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3032 Results

February 18, 2008

The Implications of Globalization for the Economy and Public Policy

Remarks Mark Carney British Columbia Chamber of Commerce and the Business Council of British Columbia Vancouver, British Columbia
I chose to speak about globalization at the outset of my tenure because it will continue to be one of the forces shaping our economy and economic policy for years to come. Steady advances in transportation, communication, and information technologies, underpinned by the more widespread adoption of free-market economic policies, are shrinking the globe and expanding the global economy.

How do Canadians perceive access to cash?

Staff Analytical Note 2024-24 Heng Chen, Daneal O’Habib, Hongyu Xiao
This paper introduces a subjective measure of cash accessibility in Canada, complementing existing distance-based metrics developed by Chen, O’Habib and Xiao (2023). Analyzing data from the 2023 Methods-of-Payment Survey, this study explores how Canadians perceive their ease of accessing cash from automated banking machines (ABMs) and financial institution branches.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Bank notes, Financial services, Regional economic developments JEL Code(s): J, J1, J15, O, O1, R, R5, R51

A Model of Costly Capital Reallocation and Aggregate Productivity

Staff Working Paper 2008-38 Shutao Cao
The author studies the effects of capital reallocation (the flow of productive capital across firms and establishments mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the United States: on average, its total value is 3–4 per cent of U.S. GDP.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Productivity JEL Code(s): E, E2, E22, L, L1, L16

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions.
November 13, 2015

Innovation, Central-Bank Style

Remarks Carolyn A. Wilkins Rotman School of Management and Munk School of Global Affairs Toronto, Ontario
Senior Deputy Governor Wilkins discusses how the Bank is tackling the most important strategic challenges facing central banks today and how innovative thinking is critical to its success.

Entrepreneurial Incentives and the Role of Initial Coin Offerings

Staff Working Paper 2019-18 Rodney J. Garratt, Maarten van Oordt
Initial coin offerings (ICOs) are a new mode of financing start-ups that saw an explosion in popularity in 2017 but declined in popularity in the second half of 2018 as regulatory pressure, instances of fraud and reports of poor performance began to undermine their reputation.
Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Exchange rates JEL Code(s): G, G3, G32

The Anatomy of Sentiment-Driven Fluctuations

Staff Working Paper 2021-33 Sushant Acharya, Jess Benhabib, Zhen Huo
We show that changes in sentiment that aren’t related to fundamentals can drive persistent macroeconomic fluctuations even when all economic agents are rational. Changes in sentiment can also affect how fundamental shocks affect macroeconomic outcomes.
Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E2, E20, E3, E32, F, F4, F44

Real Effects of Collapsing Exchange Rate Regimes: An Application to Mexico

Staff Working Paper 1999-10 Patrick Osakwe, Lawrence L. Schembri
This paper examines the impact of a collapsing exchange rate regime on output in an open economy in which shocks to capital flows and exports predominate. A sticky-price rational expectations model is used to compare the variability of output under the collapsing regime to that under alternative fixed and flexible regimes. Output is found to […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates JEL Code(s): F, F3, F31, F4, F41

Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate?

Staff Working Paper 1998-19 Andreas Hornstein, Mingwei Yuan
The authors construct a simple general equilibrium model of unemployment and calibrate it to the Canadian economy. Job creation and destruction are endogenous. In this model, they consider several potential factors that could contribute to the long-run increase in the Canadian unempoloyment rate: a more generous unemployment insurance system, higher layoff costs, higher discretionary taxes, […]
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Fiscal policy, Labour markets JEL Code(s): E, E2, E6, J, J4
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