Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds Staff working paper 2021-3 Jeannine Bailliu, Xinfen Han, Barbara Sadaba, Mark Kruger What are the main drivers behind the monetary policy reaction function of the People’s Bank of China? Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C63, E, E5, E52, E58 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission
Integrating Non-traditional Data and AI into Central Banking: A Canadian Perspective Staff analytical paper 2026-17 James Chapman, Ajit Desai, Maryam Haghighi, James (Jim) C. MacGee This paper reviews how central banks are integrating non traditional data and artificial intelligence (AI) into policy analysis and operations. Using the Bank of Canada’s experience, it examines emerging applications, governance challenges, and strategic choices for responsibly scaling AI to enhance insight, efficiency, and institutional resilience. Content Type(s): Staff research, Staff analytical paper JEL Code(s): C, C4, C45, C5, C55, C8, C88, L, L2, L23, M, M1, M15, O, O3, O33 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation, Money and payments, Payment and financial market infrastructures
Early signs of AI-driven adjustments in Canada’s labour market Sparks at Bank article Dany Brouillette, Tatjana Dahlhaus, Gabriela Galassi AI has the potential to reshape the labour market by automating some tasks for many workers. Even though evidence of a significant impact on the labour market remains limited, AI appears to be making it harder for some Canadians to find work in occupations that are most exposed to it. Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Structural challenges, Demographics and labour supply, Digitalization and productivity
A Three‐Frequency Dynamic Factor Model for Nowcasting Canadian Provincial GDP Growth Staff discussion paper 2017-8 Tony Chernis, Gabriella Velasco, Calista Cheung This paper estimates a three‐frequency dynamic factor model for nowcasting Canadian provincial gross domestic product (GDP). Canadian provincial GDP is released by Statistics Canada on an annual basis only, with a significant lag (11 months). Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, C53, E, E3, E32, E37, R, R1, R11 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
February 5, 2020 Our Economic Destiny: Written in R-stars? Remarks Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
December 21, 2008 The Role of Bank Capital in the Propagation of Shocks Financial System Review - December 2008 Césaire Meh, Kevin Moran Content Type(s): Publications, Financial System Review articles
June 8, 2017 Canada’s International Investment Position: Benefits and Potential Vulnerabilities Financial System Review - June 2017 Gabriel Bruneau, Maxime Leboeuf, Guillaume Nolin While greater global financial integration is beneficial, the authors discuss how foreign capital inflows can also facilitate the buildup of domestic vulnerabilities and potentially lead to destabilizing reversals. Canada’s current international investment position is typical of advanced economies and will likely continue to act as an economic stabilizer. However, the growth and composition of Canada’s international investment position warrant continued monitoring. Content Type(s): Publications, Financial System Review articles JEL Code(s): F, F2, F21, F3, F32, F34, F36, F4, F6
Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US? Staff working paper 2024-38 Jing Cynthia Wu, Yinxi Xie, Ji Zhang We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E31, E5, E52, E6, E63 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy tools and implementation
Inflation vs Inclusion: Stabilization Policy in the Wake of the Pandemic Staff working paper 2026-13 Felipe Alves, Giovanni L. Violante As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately undermines workers’ welfare through real income erosion. This tension amplifies in the presence of the ZLB and aggregate capacity constraints. We embed this insight into a quantitative model of the US economy. 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
Drivers of Weak Wage Growth in Advanced Economies Staff analytical note 2019-3 Anne-Katherine Cormier, Michael Francis, Kristina Hess, Guillaume Poulin-Bellisle Since the global financial crisis, advanced-economy wage growth has been generally low relative to past recoveries, especially after accounting for the evolution of labour market conditions over this period. This paper investigates a variety of potential explanations for this weakness, drawing on findings from the literature as well as analysis of recent labour market data in advanced economies. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E3, E31, F, F0, J, J3 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply