August 18, 2010 Strengthening International Capital and Liquidity Standards: A Macroeconomic Impact Assessment for Canada G-20 leaders have agreed on comprehensive financial sector reforms to reduce the risk of future crises and to strengthen banking systems. Raising the amount and quality of capital and liquidity that financial institutions must carry is a central component of the reforms. The G-20 is developing a set of proposals for agreement by leaders at […]
High-Frequency Cross-Sectional Identification of Military News Shocks Staff working paper 2025-27 Francesco Amodeo, Edoardo Briganti We identify and quantify fiscal news shocks, compiling events (2001–2023) that altered the expected path of U.S. defense expenditure. For each event, we estimate market-implied shifts in expected spending. A shift-share analysis yields a two-year, metropolitan statistical area–level GDP multiplier of approximately 1 for U.S. military build-ups. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E20, E3, E30, E32, E6, E60, E62, E65 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
Assessing global potential output growth: April 2026 Staff analytical paper 2026-20 Daniel de Munnik, Kristina Hess, Walter Muiruri, Tuuli McCully, Faiza Noor, Sabreena Obaid, Andrew Plummer, Louis Poirier, Abeer Reza, Jillian Schwartz We present the annual update of the Bank of Canada staff estimates for global potential output growth. These estimates served as key inputs to the analysis supporting the April 2026 Monetary Policy Report. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E1, E2, F, F0, F1, O, O3, O33, O4 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity
Interbank Asset-Liability Networks with Fire Sale Management Staff working paper 2020-41 Zachary Feinstein, Grzegorz Halaj Raising liquidity when funding is stressed creates pressure on the financial market. Liquidating large quantities of assets depresses their prices and may amplify funding shocks. How do banks weathering a funding crisis contribute to contagion risk? Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C62, C63, C7, C72, G, G0, G01, G1, G11 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
The Price Impact of Canadian Retaliatory Tariffs Staff working paper 2026-22 Alberto Cavallo, Olena Kostyshyna, Oleksiy Kryvtsov, Matías Vieyra How do import tariffs affect retail prices? We combine daily product-level posted prices from seven major Canadian retailers with product-level tariff exposure to estimate tariff effects. Prices of tariffed goods rose gradually, peaking at 6% after three months, implying pass-through of roughly one quarter of the 25% tariff. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E31, E5, E52, F, F1, F13 Research Theme(s): Monetary policy, Inflation dynamics and pressures
December 21, 2008 Financial System Review - December 2008 The turmoil in global financial markets entered a new phase in September, moving to a more acute and broad-based loss of confidence in the context of a series of failures and near-failures of large financial institutions in the United States and Europe.FSR Highlights - December 2008 Content Type(s): Publications, Financial Stability Report
Non-competing Data Intermediaries Staff working paper 2020-28 Shota Ichihashi I study a model of competing data intermediaries (e.g., online platforms and data brokers) that collect personal data from consumers and sell it to downstream firms. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, D42, D43, D8, D80, L, L1, L12 Research Theme(s): Financial markets and funds management, Market structure, Models and tools, Economic models, Money and payments, Digital assets and fintech
Opaque Assets and Rollover Risk Staff working paper 2016-17 Benjamin Nelson, Toni Ahnert We model the asset-opacity choice of an intermediary subject to rollover risk in wholesale funding markets. Greater opacity means investors form more dispersed beliefs about an intermediary’s profitability. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G2 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Bank Screening Heterogeneity Staff working paper 2016-56 Thibaut Duprey Production efficiency and financial stability do not necessarily go hand in hand. With heterogeneity in banks’ abilities to screen borrowers, the market for loans becomes segmented and a self-competition mechanism arises. When heterogeneity increases, the intensive and extensive margins have opposite effects. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G14, G2, G21, L, L1, L13 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Household and business credit
Income Inequality in Canada Staff discussion paper 2022-16 Sarah Burkinshaw, Yaz Terajima, Carolyn A. Wilkins Data show that income inequality in Canada increased substantially during the 1980s and first half of the 1990s but has been relatively stable over the past 25 years. This increase was felt mainly by low-income earners and younger people, while older people benefited from higher retirement income. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D3, D31, D6, D63, I, I2, I24, I3, I32, J, J3, J31, J32, N, N3, N32 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply