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3035 Results

Examining Full Collateral Coverage in Canada’s Large Value Transfer System

Staff Working Paper 2015-29 Lana Embree, Varya Taylor
The Large Value Transfer System (LVTS) is Canada’s main electronic interbank funds transfer system that financial institutions use daily to transmit thousands of payments worth several billions of dollars.

Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?

The COVID-19 pandemic has caused an atypical recession in which some sectors of the economy boomed and others collapsed. This required a unique fiscal policy reaction to both support firms and stimulate activity in sectors with slack. Was fiscal policy able to get where it was needed? Mostly, yes.

Non-Linearities in the Output-Inflation Relationship: Some Empirical Results for Canada

Staff Working Paper 1998-14 Chantal Dupasquier, Nicholas Ricketts
This paper analyzes the short-run dynamic process of inflation in Canada and examines whether a systematic variation in the relationship between inflation and output can be detected over time. In the theoretical literature, different models of price-setting behaviour predict that the slope of the Phillips curve will be a function of macroeconomic conditions, implying a […]

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Staff Working Paper 2014-6 Sami Alpanda, Gino Cateau, Césaire Meh
We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial system regulation and policies JEL Code(s): E, E1, E17, E3, E32, E4, E44, F, F4, F41

Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing

Staff Working Paper 2018-33 Itay Goldstein, Jonathan Witmer, Jing Yang
Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds.
September 10, 2020

Economic progress report: a very uneven recovery

Remarks (delivered virtually) Tiff Macklem The Canadian Chamber of Commerce Ottawa, Ontario
Governor Tiff Macklem discusses the Bank’s latest interest rate announcement and explains the uneven impact that the COVID-19 pandemic is having on different sectors and people.

Non-linéarité de la courbe de Phillips : un survol de la littérature

Staff Analytical Note 2018-3 Renaud St-Cyr
The paper reviews evidence from the economic literature on the nature of the relationship between excess capacity and inflation, better known as the Phillips curve. In particular, we examine the linearity of this relationship. This is an important issue in the current economic context in which advanced economies are approaching or exceed their potential output.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E32
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