June 21, 2006 The Impact of Unanticipated Defaults in Canada’s Large Value Transfer System Financial System Review - June 2006 Darcey McVanel Content Type(s): Publications, Financial System Review articles
May 20, 2002 Trends in Productivity Growth in Canada Bank of Canada Review - Spring 2002 Allan Crawford This article describes the major trends in the growth of labour productivity in Canada since the early 1960s and summarizes our current knowledge about the causes of the historical patterns. Particular attention is given to the period since the mid-1990s during which productivity growth has been significantly higher in the United States than in Canada. The author reviews the empirical evidence on the contribution of information and communication technology to the recent difference between Canadian and U.S. rates of productivity growth. Other determinants of a country's productivity performance, such as human capital formation and openness to international trade, are also examined. The article concludes with an assessment of the prospects for an increase in the trend rate of productivity growth in Canada over the coming years. Content Type(s): Publications, Bank of Canada Review articles
Assessing the Impact of Demographic Composition on Productivity Staff discussion paper 2025-3 Justin-Damien Guénette, Lin Shao We examine how demographic factors influence potential output, focusing on how the age distribution of the working-age population and the old-age dependency ratio affect aggregate productivity. Following Feyrer (2007), we emphasize that the contribution to aggregate productivity varies by age group, with middle-aged individuals (aged 40 to 49) being the most productive. Content Type(s): Staff research, Staff discussion papers JEL Code(s): J, J1, J11, O, O4, O47, O5, O51 Research Theme(s): Structural challenges, Demographics and labour supply, Digitalization and productivity
The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier? Staff working paper 2018-59 Xiaodan Gao, Shaofeng Xu We document countercyclical corporate saving behavior with the degree of countercyclicality varying nonmonotonically with firm size. We then develop a dynamic stochastic general equilibrium model with heterogeneous firms to explain the pattern and study its implications for business cycles. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E20, E22, E3, E32, G, G3, G31, G32 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
The Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model Staff working paper 2019-6 Stefan Hohberger, Romanos Priftis, Lukas Vogel This paper compares the distributional effects of conventional monetary policy and quantitative easing (QE) within an estimated open-economy DSGE model of the euro area. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
December 23, 2005 The Use of Microdata to Assess Risks in the Non-Financial Corporate Sector Financial System Review - December 2005 Meyer Aaron, Dylan Hogg Content Type(s): Publications, Financial System Review articles
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
Market Size and Entry in International Trade: Product Versus Firm Fixed Costs Staff working paper 2018-43 Walter Steingress This paper develops a theoretical framework to infer the nature of fixed costs from the relationship between entry patterns in international markets and destination market size. If fixed costs are at the firm level, firms take advantage of an intrafirm spillover by expanding firm-level product range (scope). Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F12, F14, F2, F23 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
Financial Crisis Interventions Staff working paper 2016-29 Josef Schroth This paper develops a model of an economy where bank credit supports both productive investment and individual consumption smoothing in the face of idiosyncratic income risk. Bank credit is constrained by bank equity capital. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E1, E13, E3, E32, E4, E44 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Household and business credit