August 18, 2011 The BoC-GEM-Fin: Banking in the Global Economy Bank of Canada Review - Summer 2011 Carlos De Resende, René Lalonde This article describes the Bank of Canada’s version of the Global Economy Model structured to incorporate an active banking system that features an interbank market and cross-border lending. After describing the new model, the authors use it to examine the responses of selected U.S. and Canadian macroeconomic variables to a “credit crunch” in the United States and also to study the impact of changes in the regulatory limits to bank leverage in Canada. They also discuss the relative merits of a monetary policy framework based on inflation targeting and one based on price-level targeting in the presence of shocks to the U.S. and Canadian banking sectors. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Economic models, Financial institutions, Financial system regulation and policies, Monetary policy framework
Estimating DSGE-Model-Consistent Trends for Use in Forecasting Staff Working Paper 2009-35 Jean-Philippe Cayen, Marc-André Gosselin, Sharon Kozicki The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C32, E, E3, E5, E52
April 14, 2007 Bank of Canada Review - Spring 2007 Cover page Gas Cards All gas cards pictured here are part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
Does Financial Structure Matter for the Information Content of Financial Indicators? Staff Working Paper 2005-33 Ramdane Djoudad, Jack Selody, Carolyn A. Wilkins Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Inflation and prices, Interest rates, Monetary aggregates JEL Code(s): E, E3, E31, E32
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
Downward Nominal Wage Rigidity, Inflation and Unemployment: New Evidence Using Micro‐Level Data Staff Analytical Note 2017-6 Dany Brouillette, Natalia Kyui Recent evidence suggests that the extent of downward nominal wage rigidity (DNWR) in the Canadian labour market has risen following the 2008–09 recession (see Brouillette, Kostyshyna and Kyui 2016). Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Inflation and prices, Labour markets JEL Code(s): E, E2, E24, E3, E31, J, J3, J30
The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis Staff Working Paper 2004-44 Brigitte Desroches The first step in designing effective policies to stabilize an economy is to understand business cycles. No country is isolated from the world economy and external shocks are becoming increasingly important. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rate regimes, International topics, Monetary policy transmission JEL Code(s): E, E3, E30, E32, E6, E61, F, F0, F02
China's Exchange Rate Policy: A Survey of the Literature Staff Discussion Paper 2008-5 Robert Lafrance China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Exchange rate regimes JEL Code(s): F, F3, F33, F36
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
June 21, 2006 Financial System Review - June 2006 The financial system makes an important contribution to the welfare of all Canadians. The ability of households and firms to confidently hold and transfer financial assets is one of the fundamental building blocks of the Canadian economy. Content Type(s): Publications, Financial Stability Report