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3035 Results

Monetary Policy Governance: Bank of Canada Practices to Support Policy Effectiveness

Staff Discussion Paper 2024-14 Brigitte Desroches, Sharon Kozicki, Laure Simon
We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time.

Unemployment Fluctuations in a Small Open-Economy Model with Segmented Labour Markets: The Case of Canada

Staff Working Paper 2013-40 Yahong Zhang
The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a single economy-wide labour market, and therefore abstract from differences across sectorspecific labour markets in the economy.

Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model

Staff Working Paper 2008-8 Ali Dib
This paper develops a multi-sector New Keynesian model of a small open economy that includes commodity, manufacturing, non-tradable, and import sectors. Price and wage rigidities are sector specific, modelled à la Calvo-Yun style contracts.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rate regimes, International topics JEL Code(s): E, E4, E5, E52, F, F3, F4

Measuring Non-Financial Corporate Sector Vulnerabilities in Canada

Staff Analytical Note 2019-15 Timothy Grieder, Claire Schaffter
The ratio of non-financial corporate debt to gross domestic product in Canada has increased noticeably in recent years and is currently at an all-time high. In light of this development, we use a unique firm-level dataset to construct vulnerability indicators for the non-financial corporate sector in Canada.

The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study

Staff Discussion Paper 2008-7 Lana Embree, Kirby Millar
The Large Value Transfer System (LVTS) for settling large payments, and CDSX for settling debt and equity trades, are two of the main settlement systems in Canada. They are closely linked; for example, at the end of the day the final CDSX payment obligations must settle on the Bank of Canada's books, with payments made […]
February 8, 2018

At the Crossroads: Innovation and Inclusive Growth

Remarks Carolyn A. Wilkins G7 Symposium on Innovation and Inclusive Growth Montebello, Quebec
Senior Deputy Governor Carolyn A. Wilkins discusses technological progress and how policy-makers can harness it for economic growth that benefits everyone.
April 22, 2005

Borders, Common Currencies, Trade, and Welfare: What Can We Learn from the Evidence?

Recent evidence indicates that the intensity of economic exchange within and across borders is significantly different: linkages are much tighter within, than among, nation-states. These findings, however, do not necessarily imply that borders and separate national currencies represent significant barriers to trade that should be removed, since the evidence is also consistent with the alternative hypothesis, that domestic exchange is more efficient because domestic producers are better able to satisfy the requirements of local consumers, owing to common tastes and institutions and the existence of local information and social networks. Focusing primarily on trade linkages within and between Canada and the United States, the authors review the evidence on the extent to which national borders lessen the intensity of international economic linkages, primarily trade in goods and services, and the effects on domestic welfare. They also examine the evidence on the impact of common currencies on trade and welfare. They determine that, since the empirical models employed to date in this research cannot distinguish between alternative explanations of the evidence, it is not yet possible to draw firm conclusions for policy-making.

Sluggish Forecasts

Staff Working Paper 2018-39 Monica Jain
Given the influence that agents’ expectations have on key macroeconomic variables, it is surprising that very few papers have tried to extrapolate agents’ “true” expectations directly from the data. This paper presents one such approach, starting with the hypothesis that there is sluggishness in inflation and real GDP growth forecasts.

Comparison of Bayesian and Sample Theory Parametric and Semiparametric Binary Response Models

We use graphic processing unit computing to compare Bayesian and sample theory semiparametric binary response models. Our findings show that optimal bandwidth does not outperform regular bandwidth in binary semiparametric models.
Content Type(s): Staff research, Staff working papers Research Topic(s): Credit risk management, Econometric and statistical methods JEL Code(s): C, C1, C14, C3, C35, C5, C51, C6, C63, D, D1
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