January 31, 2012 International Cross-Listing and the Bonding Hypothesis Financial System Review - June 2004 Michael R. King, Dan Segal Content Type(s): Publications, Financial System Review articles
Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada Staff discussion paper 2018-18 Thomas J. Carter, Rhys R. Mendes, Lawrence L. Schembri In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58, E6, E61 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
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
February 9, 2022 The role of Canadian business in fostering non-inflationary growth Remarks (delivered virtually) Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
November 12, 2020 Exploring life after COVID-19: the far side of the moon Remarks (delivered virtually) Carolyn A. Wilkins Munk School of Global Affairs and Public Policy Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
The Impact of Macroprudential Housing Finance Tools in Canada: 2005–10 Staff working paper 2016-41 Jason Allen, Timothy Grieder, Brian Peterson, Tom Roberts This paper combines loan-level administrative data with household-level survey data to analyze the impact of recent macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C63, D, D1, D14, G, G2, G28 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Monetary policy tools and implementation
April 16, 2006 Bank of Canada Review - Spring 2006 Cover page Depression Scrip The examples of Depression scrip illustrated here are part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
A Counterfactual Valuation of the Stock Index as a Predictor of Crashes Staff working paper 2017-38 Tom Roberts Stock market fundamentals would not seem to meaningfully predict returns over a shorter-term horizon—instead, I shift focus to severe downside risk (i.e., crashes). Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G1, G12, G17, G19 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
Bending the Curves: Wages and Inflation Staff analytical note 2018-15 Dany Brouillette, Madigan Dockrill, Helen Lao, Laurence Savoie-Chabot As economic slack continues to be absorbed and the labour market tightens, wage growth and inflation could increase faster than expected, which would suggest convexity in their Phillips curves. This note investigates whether there is convexity in the Phillips curves for Canadian wage growth and inflation by testing different empirical approaches over the post-inflation-targeting period. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, E3, E31, J, J3 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
Modeling Fluctuations in the Global Demand for Commodities Staff working paper 2018-4 Lutz Kilian, Xiaoqing Zhou It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic activity. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F4, F44, Q, Q1, Q11, Q3, Q31, Q4, Q41, Q43 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness