November 12, 2020 Exploring life after COVID-19: the far side of the moon Remarks (delivered virtually) Carolyn A. Wilkins Munk School of Global Affairs and Public Policy Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
June 14, 2007 Efficiency and Competition in Canadian Banking Bank of Canada Review - Summer 2007 Jason Allen, Walter Engert Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada. Content Type(s): Publications, Bank of Canada Review articles
February 1, 2012 Excess Collateral in the LVTS: How Much Is Too Much? Financial System Review - December 2003 Kim McPhail, Anastasia Vakos Content Type(s): Publications, Financial System Review articles
August 18, 2011 Bank Balance Sheets, Deleveraging and the Transmission Mechanism Bank of Canada Review - Summer 2011 Césaire Meh The author investigates the influence of bank capital on economic activity, using a macroeconomic model that incorporates an explicit role for financial intermediation. The analysis focuses on the role of a “bank-capital channel” in propagating and amplifying monetary policy actions and other shocks. The question of whether weaker bank balance sheets make the economy more vulnerable to adverse shocks is examined, together with the impact of initiatives, such as countercyclical capital buffers, on the transmission of monetary policy and other shocks to the real economy. Content Type(s): Publications, Bank of Canada Review articles
Cash, COVID-19 and the Prospects for a Canadian Digital Dollar Staff discussion paper 2022-17 Walter Engert, Kim Huynh We provide an analysis of cash trends in Canada before and during the COVID-19 pandemic. We also consider the potential two scenarios for issuance of a central bank digital currency in Canada: the emergence of a cashless society or the widespread use of an alternative digital currency in Canada. Finally, we discuss the Canadian experience in maintaining cash as an efficient and accessible method of payment and store of value. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C12, C9, E, E4, O, O5, O54 Research Theme(s): Money and payments, Cash and bank notes, Digital assets and fintech
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 JEL Code(s): E, E3, E31, E32 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
The Cost of the Government Bond Buyback and Switch Programs in Canada Staff analytical note 2018-41 Bo Young Chang, Jun Yang, Parker Liu This note examines the costs of the Government of Canada bond buyback and switch programs between 1998 and 2016. Our analysis indicates that the auction design of the buyback program was effective in retiring government debt with minimal costs resulting from bid shading in auctions and price impact. Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D4, D44 Research Theme(s): Financial markets and funds management, Funds management, Market functioning
The Macroeconomic Implications of Coholding Staff working paper 2024-16 Michael Boutros, Andrej Mijakovic Coholder households simultaneously carry high-cost credit card debt and low-yield cash. We study the implications of this behavior for fiscal and monetary policy, finding that coholder households have smaller consumption responses in the short run but larger responses in the long run. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E4, E44, E6, E62, G, G5, G51 Research Theme(s): Financial system, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
Producer Heterogeneity, Value-Added, and International Trade Staff working paper 2016-54 Patrick Alexander Standard new trade models depict producers as heterogeneous in total factor productivity. In this paper, I adapt the Eaton and Kortum (2002) model of international trade to incorporate tradable intermediate goods and producer heterogeneity in value-added productivity. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F12, F14 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
The Causal Impact of Migration on US Trade: Evidence from Political Refugees Staff working paper 2017-49 Walter Steingress Immigrants can increase international trade by shifting preferences towards the goods of their country of origin and by reducing bilateral transaction costs. Using geographical variation across U.S. states for the period 2008 to 2013, I estimate the respective causal impact of immigrants on U.S. exports and imports. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F14, F2, F22, J, J6, J61 Research Theme(s): Structural challenges, Demographics and labour supply, International trade, finance and competitiveness