October 3, 2017 Seeking Gazelles in Polar Bear Country Remarks Sylvain Leduc Sherbrooke Chamber of Commerce Sherbrooke, Quebec Deputy Governor Sylvain Leduc discusses the decline in firm creation and productivity in the Canadian economy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
Financial Inclusion—What’s it Worth? Staff working paper 2016-30 Miguel Ampudia, Michael Ehrmann The paper studies the determinants of being unbanked in the euro area and the United States as well as the effects of being unbanked on wealth accumulation. Based on household-level data from The Eurosystem Household Finance and Consumption Survey and the U.S. Survey of Consumer Finances, it first documents that there are, respectively, 3.6 per cent and 7.5 per cent of unbanked households in the two economies. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D14, G, G2, G21, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Household and business credit
March 9, 2010 Bank of Canada Review - Spring 2010 Discussion of recent research into three ways that oil-futures prices can improve our understanding of current conditions and future prospects in the global market for crude oil; inflation expectations and the conduct of monetary policy: a review of recent evidence and experience; examination of the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules; how, when, and why such revisions to many important economic variables occur. Content Type(s): Publications, Bank of Canada Review
May 16, 2016 Bank of Canada Review - Spring 2016 This issue focuses on the upcoming renewal of Canada’s inflation-control target. Bank researchers discuss the estimate of the lower bound to policy interest rates in Canada. They also discuss downward nominal wage rigidity and whether its presence warrants considering a higher inflation target. The third article highlights the experience some international central banks have had with unconventional monetary policies. The final article describes monetary policy frameworks in 10 advanced economies. Content Type(s): Publications, Bank of Canada Review
The Impact of Potential Retail Central Bank Digital Currency on the Canadian Financial System During a Severe Recession Staff analytical paper 2026-30 Sofia Priazhkina This policy note examines how a non-interest-bearing retail central bank digital currency (CBDC) could affect the financial stability of Canada’s systemically important banks during a severe recession. Stress test results show that the banks remain resilient, maintaining key regulatory ratios even under high CBDC demand. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E4, E44, E5, E58, E6, E61, G, G0, G01, G2, G21, G28 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Economic models, Money and payments, Digital assets and fintech, Structural challenges, Digitalization and productivity
October 22, 2006 Bank of Canada Review - Autumn 2006 Cover page The "pretended" Bank of Upper Canada — Kingston (1819-22) The note is part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter Content Type(s): Publications, Bank of Canada Review
Are Counterparty Arrangements in Reinsurance a Threat to Financial Stability? Staff working paper 2016-39 Matt Davison, Darrell Leadbetter, Bin Lu, Jane Voll Interconnectedness among insurers and reinsurers at a global level is not well understood and may pose a significant risk to the sector, with implications for the macroeconomy. Models of the complex interactions among reinsurers and with other participants in the financial system and the real economy are at a very early stage of development. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C63, G, G1, G10, G15, G18, G2, G22, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk
How do Canadians perceive access to cash? Staff analytical note 2024-24 Heng Chen, Daneal O’Habib, Hongyu Xiao This paper introduces a subjective measure of cash accessibility in Canada, complementing existing distance-based metrics developed by Chen, O’Habib and Xiao (2023). Analyzing data from the 2023 Methods-of-Payment Survey, this study explores how Canadians perceive their ease of accessing cash from automated banking machines (ABMs) and financial institution branches. Content Type(s): Staff research, Staff analytical notes JEL Code(s): J, J1, J15, O, O1, R, R5, R51 Research Theme(s): Money and payments, Cash and bank notes
Breaking Down the US Employment Multiplier Using Micro-Level Data Staff working paper 2025-8 Edoardo Briganti, Holt Dwyer, Ricardo Duque Gabriel, Victor Sellemi Using newly matched data on US defense contracts and restricted administrative employment data, we show that the employment effects of defense procurement are costly, concentrated and slow to diffuse. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E6, E62, H, H5, H57, J, J2, J21 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Monetary Policy in a Volatile World: ToTEM Simulations Staff analytical paper 2026-27 Edward Booth, Edouard Djeutem, Oleksiy Kryvtsov, Fanny McKellips, Yang Zhang Using simulations of the Bank of Canada’s projection model, we assess inflation risks from greater supply-shock volatility and show that monetary policy faces sharper trade-offs, as stabilizing inflation increasingly comes at the cost of weaker real activity. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E3, E31, E32, E5, E52, E58 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission