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3046 Results

Forward Guidance at the Effective Lower Bound: International Experience

Staff Discussion Paper 2015-15 Karyne B. Charbonneau, Lori Rennison
Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis.

Habit Formation and the Persistence of Monetary Shocks

Staff Working Paper 2002-27 Hafedh Bouakez, Emanuela Cardia, Francisco Ruge-Murcia
This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts.
May 16, 2013

Bank of Canada Review - Spring 2013

This issue includes analysis of the unconventional monetary policies recently implemented by central banks, and also presents Bank research in two areas - the migration of labour between economic regions in Canada, and the asset-allocation and funding decisions for Canada’s foreign exchange reserves.

Redefining Financial Inclusion for a Digital Age: Implications for a Central Bank Digital Currency

We explore quantitative and qualitative information about Canadians who face barriers to making digital payments. We also consider the implications of ongoing digitalization for modern financial inclusion and a potential central bank digital currency.
March 22, 2018

Financial Stability: Taking Care of Unfinished Business

Remarks Carolyn A. Wilkins Rotman School of Management conference Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins discusses three areas in which work remains to be done to improve financial stability.

How to Predict Financial Stress? An Assessment of Markov Switching Models

Staff Working Paper 2017-32 Benjamin Klaus, Thibaut Duprey
This paper predicts phases of the financial cycle by using a continuous financial stress measure in a Markov switching framework. The debt service ratio and property market variables signal a transition to a high financial stress regime, while economic sentiment indicators provide signals for a transition to a tranquil state.

Corporate Bond Spreads and the Business Cycle

Staff Working Paper 2002-15 Zhiwei Zhang
This paper examines the predictive power of credit spreads from the corporate bond market. The high-yield bond spread and investment-grade spread can explain 68 per cent and 42 per cent of output variations one year ahead, while the term spread based on government debts can explain only 12 per cent of them.

A New Measure of Monetary Policy Shocks

Staff Working Paper 2021-29 Xu Zhang
Combining various high frequency financial data with central bank projections, I construct a new measure of monetary policy shocks not predictable by the public information preceding a central bank’s announcements. I then study the causal effects of monetary policy on the macro economy.
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