January 14, 2008 Backgrounder on Questions in the Business Outlook Survey Concerning Past Sales and Credit Conditions Starting with the winter 2007–08 survey, the results of two additional questions became included in the Business Outlook Survey (BOS) publication: the balance of opinion on past sales and the balance of opinion on credit conditions. This backgrounder briefly describes the two questions and presents the correlations between the responses and relevant economic data. Content Type(s): Background materials
Should Monetary Policy Lean Against Housing Market Booms? Staff working paper 2016-19 Sami Alpanda, Alexander Ueberfeldt Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
June 21, 2006 Using High-Frequency Data to Model Volatility Dynamics Financial System Review - June 2006 Gregory Bauer Content Type(s): Publications, Financial System Review articles
Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis Staff discussion paper 2025-17 Cam Donohoe, Youming Liu We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, E5, E58, H, H5, H54 Research Theme(s): Financial system, Financial institutions and intermediation, Financial system regulation and oversight, Money and payments, Retail payments
September 11, 2009 Bank of Canada Review - Autumn 2009 Bank of Canada liquidity actions in response to the financial market turmoil; understanding corporate bond spreads using credit default swaps; review of the conflicts of interest between participants in the securitization process highlighting the most recent policy measures and potential solutions for ameliorating these agency issues. Content Type(s): Publications, Bank of Canada Review
AI Paradox: Promise vs. Reality—What It Means for Monetary Policy Staff analytical paper 2026-4 Joshua Brault, Maryam Haghighi, Jing Yang This note reviews the emerging evidence on AI’s labour-market and productivity effects, highlighting early task-level impacts, sizable micro level productivity gains, and the macroeconomic challenges these pose for monetary policy during the transition. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E2, E24, E3, E31, E5, E50, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Structural challenges, Digitalization and productivity
November 17, 2016 Structural Reforms and Economic Growth in Emerging-Market Economies Bank of Canada Review - Autumn 2016 Jeannine Bailliu, Christopher Hajzler Growth has slowed in many emerging-market economies (EMEs) since the 2007–09 global financial crisis, reflecting both cyclical and structural factors. In this context, it will be in-creasingly important for EMEs to raise potential growth by maintaining steady progress on structural reforms. How do structural reforms generally support growth? What are the re-form priorities for EMEs over recent history and today? Finally, what will be the impact of planned structural reforms on potential output growth among the world’s larger EMEs? These are some of the questions considered by the authors. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E0, E02, E6, E61, E65, O, O1, O11, O4, O41
August 25, 2009 The Canadian Economy Beyond the Recession Remarks Timothy Lane Canadian Association for Business Economics Kingston, Ontario The theme of the conference, "managing the recovery," is particularly timely: As we move past the gravest dangers of the financial crisis toward better days, attention has turned to the policy challenges posed by the recovery. Content Type(s): Press, Speeches and appearances, Remarks
September 20, 2024 Artificial intelligence, the economy and central banking Remarks Tiff Macklem National Bureau of Economic Research, Economics of Artificial Intelligence Conference Toronto, Ontario Bank of Canada Governor Tiff Macklem discusses how artificial intelligence could impact the economy, and outlines some of the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
Price Caps in Canadian Bond Borrowing Markets Staff analytical note 2019-2 Léanne Berger-Soucy, Jean-Sébastien Fontaine, Adrian Walton Price controls, or caps, can lead to shortages, as 1970’s gasoline price controls illustrate. One million trades show that the market for borrowing bonds in Canada has an implicit price cap: traders are willing to pay no more than the overnight interest rate to borrow a bond. This suggests the probability of a shortage increases when interest rates are very low. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G10, G12 Research Theme(s): Financial markets and funds management, Market functioning, Market structure