Household Debt, Assets, and Income in Canada: A Microdata Study Staff Discussion Paper 2009-7 Césaire Meh, Yaz Terajima, David Xiao Chen, Thomas J. Carter The authors use microdata from the 1999 and 2005 Surveys of Financial Security to identify changes in household debt, and discuss their potential implications for monetary policy and financial stability. They document an increase in the debt-income ratio, which rose from 0.75 to 0.95, on average. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Credit and credit aggregates, Financial stability, Productivity, Sectoral balance sheet JEL Code(s): E, E2, E21, E24
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. Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24
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. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Inflation: costs and benefits, Monetary policy JEL Code(s): C, C9, C92, D, D8, D83, E, E4, E40
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. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Econometric and statistical methods, Financial markets, Fiscal policy JEL Code(s): G, G1, G11, G17, H, H6, H63, H68
The International Experience with Negative Policy Rates Staff Discussion Paper 2015-13 Harriet Jackson A key issue in the renewal of the inflation-control agreement is the question of the appropriate level of the inflation target. Many observers have raised concerns that with the reduction in the neutral rate, and the experience of the recent financial crisis, the effective lower bound (ELB) is more likely to be binding in the future if inflation targets remain at 2 per cent. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Financial markets, International topics, Monetary policy framework JEL Code(s): E, E5, E52, E58, E6, E65
June 21, 2009 Financial System Review - June 2009 Policy-makers around the world met the intensification of the global financial crisis at the end of 2008 with a forceful response aimed at restoring confidence in the global financial system, promoting the flow of credit, and supporting economic activity.FSR Highlights - June 2009 Erratum: Legends for Chart 13 on page 15 of the June 2009 issue should read: Argentina (right scale), Mexico (left scale). See revised chart. Content Type(s): Publications, Financial Stability Report
The Outlook for the Global Supply of Oil: Running on Faith? Staff Discussion Paper 2009-9 Olivier Gervais, Ilan Kolet The dramatic reduction in global demand, and the decline in the spot price of crude oil in the second half of last year, may have significant implications for the future supply of oil. Investments in conventional methods of extraction have been constrained, since easily accessible oil reserves are typically concentrated in countries with geopolitical uncertainty and/or state-run oil companies. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Business fluctuations and cycles, Inflation and prices, International topics JEL Code(s): Q, Q4, Q41, Q43
December 23, 2002 Systemic Risk, Designation, and the ACSS Financial System Review - December 2002 Carol Ann Northcott This report discusses the decision not to designate the Automated Clearing Settlement System as a systemically important system, as well as some of the research contributing to that decision. Content Type(s): Publications, Financial System Review articles
Is Money Essential? An Experimental Approach Staff Working Paper 2023-39 Janet Hua Jiang, Peter Norman, Daniela Puzzello, Bruno Sultanum, Randall Wright Monetary theory says that money is essential if it helps to achieve better incentive-feasible outcomes. We test this in the laboratory. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Economic models JEL Code(s): C, C9, C92, E, E4, E5
June 12, 2014 Financial System Review - June 2014 The Reports section of the Financial System Review examines selected issues of relevance to the Canadian and global financial systems. The June 2014 issue features three reports on financial system initiatives: making financial benchmarks more robust; implementing the stronger Basel III capital and liquidity framework for banks; and using stress tests to assess financial system risks. Content Type(s): Publications, Financial Stability Report