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3046 Results

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.

The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada

Staff Working Paper 2013-35 Mikael Khan, Louis Morel, Patrick Sabourin
In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly factor model on individual components of the CPI. This measure, labelled the common component of CPI, has intuitive appeal and a number of interesting features.
August 24, 2010

Re-examining Canada’s Monetary Policy Framework: Recent Research and Outstanding Issues

Remarks John Murray Canadian Association for Business Economics Kingston, Ontario
I am honoured to address members of the Canadian Association for Business Economics. My remarks today will focus on critical issues that the Bank of Canada has studied over the past four years and how this research will inform our work as we move forward post crisis.

Overnight Rate Innovations as a Measure of Monetary Policy Shocks in Vector Autoregressions

Staff Working Paper 1996-4 Walter Engert, Ben Fung, Jamie Armour
The authors examine the Bank of Canada's overnight rate as a measure of monetary policy in vector autoregression (VAR) models. Since the time series of the Bank's current measure of the overnight rate begins only in 1971, the authors splice it to day loan rate observations to obtain a sufficiently long period of data.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Monetary and financial indicators JEL Code(s): E, E5, E52

Consumer Attitudes, Uncertainty, and Consumer Spending

Staff Working Paper 1998-16 Denise Côté, Marianne Johnson
This study examines the link between consumer expenditures and the Conference Board's Index of Consumer Attitudes, an index highly regarded for some time as a useful leading indicator of consumer expenditures. However, the theory that identifies why it may be useful in an analysis of consumption is less well established. To explore this question, we […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Domestic demand and components, Economic models JEL Code(s): D, D1, D12, E, E2

Revisiting the Monetary Sovereignty Rationale for CBDCs

Staff Discussion Paper 2021-17 Skylar Brooks
One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.
June 11, 2009

Bank of Canada Review - Summer 2009

Summer 2009
Examining the incentives for banks to hold various assets on their balance sheets for use as collateral when the opportunity cost of doing so can be high; an outline of the complexity inherent in any modern risk-management system and review of possible strategies to improve the performance of risk management; causes and consequences of the changing pace of labour reallocation in Canada; description of the structure and functioning of BoC-GEM— an adaptation of the Global Economy Model— with examples of its recent application.

The Bank of Canada's New Quarterly Projection Model, Part 4. A Semi-Structural Method to Estimate Potential Output: Combining Economic Theory with a Time-Series Filter

Technical Report No. 77 Leo Butler
The level of potential output plays a central role in the Bank of Canada's new Quarterly Projection Model (QPM). This report, the fourth in a series documenting QPM, describes a general method to measure potential output, as well as its implementation in the QPM system.
Content Type(s): Staff research, Technical reports Research Topic(s): Economic models JEL Code(s): C, C5, C51, E, E2, E23
May 11, 2017

Bank of Canada Review - Spring 2017

Some suggest the global economy is facing a fourth industrial revolution. Bank researchers discuss the possible implications of digitalization on the economy. This issue also shares insights on the effectiveness of some unconventional monetary policies in a small open economy, how Government of Canada bonds are used throughout their life cycle, as well as how the Big Six Canadian banks choose their funding strategies and why. The final article examines the slow growth in business investment.

The Structure of Interest Rates in Canada: Information Content about Medium-Term Inflation

Staff Working Paper 1997-10 Jim Day, Ron Lange
This paper examines the relationship between the term structure of interest rates and future changes in inflation for Canada using a newly constructed par-value yield series. The main conclusion of the empirical work is that the slope of the nominal term structure from 1- to 5-year maturities is a reasonably good predictor of future changes in inflation over these horizons.
Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, Monetary and financial indicators JEL Code(s): E, E4, E43
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