June 21, 2006 Bank of Canada Review - Summer 2006 Cover page Irish Gun Money The coins pictured on the cover are part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter Content Type(s): Publications, Bank of Canada Review
Corporate investment and monetary policy transmission in Canada Staff analytical note 2020-26 Min Jae Kim, Jonathan Witmer Unexpected changes in interest rates lead small firms to materially change their investment rate. Large firms, in contrast, show a smaller response. This suggests both that financial conditions are an important channel for transmitting monetary policy and that firm characteristics can help us better understand fluctuations in business investment. Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D2, D22, D9, D92, G, G3, G31, G32 Research Theme(s): Financial system, Household and business credit, Monetary policy, Monetary policy framework and transmission
Monetary Policy Under Okun’s Hypothesis Staff working paper 2026-3 Felipe Alves, Giovanni L. Violante The current monetary policy framework of the Fed intends to be more ’inclusive’ by running the economy hot for longer during expansions. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, E3, E31, E32, E5, E52, J, J2, J24, J6, J64 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
December 23, 2004 Monetary Policy, Private Information, and International Stock Markets Financial System Review - December 2004 Gregory Bauer, Clara Vega Content Type(s): Publications, Financial System Review articles
Estimating the Appropriate Quantity of Settlement Balances in a Floor System Staff discussion paper 2023-26 Narayan Bulusu, Matthew McNeely, Kaetlynd McRae, Jonathan Witmer This paper presents two complementary approaches to estimating the appropriate quantity of settlement balances needed to effectively operate monetary policy under a floor system in Canada. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5, E52, E58, G, G2, G21, G28 Research Theme(s): Monetary policy, Monetary policy tools and implementation, Money and payments, Payment and financial market infrastructures
February 1, 2012 Measuring Financial Stress Financial System Review - December 2003 Mark Illing, Ying Liu Content Type(s): Publications, Financial System Review articles
Non-homothetic Preferences and the Demand Channel of Inflation Staff working paper 2025-30 Stephen Murchison An alternative to the standard CES aggregator, based on non-homothetic household preferences, is proposed. Specifically, the elasticity of substitution between goods declines during periods of strong per-capita consumption and vice versa, giving firms an incentive to adjust their desired markup in response to the state of demand. Empirical evidence favouring a direct role for per-capita consumption demand in inflation determination for Canada is presented. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E27, E5, E52, Q, Q4, Q43, Q5, Q58 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures
June 25, 2005 Bank of Canada Review - Summer 2005 Cover page African Marriage Money The metal marriage currencies pictured on the cover are part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
IMPACT: The Bank of Canada’s International Model for Projecting Activity Technical report No. 116 Patrick Blagrave, Claudia Godbout, Justin-Damien Guénette, René Lalonde, Nikita Perevalov We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance. Content Type(s): Staff research, Technical reports JEL Code(s): C, C6, C68, E, E2, E27, E3, E37, F, F0, F01, F3, F32, F4, F47 Research Theme(s): Models and tools, Economic models, Monetary policy, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness
January 25, 2005 Bank of Canada Review - Winter 2004-2005 Cover page Promissory Notes The notes featured on the cover measure approximately 21 cm x 8 cm and form part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review