August 22, 2009 Some Considerations on Using Monetary Policy to Stabilize Economic Activity Remarks Mark Carney symposium sponsored by the Federal Reserve Bank of Kansas City Jackson Hole, Wyoming Walsh's paper highlights many useful lessons that can be learned from the conventional framework and its various extensions. However, the financial crisis provides a stark and costly reminder of just how incomplete the standard model is. Content Type(s): Press, Speeches and appearances, Remarks
November 24, 2004 Bank of Canada Review - Autumn 2004 Cover page Bus Transportation Tokens and Tickets The pieces illustrated on the cover range in size from 12 mm to 38 mm in diameter or width. They form part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
Why Do Central Banks Smooth Interest Rates? Staff Working Paper 2001-17 Gabriel Srour It is commonly observed that central banks respond gradually to economic shocks, moving the interest rate in small discrete steps in the same direction over an extended period of time. This paper examines the empirical evidence regarding central banks' smoothing of interest rates, paying particular attention to the case of Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy implementation JEL Code(s): E, E5
February 23, 2021 Canada’s labour market: rebound, recuperation and restructuring Remarks (delivered virtually) Tiff Macklem Edmonton Chamber of Commerce and Calgary Chamber of Commerce Calgary, Alberta, Edmonton, Alberta Governor Tiff Macklem talks about the COVID-19 pandemic and major economic forces are affecting the labour market, and the need for all groups to benefits from the recovery. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Potential output, Recent economic and financial developments
Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37
Interpreting Money-Supply and Interest-Rate Shocks as Monetary-Policy Shocks Staff Working Paper 1996-8 Marcel Kasumovich In this paper two shocks are analysed using Canadian data: a money-supply shock ("M-shock") and an interest-rate shock ("R-shock"). Money-supply shocks are derived using long-run restrictions based on long-run propositions of monetary theory. Thus, an M-shock is represented by an orthogonalized innovation in the trend shared by money and prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary and financial indicators, Monetary policy transmission JEL Code(s): E, E4, E43, E5, E51
Central Bank Digital Currencies and Banking: Literature Review and New Questions Staff Discussion Paper 2023-4 James Chapman, Jonathan Chiu, Mohammad Davoodalhosseini, Janet Hua Jiang, Francisco Rivadeneyra, Yu Zhu We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending and liquidity and maturity transformation. We also take a broader look at CBDCs and highlight two promising directions for future research. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Digital currencies and fintech, Financial institutions, Financial stability JEL Code(s): E, E5, E50, E58, G, G0, G00, L, L0, L00
December 14, 2009 Towards a Stress-Testing Model Consistent with the Macroprudential Approach Financial System Review - December 2009 Céline Gauthier, Alfred Lehar, Moez Souissi Content Type(s): Publications, Financial System Review articles
Price-Level Targeting and Inflation Expectations: Experimental Evidence Staff Working Paper 2011-18 Robert Amano, Jim Engle-Warnick, Malik Shukayev In this paper, we use an economics decision-making experiment to test a key assumption underpinning the efficacy of price-level targeting relative to inflation targeting for business cycle stabilization and mitigating the effects of the zero lower bound on nominal interest rates. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
September 15, 2008 Offshoring and Its Effects on the Labour Market and Productivity: A Survey of Recent Literature Bank of Canada Review - Autumn 2008 James Rossiter, Yi Zheng, Calista Cheung Offshoring has become an increasingly prominent aspect of the globalization process. Evidence over the past two decades suggests that offshoring has not exerted a noticeable impact on overall employment and earnings growth in advanced economies, but it has likely contributed to shifting the demand for labour towards higher-skilled jobs. There appear to be some positive effects of offshoring on productivity, but such effects differ by country. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): International topics, Labour markets, Productivity