June 8, 2015 Panel remarks for round table discussion at the 21st Conference of Montréal Remarks Carolyn A. Wilkins 21st Conference of Montréal: International Economic Forum of the Americas Montréal, Quebec Introduction Thank you for the invitation to be here today. I’m honoured to be part of this panel. It’s been more than seven years since the global financial crisis began, and we’re still coping with its aftermath. One of the consequences of the crisis has been a disruption of financial globalization. Global capital flows—to give […] Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credit risk management, Financial markets, Financial stability, Financial system regulation and policies, International financial markets, International topics
December 14, 2009 Liquidity Standards in a Macroprudential Context Financial System Review - December 2009 Carol Ann Northcott, Mark Zelmer Content Type(s): Publications, Financial System Review articles
Price Formation and Liquidity Provision in Short-Term Fixed Income Markets Staff Working Paper 2007-27 Chris D'Souza, Ingrid Lo, Stephen Sapp Differences in market structures may affect the manner in which fundamental information is incorporated into prices. High levels of quote and trade transparency plus substantial quoting obligations in European government securities markets ensure that prices are informationally efficient. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Interest rates, Market structure and pricing JEL Code(s): G, G1, G12, G14, G15
Lagging Productivity Growth in the Service Sector: Mismeasurement, Mismanagement or Misinformation? Staff Working Paper 1997-6 Dinah Maclean While the service sector has been growing rapidly as a share of total output, aggregate productivity growth has generally lagged behind that of the goods sector. In this report, the author assesses a range of explanations for lagging service sector productivity growth. Content Type(s): Staff research, Staff working papers Research Topic(s): Productivity, Recent economic and financial developments JEL Code(s): L, L8, L80, O, O4, O47
December 8, 2006 Perspectives on Productivity and Potential Output Growth: A Summary of the Joint Banque de France/Bank of Canada Workshop, 24–25 April 2006 Bank of Canada Review - Winter 2006-2007 Gilbert Cette, Donald Coletti A nation's productivity is the prime determinant of its real incomes and standard of living, as well as being a major determinant of its potential output. In the short run, deviations of actual output from potential output are a useful indicator of inflationary pressures. This article is a short summary of the proceedings of the workshop, which focus on productivity and potential output growth among industrialized countries. The research is organized under three main themes: estimating potential growth; productivity and growth; and institutions, policies, and growth. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): International topics, Potential output, Productivity
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
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
November 1, 2018 Bank of Canada publishes staff economic projections for the first time Media Relations Ottawa, Ontario Today the Bank of Canada launched a digital database with more than 30 years of past staff economic projections of the Canadian economy. Content Type(s): Press, Press releases
Assessing Global Potential Output Growth: April 2019 Staff Analytical Note 2019-13 Fares Bounajm, Jean-Philippe Cayen, Michael Francis, Christopher Hajzler, Kristina Hess, Guillaume Poulin-Bellisle, Peter Selcuk This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon. Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4
How to Improve Inflation Targeting at the Bank of Canada Staff Working Paper 2002-23 Nicholas Rowe This paper shows that if the Bank of Canada is optimally adjusting its monetary policy instrument in response to inflation indicators to target 2 per cent inflation at a two-year horizon, then deviations of inflation from 2 per cent represent the Bank's forecast errors, and should be uncorrelated with its information set, which includes two-year lagged values of the instrument and the indicators. Positive or negative correlations are evidence of systematic errors in monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets, Monetary and financial indicators, Monetary policy implementation JEL Code(s): E, E5