003 to 2011. Descriptive analysis shows that LVTS payment activity has not been peaking in the late afternoon since 2008, and the improvement was most significant in 2009. Content Type(s): Staff working papers Research Topic(s): Payment clearing and settlement systems JEL Code(s): E, E5, E50, G, G2, G20
World Real Interest Rates: A Global Savings and Investment Perspective Staff Working Paper 2007-16 Brigitte Desroches, Michael Francis Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, International topics JEL Code(s): E, E2, E4, F, F3
The Behaviour of Consumer Prices Across Provinces Staff Discussion Paper 2011-2 Gordon Wilkinson Measures of core inflation enable a central bank to distinguish price movements that are transitory and generated by non-monetary events from those that are more permanent and related to prior monetary policy decisions. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices JEL Code(s): E, E3, E31
June 23, 2005 Financial System Review - June 2005 The financial system makes an important contribution to the welfare of all Canadians. The ability of households and firms to confidently hold and transfer financial assets is one of the fundamental building blocks of the Canadian economy. Content Type(s): Publications, Financial Stability Report