U.S. Macroeconomic News and Low-Frequency Changes in Small Open Economies’ Bond Yields Staff working paper 2024-12 Bingxin Ann Xing, Bruno Feunou, Morvan Nongni-Donfack, Rodrigo Sekkel Using two complementary approaches, we investigate the importance of U.S. macroeconomic news in driving low-frequency fluctuations in the term structure of interest rates in Canada, Sweden and the United Kingdom. We find that U.S. macroeconomic news is particularly important to explain changes in the expectation components of the nominal, real and break-even inflation rates of small open economies. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E43, E44, E47, G, G1, G14 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Estimating the impacts on GDP of natural disasters in Canada Staff analytical note 2025-5 Tatjana Dahlhaus, Thibaut Duprey, Craig Johnston Extreme weather events contribute to increased volatility in both economic activity and prices, interfering with the assessment of the true underlying trends of the economy. With this in mind, we conduct a timely assessment of the impact of natural disasters on Canadian gross domestic product (GDP). Content Type(s): Staff research, Staff analytical notes JEL Code(s): B, B2, B23, C, C1, C13, C2, C23, E, E1, E17, E3, E37, E6, E62, H, H6 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Climate change
2023 Methods-of-Payment Survey Report: The Resilience of Cash Staff discussion paper 2024-8 Christopher Henry, Matthew Shimoda, Doina Rusu We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D8, D83, E, E4, E41 Research Theme(s): Money and payments, Cash and bank notes, Retail payments
May 23, 2004 Bank of Canada Review - Spring 2004 Cover page The Millennial Celebrations in Ancient Rome The coins pictured on the cover range from approximately 20 to 35 mm in diameter and form part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
More Than Words: Fed Chairs’ Communication During Congressional Testimonies Staff working paper 2022-20 Michelle Alexopoulos, Xinfen Han, Oleksiy Kryvtsov, Xu Zhang We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, E58, E7, E71 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission
February 9, 2022 The role of Canadian business in fostering non-inflationary growth Remarks (delivered virtually) Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
August 24, 2004 The Efficiency of Canadian Capital Markets: Some Bank of Canada Research Bank of Canada Review - Summer 2004 Scott Hendry, Michael R. King Capital markets and their related financial instruments make an important contribution to the welfare of Canadians. The Bank of Canada is interested in the efficient functioning of capital markets through each of its responsibilities for monetary policy, the financial system, and funds management. Hendry and King highlight the key findings of Bank research published over the past year that addresses capital market efficiency and summarize lessons that have been learned. The research conducted thus far suggests that Canadian capital markets are efficient for a capital market of Canada's size but are less diverse than the U.S. capital markets, indicating that there is room for improvement in certain areas. Content Type(s): Publications, Bank of Canada Review articles
February 21, 2013 Bank of Canada Review - Winter 2012-2013 This issue features a summary of the Bank’s annual conference, Financial Intermediation and Vulnerabilities, which took place in October 2012, as well as two articles that present analysis of international macroeconomic coordination since the global financial crisis and the U.S. recovery from the Great Recession. Content Type(s): Publications, Bank of Canada Review
May 21, 2004 Are Wealth Effects Important for Canada? Bank of Canada Review - Spring 2004 Lise Pichette Some analysts believe that a sharp rise in equity values was an important factor in the strong consumer spending between 1995 and 2000. Empirical evidence suggests, however, that consumer spending responds more to changes in housing wealth than it does to equity wealth. Content Type(s): Publications, Bank of Canada Review articles
October 24, 2016 Renewal of the Inflation-Control Target (October 2016) Commentary and technical data relating to the 2016 target renewal. Content Type(s): Background materials