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3046 Results

The Bank of Canada COVID‑19 stringency index: measuring policy response across provinces

We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy.

Cross-border Mergers and Hollowing-out

Staff Working Paper 2009-30 Oana Secrieru, Marianne Vigneault
The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign acquirer.
December 18, 2001

The Resolution of International Financial Crises: Private Finance and Public Funds

Over the past year and a half, authors Andy Haldane of the Bank of England and Mark Kruger of the Bank of Canada have been developing a framework for the resolution of international financial crises that aligns incentives for all parties in a way that deals with the crisis and preserves the integrity of the international financial system. The framework is built on principles, not rules. It attempts to be clear about the respective roles and responsibilities of the public and private sectors. A central element in shaping private sector expectations is knowledge that the official sector will behave predictably. Constraints on lending by the International Monetary Fund are a key step in that direction. They ensure that private sector involvement is a crucial part of crisis resolution, and they help encourage debtors and creditors to seek co-operative solutions to a crisis. Characterized by constraints, clarity, and orderliness, the framework has the potential to reduce the incidence and cost of financial crises.

Les marchés du travail régionaux : une comparaison entre le Canada et les États-Unis

Staff Working Paper 1997-17 Mario Lefebvre
The purpose of this study is to compare the behaviour of regional labour markets in Canada and the United States. The study shows that the degree of persistence of unemployment is significantly higher in the provinces of Canada than it is in the various American regions.

The Canadian Experience with Weighted Monetary Aggregates

Staff Working Paper 1995-10 David Longworth, Joseph Atta-Mensah
This paper compares the empirical performance of Canadian weighted monetary aggregates (in particular, Fisher ideal aggregates) with the current summation aggregates, for their information content and forecasting performance in terms of prices, real output and nominal spending for the period 1971Q1 to 1989Q3. The properties of money-demand equations for these aggregates, particularly their temporal stability, […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary aggregates

Inflation, Output, and Welfare in the Laboratory

Staff Working Paper 2023-11 Janet Hua Jiang, Daniela Puzzello, Cathy Zhang
We investigate the effect of inflation on output and welfare in the laboratory. Consistent with monetary theory, we find that inflation acts as a tax on monetary exchange and reduces output and welfare.

(Un)Conventional Monetary and Fiscal Policy

Staff Working Paper 2023-6 Jing Cynthia Wu, Yinxi Xie
We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments.
Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E4, E6, E61, E62, E63

Modelling the Sovereign Debt Strategy: A Practical Primer

Staff Discussion Paper 2025-16 Nicolas Audet, Adam Epp, Jeffrey Gao, Joe Ning
We provide a primer on the role of debt modelling in informing the sovereign debt issuance strategy and discuss how specific challenges faced by debt managers can influence model design decisions. These insights are supported by our experiences using the Canadian Debt Strategy Model to guide policy decisions.

Inequality in Parental Transfers and Optimal Need-Based Financial Aid

Staff Working Paper 2019-7 Youngmin Park
This paper studies optimal need-based financial aid when parental transfers—unobserved by policymakers—vary across and within families of similar means. Using data on U.S. college students, I document substantial inequality in parental transfers, especially among wealthier families. I then analyze how this affects aid design aimed at reducing inefficiencies from borrowing constraints and the aid itself.
Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Potential output, Productivity JEL Code(s): D, D1, D14, D6, D61, D64, D8, D82, I, I2, I22, J, J2, J24
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