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
Estimating Systematic Risk Under Extremely Adverse Market Conditions Staff working paper 2016-22 Maarten van Oordt, Chen Zhou This paper considers the problem of estimating a linear model between two heavy-tailed variables if the explanatory variable has an extremely low (or high) value. We propose an estimator for the model coefficient by exploiting the tail dependence between the two variables and prove its asymptotic properties. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C14, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Econometric, statistical and computational methods
June 21, 2006 Credibility with Flexibility: The Evolution of Inflation-Targeting Regimes, 1990–2006 Bank of Canada Review - Summer 2006 Graydon Paulin Beginning with a review of the adoption of inflation targeting in a broad group of countries, Paulin focuses on changes in the design of inflation-targeting frameworks in light of fifteen years of accumulated experience. Included in the discussion are the use of numerical targets and ranges, the policy horizon, supporting institutional policy structures, and communication, including the publication of forecasts. A recurring theme is how much flexibility an inflation-targeting regime allows. The article concludes that the changes made to the frameworks have been relatively modest since their adoption, but in concert with the improved credibility that has resulted from central banks meeting their inflation-control targets, they have allowed an increasingly nuanced response to economic shocks. Content Type(s): Publications, Bank of Canada Review articles
March 25, 2022 A world of difference: Households, the pandemic and monetary policy Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
A Bitcoin Standard: Lessons from the Gold Standard Staff working paper 2016-14 Warren E. Weber This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E41, E42, E5, E58 Research Theme(s): Financial markets and funds management, International markets and currencies, Monetary policy, Monetary policy framework and transmission, Money and payments, Digital assets and fintech
Early signs of AI-driven adjustments in Canada’s labour market Sparks at Bank article Dany Brouillette, Tatjana Dahlhaus, Gabriela Galassi AI has the potential to reshape the labour market by automating some tasks for many workers. Even though evidence of a significant impact on the labour market remains limited, AI appears to be making it harder for some Canadians to find work in occupations that are most exposed to it. Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Structural challenges, Demographics and labour supply, Digitalization and productivity
A Fresh Look at the Publication and Citation Gap Between Men and Women: Insights from Economics and Political Science Staff working paper 2025-13 Daniel Stockemer, Gabriela Galassi, Engi Abou-El-Kheir In recent years, significant efforts have been made to attract more women into academia and to support their careers, with the goal of increasing their representation. Content Type(s): Staff research, Staff working papers JEL Code(s): A, A1, A14, I, I2, I23, J, J1, J16, J4, J44, J7, J71 Research Theme(s): Structural challenges, Demographics and labour supply
January 25, 2012 The Provision of Central Bank Liquidity under Asymmetric Information Financial System Review - December 2007 James Chapman, Antoine Martin Content Type(s): Publications, Financial System Review articles
Did U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure Survey Staff working paper 2018-13 Patrick Alexander, Louis Poirier The impact of oil price shocks on the U.S. economy is a topic of considerable debate. In this paper, we examine the response of U.S. consumers to the 2014–2015 negative oil price shock using representative survey data from the Consumer Expenditure Survey. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D12, E, E2, E21, Q, Q4, Q43 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
Volatility Risk and Economic Welfare Staff working paper 2017-20 Shaofeng Xu This paper examines the effects of time-varying volatility on welfare. I construct a tractable endogenous growth model with recursive preferences, stochastic volatility, and capital adjustment costs. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E3 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Monetary policy, Real economy and forecasting