Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan Staff working paper 2017-40 Thuy Lan Nguyen, Dmitriy Sergeyev, Wataru Miyamoto Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E5, E6, E62 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
Can Media and Text Analytics Provide Insights into Labour Market Conditions in China? Staff working paper 2018-12 Jeannine Bailliu, Xinfen Han, Mark Kruger, Yu-Hsien Liu, Sri Thanabalasingam The official Chinese labour market indicators have been seen as problematic, given their small cyclical movement and their only-partial capture of the labour force. In our paper, we build a monthly Chinese labour market conditions index (LMCI) using text analytics applied to mainland Chinese-language newspapers over the period from 2003 to 2017. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C38, C5, C55, E, E2, E24, E27 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
June 13, 2024 Exceptional policies for an exceptional time: From quantitative easing to quantitative tightening Remarks Sharon Kozicki Canadian Association of Business Economics Ottawa, Ontario Deputy Governor Sharon Kozicki discusses the use of exceptional monetary policy tools during the COVID-19 pandemic, as well as the Bank’s commitment to transparency and accountability. Content Type(s): Press, Speeches and appearances, Remarks
September 18, 2017 How Canada’s International Trade is Changing with the Times Remarks Timothy Lane Saskatoon Regional Economic Development Authority Saskatoon, Saskatchewan Deputy Governor Timothy Lane discusses the changing nature of international trade and the factors that are propelling it. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth
BoC–BoE Sovereign Default Database: Methodology, Assumptions and Sources Technical report No. 117 David Beers, Elliot Jones, John Walsh Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE). Content Type(s): Staff research, Technical reports JEL Code(s): F, F3, F34, G, G1, G10, G14, G15 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial stability and systemic risk
November 18, 2010 Trends in Issuance: Underlying Factors and Implications Bank of Canada Review - Autumn 2010 Jonathan Witmer Trends in debt issuance have changed significantly over the past decade, both prior to the financial crisis and subsequently. Content Type(s): Publications, Bank of Canada Review articles
August 18, 2010 Strengthening International Capital and Liquidity Standards: A Macroeconomic Impact Assessment for Canada G-20 leaders have agreed on comprehensive financial sector reforms to reduce the risk of future crises and to strengthen banking systems. Raising the amount and quality of capital and liquidity that financial institutions must carry is a central component of the reforms. The G-20 is developing a set of proposals for agreement by leaders at […]
April 8, 2009 Price-Level Targeting and Stabilization Policy: A Review Bank of Canada Review - Spring 2009 Steve Ambler This article reviews arguments in the literature for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting. Benefits of price-level targeting include the effect on forward-looking inflation expectations; the ability to substitute for commitment by a central bank to its future policies; lessening forecast errors; better economic performance in response to real shocks because of lower wage indexation; and a reduction in the problem of the zero lower bound on nominal interest rates. Content Type(s): Publications, Bank of Canada Review articles
Monetary Policy, Trends in Real Interest Rates and Depressed Demand Staff working paper 2021-27 Paul Beaudry, Césaire Meh Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E4, E43, E44, E5, E52, E6, E62, E63, H, H3, H6, H63 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting
February 1, 2012 Recent Developments in Markets for Credit-Risk Transfer Financial System Review - June 2003 John Kiff Content Type(s): Publications, Financial System Review articles