August 4, 2010 Fellowship Award Annual research grants and expense allowances for a term of up to five years.
The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings Staff working paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E24, G, G5, G51 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Real economy and forecasting
June 15, 2011 Housing in Canada Remarks Mark Carney Vancouver Board of Trade Vancouver, British Columbia In a speech to the Vancouver Board of Trade, Governor Mark Carney discusses the fundamentals of the Canadian residential real estate market, the international context, and the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
On the Evolution of Multiple Jobholding in Canada Staff working paper 2019-49 Olena Kostyshyna, Etienne Lalé The number of workers who hold more than one job (a.k.a. multiple jobholders) has increased recently in Canada. While this seems to echo the view that non-standard work arrangements are becoming pervasive, the increase has in fact been trivial compared with the long-run rise of multiple jobholding that has occurred since the mid-1970s. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E24, J, J2, J21, J22, J6, J60 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach Staff working paper 2016-55 Serdar Kabaca This paper studies the effects of quantitative easing (QE) in a small open economy dynamic stochastic general-equilibrium model with international portfolio balancing. Portfolios are classified as imperfectly substitutable short-term and long-term subportfolios, each including domestic and foreign bonds. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation, Structural challenges, International trade, finance and competitiveness
Production Networks and the Propagation of Commodity Price Shocks Staff working paper 2020-44 Shutao Cao, Wei Dong We examine the macro implications of commodity price shocks in a model with multiple production sectors that are interconnected within a commodity-exporting small open economy. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D5, D57, F, F4, F41 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
Non-Performing Loans, Fiscal Costs and Credit Expansion in China Staff working paper 2018-53 Huixin Bi, Yongquan Cao, Wei Dong This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank–firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract reflects the trade-off between leverage and the probability of default. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E6, E62 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
March 12, 2012 Promoting Growth, Mitigating Cycles and Inequality: The Role of Price and Financial Stability Remarks Tiff Macklem Brazil-Canada Chamber of Commerce São Paulo, Brazil Senior Deputy Governor Tiff Macklem discusses how price and financial stability help promote growth and mitigate economic cycles and inequality. Content Type(s): Press, Speeches and appearances, Remarks
Is the Discretionary Income Effect of Oil Price Shocks a Hoax? Staff working paper 2017-50 Christiane Baumeister, Lutz Kilian, Xiaoqing Zhou The transmission of oil price shocks has been a question of central interest in macroeconomics since the 1970s. There has been renewed interest in this question after the large and persistent fall in the real price of oil in 2014–16. In the context of this debate, Ramey (2017) makes the striking claim that the existing literature on the transmission of oil price shocks is fundamentally confused about the question of how to quantify the effect of oil price shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C51, Q, Q4, Q43 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
Unregulated Lending, Mortgage Regulations and Monetary Policy Staff working paper 2022-28 Ugochi Emenogu, Brian Peterson This paper evaluates the effectiveness of macroprudential policies when regulations are uneven across mortgage lender types. We look at credit tightening that results from macroprudential regulations and examine how much of it is counteracted by credit shifting to unregulated lenders. We also study the impact of monetary policy tightening when some lenders are unregulated. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E50, E52, E58, G, G2, G21, G23, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial system regulation and oversight, Household and business credit