February 18, 2008 The Implications of Globalization for the Economy and Public Policy Remarks Mark Carney British Columbia Chamber of Commerce and the Business Council of British Columbia Vancouver, British Columbia I chose to speak about globalization at the outset of my tenure because it will continue to be one of the forces shaping our economy and economic policy for years to come. Steady advances in transportation, communication, and information technologies, underpinned by the more widespread adoption of free-market economic policies, are shrinking the globe and expanding the global economy. Content Type(s): Press, Speeches and appearances, Remarks
Forward Guidance and Expectation Formation: A Narrative Approach Staff working paper 2020-40 Christopher S. Sutherland How exactly does forward guidance influence interest rate expectations? Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, D84, E, E3, E37, E5, E52, E58 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings Staff working paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, G, G5, G51 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Real economy and forecasting
Labour Supply and Firm Size Staff working paper 2023-47 Lin Shao, Faisal Sohail, Emircan Yurdagul This paper documents a systematic pattern of how wages, hours and their relationship vary across firms of different sizes. Using a model with heterogeneous firms and workers, we show how the interplay between wages, hours and firm size affect worker sorting and inequality. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, J, J2, J3, J31 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
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
December 21, 2006 Using No-Arbitrage Models to Predict Exchange Rates Financial System Review - December 2006 Antonio Diez de los Rios Content Type(s): Publications, Financial System Review articles
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
August 4, 2010 Fellowship Award Annual research grants and expense allowances for a term of up to five years.
The Positive Case for a CBDC Staff discussion paper 2021-11 Andrew Usher, Edona Reshidi, Francisco Rivadeneyra, Scott Hendry We discuss the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. A CBDC could also support the vibrancy of the digital economy. It could help solve market failures and foster competition and innovation in new digital payments markets. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, E5, E58, L, L4, L5 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
Can Capital Deepening Explain the Global Decline in Labor’s Share? Staff working paper 2019-3 Andrew Glover, Jacob Short We estimate an aggregate elasticity of substitution between capital and labor near or below one, which implies that capital deepening cannot explain the global decline in labor's share. Our methodology derives from transition paths in the neo-classical growth model. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, E13, E2, E22, E25, J, J3 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply