Assessing Global Potential Output Growth: October 2020 Staff Discussion Paper 2020-10 Xin Scott Chen, Ali Jaffery, Guillaume Nolin, Karim Salhab, Peter Shannon, Subrata Sarker This paper presents updated estimates of potential output growth for the global economy through 2022. Global potential output growth is expected to decline sharply in the aftermath of the COVID-19 pandemic and recover partially by the end of the projection horizon of the October 2020 Monetary Policy Report. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4
December 21, 2008 Financial System Review - December 2008 The turmoil in global financial markets entered a new phase in September, moving to a more acute and broad-based loss of confidence in the context of a series of failures and near-failures of large financial institutions in the United States and Europe.FSR Highlights - December 2008 Content Type(s): Publications, Financial Stability Report
An Empirical Analysis of Dynamic Interrelationships Among Inflation, Inflation Uncertainty, Relative Price Dispersion, and Output Growth Staff Working Paper 2002-39 Francis Vitek Within a unified framework, the author conducts an empirical investigation of dynamic interrelationships among inflation, inflation uncertainty, relative price dispersion, and output growth. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices JEL Code(s): E, E3, E31
McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates Staff Working Paper 2008-43 Antonio Diez de los Rios McCallum (1994a) proposes a monetary rule where policymakers have some tendency to resist rapid changes in exchange rates to explain the forward premium puzzle. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Interest rates, Monetary policy transmission JEL Code(s): E, E4, E43, F, F3, F31, G, G1, G12, G15
December 21, 2007 An Approach to Stress Testing the Canadian Mortgage Portfolio Financial System Review - December 2007 Moez Souissi Content Type(s): Publications, Financial System Review articles
Optimal Estimation of Multi-Country Gaussian Dynamic Term Structure Models Using Linear Regressions Staff Working Paper 2017-33 Antonio Diez de los Rios This paper proposes a novel asymptotic least-squares estimator of multi-country Gaussian dynamic term structure models that is easy to compute and asymptotically efficient, even when the number of countries is relatively large—a situation in which other recently proposed approaches lose their tractability. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Econometric and statistical methods, Exchange rates, Interest rates JEL Code(s): E, E4, E43, F, F3, F31, G, G1, G12, G15
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 […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial stability, Payment clearing and settlement systems JEL Code(s): E, E5, E58, G, G2, G21
Imperfect Banking Competition and Macroeconomic Volatility: A DSGE Framework Staff Working Paper 2021-12 Jiaqi Li How do banks adjust their loan rate markup in response to macroeconomic shocks? Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial institutions, Interest rates JEL Code(s): E, E3, E32, E4, E44, G, G2, G21, L, L1, L13
January 27, 2012 Strengthening Defined-Benefit Pension Plans Financial System Review - December 2005 Jim Armstrong, Jack Selody Content Type(s): Publications, Financial System Review articles
April 22, 2005 Borders, Common Currencies, Trade, and Welfare: What Can We Learn from the Evidence? Bank of Canada Review - Spring 2005 John F. Helliwell, Lawrence L. Schembri 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. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Exchange rate regimes, International topics, Monetary policy framework