Identifying Consumer-Welfare Changes when Online Search Platforms Change Their List of Search Results Staff Working Paper 2020-5 Ryan Martin Online shopping is often guided by search platforms. Consumers type keywords into query boxes, and search platforms deliver a list of products. Consumers' attention is limited, and exhaustive searches are often impractical. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Market structure and pricing JEL Code(s): C, C1, C14, D, D1, D11, D12, D6, D8, D83, L, L4, L40
June 7, 2018 The Bank of Canada’s Financial System Survey Financial System Review - June 2018 Guillaume Bédard-Pagé, Ian Christensen, Scott Kinnear, Maxime Leboeuf This report presents the details of a new semi-annual survey that will improve the Bank of Canada’s surveillance across the financial system and deepen efforts to engage with financial system participants. The survey collects expert opinions on the risks to and resilience of the Canadian financial system as well as on emerging trends and financial innovations. The report presents an overview of the survey and provides high-level results from the spring 2018 survey. Content Type(s): Publications, Financial System Review articles Research Topic(s): Financial institutions, Financial markets, Financial services, Financial stability, Financial system regulation and policies, Recent economic and financial developments JEL Code(s): C, C8, C83, G, G1, G11, G18, G2, G28, G3, G32
House Price Dynamics: Fundamentals and Expectations Staff Working Paper 2012-12 Eleonora Granziera, Sharon Kozicki We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Domestic demand and components, Economic models JEL Code(s): E, E3, E6, E65, R, R2, R21
March 2, 2017 Thermometer Rising—Climate Change and Canada’s Economic Future Remarks Timothy Lane Finance and Sustainability Initiative Montréal, Quebec Deputy Governor Tim Lane discusses the implications of climate change—and actions to address it—for Canada’s economy and financial system. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Climate change, Financial markets, Financial stability, Financial system regulation and policies, International financial markets, International topics
Empirical Likelihood Block Bootstrapping Staff Working Paper 2008-18 Jason Allen, Allan Gregory, Katsumi Shimotsu Monte Carlo evidence has made it clear that asymptotic tests based on generalized method of moments (GMM) estimation have disappointing size. The problem is exacerbated when the moment conditions are serially correlated. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C14, C2, C22
Contribution of ICT Use to Output and Labour-Productivity Growth in Canada Staff Working Paper 2002-7 Hashmat Khan, Marjorie Santos There is ample evidence that information and communication technologies (ICT) contributed significantly to the surge in output and labour-productivity growth in the United States in the late 1990s. Content Type(s): Staff research, Staff working papers Research Topic(s): Productivity JEL Code(s): O, O4, O5
The Dynamic Canadian Debt Strategy Model Technical Report No. 127 Nicolas Audet, Joe Ning, Adam Epp, Jeffrey Gao We present a dynamic debt strategy model framework designed to assist sovereign debt portfolio managers in choosing an optimal debt issuance strategy. The main innovation of this framework is the introduction of dynamic issuance strategies, which allow issuance decisions to vary over time based on the model’s simulated state variables. Content Type(s): Staff research, Technical reports Research Topic(s): Debt management, Econometric and statistical methods, Financial markets, Fiscal policy JEL Code(s): C, C6, C61, G, G1, G11, G17, H, H6, H63, H68
October 16, 2023 Canadian Survey of Consumer Expectations—Third Quarter of 2023 Consumers’ perceptions of current inflation remain elevated and are diverging from actual inflation. Perceptions of high inflation are also leading to persistently high expectations for inflation over the next 12 months. Consumers’ expectations for interest rates one year from now also remain high, and many consumers believe that the impacts of higher interest rates on their household spending are far from over. Homeowners with a variable-rate mortgage are more likely than other consumers to report being worse off due to high interest rates. Consumers’ plans to purchase services, such as vacations or concerts, are more widespread than plans to make major purchases of goods that are likely to be financed with loans, such as vehicles or appliances. Workers are reporting signs of job market cooling, such as more time spent looking for a new job, but they remain confident about the labour market. Content Type(s): Publications, Canadian Survey of Consumer Expectations
Monetary Policy Transmission Through Shadow and Traditional Banks Staff Working Paper 2024-8 Amina Enkhbold I investigate how monetary policy transmits to mortgage rates via the mortgage market concentration channel for both traditional and shadow banks in the United States from 2009 to 2019. On average, shadow and traditional banks exhibit only a slight disparity in transmitting monetary shocks to mortgage rates. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Interest rates, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
Assessing Indexation-Based Calvo Inflation Models Staff Working Paper 2009-7 Jean-Marie Dufour, Lynda Khalaf, Maral Kichian Using identification-robust methods, the authors estimate and evaluate for Canada and the United States various classes of inflation equations based on generalized structural Calvo-type models. The models allow for different forms of frictions and vary in their assumptions regarding the type of price indexation adopted by firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31