August 15, 2013 Big Data Analysis: The Next Frontier Bank of Canada Review - Summer 2013 Nii Ayi Armah The formulation of monetary policy at the Bank of Canada relies on the analysis of a broad set of economic information. Greater availability of immediate and detailed information would improve real-time economic decision making. Technological advances have provided an opportunity to exploit “big data” - the vast amount of digital data from business transactions, social media and networked computers. Big data can be a complement to traditional information sources, offering fresh insight for the monitoring of economic activity and inflation. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): C, C5, C53, C6, C63, C8, C80
May 21, 2013 Canada Works Remarks Mark Carney Chambre de commerce du Montréal métropolitain (CCMM)/Board of Trade of Metropolitan Montreal Montréal, Quebec Bank of Canada Governor Mark Carney discusses the “cornerstones of Canada’s prosperity.” Content Type(s): Press, Speeches and appearances, Remarks
April 18, 2017 Blame It on the Machines? Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses how automation could affect productivity and the Bank’s monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Fintech, Monetary policy, Economy/Economic growth, Inflation targeting framework
Bank Runs, Portfolio Choice, and Liquidity Provision Staff working paper 2019-37 Toni Ahnert, Mahmoud Elamin After the financial crisis of 2007–09, many jurisdictions introduced new banking regulations to make banks more resilient and less likely to fail. These regulations included tighter limits for the quality and quantity of bank capital and introduced minimum standards for liquidity. But what was the impact of these changes? Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G2, G21 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk
February 4, 2010 The Coming Thaw Remarks Mark Carney Winnipeg Chamber of Commerce Winnipeg, Manitoba It is a pleasure to be here in Winnipeg. Today, I intend to elaborate on elements of the Bank of Canada's economic outlook. Content Type(s): Press, Speeches and appearances, Remarks
Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects Staff working paper 2019-16 Kerem Tuzcuoglu Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, C25, C5, C58, G, G2, G24 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Economic models
Creations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash Staff analytical note 2019-34 Rohan Arora, Sébastien Betermier, Guillaume Ouellet Leblanc, Adriano Palumbo, Ryan Shotlander The creation and redemption activity of fixed-income exchange-traded funds listed in the United States has shifted. Funds of established issuers have traditionally exchanged their shares for baskets of bonds. In contrast, young funds managed by new issuers tend to create and redeem their shares almost exclusively in cash. Cash transactions imply that new funds are taking on exposure to liquidity risk. This has implications for financial stability. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G2, G20, G23 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
Quantifying the Economic Benefits of Payments Modernization: the Case of the Large-Value Payment System Staff working paper 2021-64 Neville Arjani, Fuchun Li, Zhentong Lu Canada is undertaking a major initiative to modernize its payments ecosystem. The modernized ecosystem is expected to bring significant benefits to Canadian financial markets and the overall economy. We develop an empirical framework to quantify the economic benefits of modernizing the payment system in Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, E, E4, E42, G, G1, G2, G28 Research Theme(s): Models and tools, Economic models, Money and payments, Payment and financial market infrastructures
December 8, 2011 Financial System Review - December 2011 In this issue of the Financial System Review, the Bank of Canada’s Governing Council judges that the risks to the stability of Canada’s financial system are high and have increased markedly over the past six months, owing primarily to an escalation of the sovereign debt crisis in the euro area and a weaker global economic outlook. Erratum: The data for Chart 7 on page 8 were plotted incorrectly. See revised chart. Content Type(s): Publications, Financial Stability Report
Do Protectionist Trade Policies Integrate Domestic Markets? Evidence from the Canada-U.S. Softwood Lumber Dispute Staff working paper 2020-10 Jinggang Guo, Craig Johnston We consider the effects of protectionist trade policies on international and domestic market integration, using evidence from the long-standing softwood lumber trade dispute between Canada and the United States. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F13, Q, Q1, Q17 Research Theme(s): Financial markets and funds management, Market structure, Structural challenges, International trade, finance and competitiveness