Why Do Canadian Firms Invest and Operate Abroad? Implications for Canadian Exports Staff Discussion Paper 2014-7 Martin Coiteux, Patrick Rizzetto, Lena Suchanek, Jane Voll Canadian foreign direct investment and sales of Canadian multinational firms’ operations abroad, particularly in the manufacturing industry and in the United States, have accelerated sharply over the past decade. Content Type(s): Staff research, Staff discussion papers Research Topic(s): International topics, Recent economic and financial developments JEL Code(s): F, F1, F10, F2, F21, F23, F4, F41
From Monetary Policy Instruments to Administered Interest Rates: The Transmission Mechanism in Canada Technical Report No. 69 Kevin Clinton, Donna Howard The authors investigate interest-rate aspects of the transmission mechanism of monetary policy instruments in Canada, focussing on the stability of the relationships between some key interest rates and the instruments of monetary policy. To determine what shifts may have occurred in recent years, they describe movements in rate differentials, apply cointegration tests and estimate error-correction […] Content Type(s): Staff research, Technical reports Research Topic(s): Monetary policy transmission JEL Code(s): E, E5, E52
November 20, 1997 Monetary Policy Report – November 1997 In the last half-year, the economic expansion in Canada has become well established, supported by low inflation, highly stimulative monetary conditions, and a strong U.S. economy. Content Type(s): Publications, Monetary Policy Report
Assessing Global Potential Output Growth: April 2018 Staff Analytical Note 2018-9 Richard Beard, Anne-Katherine Cormier, Michael Francis, Katerina Gribbin, Justin-Damien Guénette, Christopher Hajzler, James Ketcheson, Kun Mo, Louis Poirier, Peter Selcuk, Kristina Hess This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates. Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4
The (Un)Demand for Money in Canada Staff Working Paper 2018-20 Casey Jones, Geoffrey R. Dunbar A novel dataset from the Bank of Canada is used to estimate the deposit functions for banknotes in Canada for three denominations: $1,000, $100 and $50. The broad flavour of the empirical findings is that denominations are different monies, and the structural estimates identify the underlying sources of the non-neutrality. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): C, C3, C31, C36, E, E4, E41
Endogenous Liquidity and Capital Reallocation Staff Working Paper 2022-27 Wei Cui, Randall Wright, Yu Zhu We study economies where firms acquire capital in primary markets then retrade it in secondary markets after information on idiosyncratic productivity arrives. Our secondary markets incorporate bilateral trade with search, bargaining and liquidity frictions. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary policy JEL Code(s): E, E2, E22, E4, E44
December 16, 2001 Risk Management in the Exchange Fund Account Bank of Canada Review - Winter 2001–2002 Michel Rochette In this article, author Michel Rochette of the Bank's Risk-Management Unit briefly describes the initiatives undertaken to identify, analyze, model, and manage the principal risks inherent in the transactions of the Exchange Fund Account (EFA), where the international reserves of the federal government are held. The author focuses on five types of risk: credit risk, market risk, liquidity risk, operational risk, and legal risk. In addition, the author presents the risk-management principles underlying the activities of the EFA and the governance structure of the Account. Content Type(s): Publications, Bank of Canada Review articles
January 6, 2006 Bank of Canada Review - Winter 2005-2006 Cover page Silver Presentation Salver The salver, which was bequeathed to the Bank of Canada by Lady Macmillan in 1967, is part of the artifact collection of the Bank of Canada Archives. Photography by Mone Cheng, Innovacom, Ottawa. Content Type(s): Publications, Bank of Canada Review
Low Inflation in Advanced Economies: Facts and Drivers Staff Analytical Note 2017-16 Sanjana Bhatnagar, Anne-Katherine Cormier, Patrisha de Leon-Manlagnit, Elise Martin, Vikram Rai, Renaud St-Cyr, Subrata Sarker, Kristina Hess Since the global financial crisis, core inflation has been persistently below target in most advanced economies. Recently, it has weakened further in several advanced economies despite gradually diminishing slack. This note reviews recent developments in core inflation across advanced economies and identifies distinctive patterns across regions. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Inflation and prices, International topics JEL Code(s): E, E0, E3, E31, F, F0
Exact Tests of Equal Forecast Accuracy with an Application to the Term Structure of Interest Rates Staff Working Paper 2004-2 Richard Luger The author proposes a class of exact tests of the null hypothesis of exchangeable forecast errors and, hence, of the hypothesis of no difference in the unconditional accuracy of two competing forecasts. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C12, C2, C22, C5, C52, C53