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
June 13, 2013 The Basel III Liquidity Standards: An Update Financial System Review - June 2013 Carolyn A. Wilkins, Tamara Gomes Content Type(s): Publications, Financial System Review articles
May 1, 2013 Monetary Policy After the Fall Remarks Mark Carney Eric J. Hanson Memorial Lecture University of Alberta Edmonton, Alberta Bank of Canada Governor Mark Carney discusses the future of monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
February 23, 2012 Medium-Term Fluctuations in Canadian House Prices Bank of Canada Review - Winter 2011-2012 Brian Peterson, Yi Zheng This article draws on theory and empirical evidence to examine a number of factors behind movements in Canadian house prices. It begins with an overview of the movements in house prices in Canada, using regional data to highlight factors that influence prices over the long run. It then turns to the central theme, that there are medium-run movements in prices not accounted for by long-run factors. Drawing on recent Bank of Canada research, the article discusses several factors behind these medium-run movements, including interest rates, expected price appreciation and market liquidity. The article concludes by identifying areas for future research that would further our understanding of fluctuations in house prices. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): R, R2, R21, R3, R31
Swedish Riksbank Notes and Enskilda Bank Notes: Lessons for Digital Currencies Staff working paper 2018-27 Ben Fung, Scott Hendry, Warren E. Weber This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and it had government notes before private bank notes. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E41, E42, E5, E58 Research Theme(s): Money and payments, Cash and bank notes, Digital assets and fintech
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
Household financial vulnerabilities and physical climate risks Staff analytical note 2021-19 Thibaut Duprey, Colin Jones, Callie Symmers, Geneviève Vallée Natural disasters occur more often than before, potentially exposing households to financial distress. We study the intersection between household financial vulnerabilities and severe weather events. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C2, C21, C3, C38, D, D1, D14, Q, Q5, Q54 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Structural challenges, Climate change
Tariffs and the Exchange Rate: Evidence from Twitter Staff working paper 2021-36 Dmitry Matveev, Francisco Ruge-Murcia Do tariffs affect exchange rates? We look at President Trump’s tweets during talks on the North American Free Trade Agreement and find that anticipation of higher tariffs on imports from Canada and Mexico led to an appreciation of the US dollar relative to Canadian and Mexican currency. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F13, F3, F31 Research Theme(s): Financial markets and funds management, International markets and currencies, Structural challenges, International trade, finance and competitiveness
The COVID-19 Consumption Game-Changer: Evidence from a Large-Scale Multi-Country Survey Staff working paper 2021-57 Alexander Hodbod, Cars Hommes, Stefanie J. Huber, Isabelle Salle A multi-country consumer survey investigates why and how much households decreased their consumption in five key sectors after pandemic-related restrictions were lifted in Europe in July 2020. Beyond infection risk and precautionary saving motives, households also reported not missing some consumption items, which may indicate preference shifts and structural changes in the post-COVID-19 economy. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D12, D8, D81, D84, E, E2, E21, E6, E60, E7, E71 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting