Interaction of Macroprudential and Monetary Policies: Practice Ahead of Theory Staff Discussion Paper 2024-18 Thibaut Duprey, Yaz Terajima, Jing Yang We draw on the Canadian experience to examine how monetary and macroprudential policies interact and possibly complement each other in achieving their respective price and financial stability objectives. Content Type(s): Staff research, Staff discussion papers Topic(s): Financial stability, Monetary policy JEL Code(s): E, E3, E37, E5, E52, E58, E6, E61, G, G0, G01, G2, G21, G28
May 11, 2017 Unconventional Monetary Policy: The Perspective of a Small Open Economy Bank of Canada Review - Spring 2017 Jean-Sébastien Fontaine, Lena Suchanek, Jing Yang How do unconventional monetary policies like quantitative easing and negative interest rates affect domestic financial conditions and the broader economy in small open econo-mies, such as Canada? These policies are effective in depreciating the exchange rate in small open economies, while lower interest rates are also passed through to the economy, albeit only partially. When conventional monetary policy is close to its limits, fiscal policy may be a more important complement to monetary policy in a small economy, particularly if global demand for safe assets compresses long-term interest rates. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Interest rates, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E61, E65
May 11, 2017 The Digital Economy Bank of Canada Review - Spring 2017 Chris D'Souza, David Williams Digital technologies—cloud computing, the Internet of Things, advanced robotics, big data analytics, artificial intelligence and machine learning, social media, 3D printing, augmented reality, virtual reality, e-money and distributed ledgers—are transforming the way busi-nesses operate. How does this transformation compare with past industrial revolutions? How are digital technologies changing production systems across industries? Agile firms that use knowledge intensively and have high levels of both organizational and human capital appear set to realize the greatest benefits from digitalization. Finally, what are the implications for productivity, labour markets, inflation and monetary policy as we transition to the digital economy? Content Type(s): Publications, Bank of Canada Review articles Topic(s): Firm dynamics, Monetary policy, Productivity JEL Code(s): D, D2, D24, L, L1, L10, O, O1, O3, O33
November 13, 2014 Bank of Canada Review - Autumn 2014 In this issue, Bank staff discuss recent developments in experimental macroeconomics, research results on price-level and unemployment thresholds in forward guidance, and the spillover effects of quantitative easing in advance economies. Articles also explore the competitiveness strategies of Canadian firms as well as their use of financial derivatives. Content Type(s): Publications, Bank of Canada Review
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring Staff Working Paper 2007-10 Philipp Maier This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings. Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2
Examining Simple Joint Macroeconomic and Term-Structure Models: A Practitioner's Perspective Staff Working Paper 2007-49 David Bolder, Shudan Liu The primary objective of this paper is to compare a variety of joint models of the term structure of interest rates and the macroeconomy. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets, Interest rates JEL Code(s): C, C0, C6, E, E4, G, G1
Digitalization: Productivity Staff Discussion Paper 2023-17 Jeffrey Mollins, Temel Taskin We examine the relationship between digitalization and productivity, the factors that influence this relationship, and how digitalization’s effect on productivity could change firm behaviour. Content Type(s): Staff research, Staff discussion papers Topic(s): Digitalization, Productivity JEL Code(s): E, E2, L, L1, L11, O, O4, O47, O5, O51
Good Policies or Good Fortune: What Drives the Compression in Emerging Market Spreads? Staff Working Paper 2008-25 Philipp Maier, Garima Vasishtha Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages. Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Financial stability, International topics JEL Code(s): E, E4, E43, F, F3, F34, G, G1, G12, G15
March 28, 2011 The “Great” Recession in Canada: Perception vs. Reality Remarks Jean Boivin Montréal CFA Society Montréal, Quebec Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today. Content Type(s): Press, Speeches and appearances, Remarks
December 20, 2004 The New International Monetary Order Bank of Canada Review - Winter 2004-2005 Mark Carney Mark Carney, Senior Associate Deputy Minister, Department of Finance, Speech to the Toronto Society of Financial Analysts Content Type(s): Publications, Bank of Canada Review articles