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2095 Results

December 23, 2003

The Comparative Growth of Goods and Services Prices

For several decades, the prices of services have been rising more rapidly than the prices of goods in Canada and the other major industrialized countries. In 2002, this gap between the growth rates of these two components of the consumer price index (CPI) widened considerably, leading researchers to ask if this was the beginning of a trend. Analysis reveals, however, that the gap is based on short-term dynamics and that it appears to be independent of the trend in the development of the overall price level. Evidence also shows that the gap is eventually reabsorbed. The authors examine a number of potential causes for the prices of services to rise faster than those of goods. These include the more rapid pace of productivity growth in the goods sector, the greater openness of goods to foreign trade, and stronger growth in the demand for services.

Extreme Downside Risk in Asset Returns

Staff working paper 2019-46 Lerby Ergun
Financial markets can experience sudden and extreme downward movements. Investors are highly concerned about the performance of their assets in such scenarios. Some assets perform badly in a downturn in the market; others have milder reactions.

On What States Do Prices Depend? Answers from Ecuador

Staff working paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry
In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers.

Assessing the Impact of Demand Shocks on the US Term Premium

Staff discussion paper 2018-7 Russell Barnett, Konrad Zmitrowicz
During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus.

Carolyn A. Wilkins

Carolyn A. Wilkins served as Senior Deputy Governor from May 2014 to December 2020.

The Neutral Interest Rate: Past, Present and Future

Staff discussion paper 2024-3 Matteo Cacciatore, Bruno Feunou, Galip Kemal Ozhan
The decline in safe real interest rates over the past three decades has reignited discussions on the neutral real interest rate, known as R*. We address the determinants and estimation methods of R*, as well as the factors influencing its decline and its future trajectory.
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