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3029 Results

Examining recent revisions to CPI-common

Staff Analytical Note 2022-15 Elyse Sullivan
Unusually large revisions to CPI-common in recent months stem from increased common movements across consumer price index components amid broad inflationary pressures. With recent revisions, CPI-common is more closely aligned with the Bank of Canada’s other two preferred measures of core inflation. However, caution is necessary when interpreting real-time estimates of CPI-common in the current environment.

Networking the Yield Curve: Implications for Monetary Policy

We study how different monetary policies affect the yield curve and interact. Our study highlights the importance of the spillover structure across the yield curve for policy-making.

Rollover Risk and the Maturity Transformation Function of Banks

Staff Working Paper 2014-8 Teodora Paligorova, João Santos
This paper shows that banks that rely heavily on short-term funding engage less in maturity transformation in an attempt to decrease their exposure to rollover risk. These banks shorten both the maturity of their portfolio of loans as well as the maturity of newly issued loans. We find that the loan yield curve becomes steeper with banks’ increasing use of short-term funding.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability JEL Code(s): G, G2, G21

A Reference Guide for the Business Outlook Survey

Staff Discussion Paper 2020-15 David Amirault, Naveen Rai, Laurent Martin
The Business Outlook Survey (BOS) has become an important part of monetary policy deliberations at the Bank of Canada and is also well known in Canadian policy and financial circles. This paper compiles more than 20 years of experience conducting the BOS and serves as a comprehensive reference manual.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Firm dynamics, Regional economic developments JEL Code(s): C, C8, C83, D, D2, D22, E, E3, E32

Equilibrium in Two-Sided Markets for Payments: Consumer Awareness and the Welfare Cost of the Interchange Fee

Staff Working Paper 2022-15 Kim Huynh, Gradon Nicholls, Oleksandr Shcherbakov
We construct and estimate a structural two-stage model of equilibrium in a market for payments in order to quantify the network externalities and identify the main determinants of consumer and merchant decisions.

Tail Index Estimation: Quantile-Driven Threshold Selection

The most extreme events, such as economic crises, are rare but often have a great impact. It is difficult to precisely determine the likelihood of such events because the sample is small.
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