Dollarization in Canada: The Buck Stops There Technical Report No. 90 John Murray, James Powell The sharp depreciation of the Canadian dollar and the successful launch of the euro have spawned an animated debate in Canada concerning the potential benefits of formally adopting the U.S. dollar as our national currency. Content Type(s): Staff research, Technical reports Research Topic(s): Exchange rate regimes JEL Code(s): E, E3, E32, F, F3, F33, F36
The State of Labour Market Churn in Canada Staff Analytical Note 2019-4 Olena Kostyshyna, Corinne Luu The literature highlights that labour market churn, including job-to-job transitions, is a key element of wage growth. Using microdata from the Labour Force Survey, we compute measures of labour market churn and compare these with pre-crisis averages to assess implications for wage growth. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J20, J3, J30, J6, J63
The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity Staff Working Paper 2002-5 Chris D'Souza, Alexandra Lai This paper investigates the effects of financial market consolidation on risk capital allocation in a financial institution and the implications for market liquidity in dealership markets. We show that an increase in financial market consolidation can have ambiguous effects on liquidity in foreign exchange and government securities markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets JEL Code(s): G, G2, G28, G3, G31, G34
Tendance des dépenses publiques et de l'inflation et évolution comparative du taux de chômage au Canada et aux États-Unis Staff Working Paper 1998-3 Pierre St-Amant, David Tessier The authors' purpose in this paper is to isolate the respective contributions of budgetary and monetary policy in Canada and the United States to the behaviour of unemployment rates in the two countries. Their method consists of estimating VAR models and using long-term identification restrictions to perform a structural analysis. Budgetary policy shocks are defined […] Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy JEL Code(s): E, E6
The Role of Debt and Equity Finance over the Business Cycle Staff Working Paper 2006-45 Francisco Covas, Wouter den Haan The authors show that debt and equity issuance are procyclical for most listed U.S. firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial stability JEL Code(s): E, E3, G, G1, G3
Adoption Costs of Financial Innovation: Evidence from Italian ATM Cards Staff Working Paper 2017-8 Kim Huynh, Philipp Schmidt-Dengler, Gregor W. Smith, Angelika Welte The discrete choice to adopt a financial innovation affects a household’s exposure to inflation and transactions costs. We model this adoption decision as being subject to an unobserved cost. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, D, D1, D14, E, E4, E41
Modélisation « PAC » du secteur extérieur de l'économie américaine Staff Working Paper 2004-3 Marc-André Gosselin, René Lalonde In this paper, the authors use polynomial adjustment cost (PAC) models to analyze and forecast the main components of the U.S. trade sector. Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Econometric and statistical methods, International topics JEL Code(s): C, C3, C32, E, E3, E37, F, F4, F47
The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications Staff Working Paper 2013-1 Olivier Coibion, Yuriy Gorodnichenko, Gee Hee Hong We study the cyclical properties of sales, regular price changes and average prices paid by consumers (“effective” prices) using data on prices and quantities sold for numerous retailers across many U.S. metropolitan areas. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E3, E4, E5
December 15, 2020 Trading for a sustainable recovery Remarks (delivered virtually) Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia Governor Tiff Macklem talks about how important trade is for the economic recovery. He discusses what policymakers and business leaders can do to encourage growth in trade. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration
June 7, 2018 Financial System Review: Assessment of Vulnerabilities and Risks—June 2018 This issue of the Financial System Review reflects the Bank’s judgment that high household indebtedness and housing market imbalances remain the most important vulnerabilities. While these vulnerabilities remain elevated, policy measures continue to improve the resilience of the financial system. A third vulnerability highlighted in the FSR concerns cyber threats to an interconnected financial system. Content Type(s): Publications, Financial Stability Report