August 16, 2012 Bank of Canada Review - Summer 2012 This issue features three articles that present research and analysis by Bank of Canada staff. The first updates previous Bank estimates of measurement bias in the Canadian consumer price index; the second uses a new term-structure model to analyze the relationship between the short-term policy rate and long-term interest rates; and the third examines indicators of balance-sheet risks at financial institutions in Canada. Content Type(s): Publications, Bank of Canada Review
November 17, 2016 Bank of Canada Review - Autumn 2016 What is the role of central banks in financial stability? How has this role changed in recent years? Bank researchers share their insights on this matter and provide an overview of recent changes the Bank has made to its Emergency Lending Assistance Policy. Researchers also provide a history of four major commodity supercycles, dating back to the early 1900s. Finally, there is discussion about structural reforms in emerging-market economies, such as China, and how these reforms influence potential growth. Content Type(s): Publications, Bank of Canada Review
June 23, 2004 Competition in Banking Financial System Review - June 2004 Carol Ann Northcott Content Type(s): Publications, Financial System Review articles
Total factor productivity growth projection for Canada: A sectoral approach Staff analytical note 2024-12 Dany Brouillette, Tessa Devakos, Raven Wheesk We propose a tool that decomposes TFP growth into sectoral contributions. The analysis incorporates three structural factors—digitalization, aging and climate change policies—and measures their contributions. Overall, we expect that aggregate TFP growth will slow down in the 2020s below both its historical average and the average from the 2010s. Content Type(s): Staff research, Staff analytical notes JEL Code(s): D, D2, D24, J, J1, J11, O, O3, O33, Q, Q5, Q54 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Climate change, Demographics and labour supply, Digitalization and productivity
The Trend Unemployment Rate in Canada: Searching for the Unobservable Staff working paper 2019-13 Dany Brouillette, Marie-Noëlle Robitaille, Laurence Savoie-Chabot, Pierre St-Amant, Bassirou Gueye, Elise Nelson In this paper, we assess several methods that have been used to measure the Canadian trend unemployment rate (TUR). We also consider improvements and extensions to some existing methods. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C52, C53, E, E2, E24, E27 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
Is Climate Transition Risk Priced into Corporate Credit Risk? Evidence from Credit Default Swaps Staff working paper 2023-38 Andrea Ugolini, Juan C. Reboredo, Javier Ojea Ferreiro We study whether the credit derivatives of firms reflect the risk from climate transition. We find that climate transition risk has asymmetric and significant economic impacts on the credit risk of more vulnerable firms, and negligible effects on other firms. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C24, G, G1, G12, G3, G32, Q, Q5, Q54 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Structural challenges, Climate change
June 21, 2006 The Impact of Unanticipated Defaults in Canada’s Large Value Transfer System Financial System Review - June 2006 Darcey McVanel Content Type(s): Publications, Financial System Review articles
Fixed-income dealing and central bank interventions Staff analytical note 2022-9 David Cimon, Adrian Walton We summarize the theoretical model of central bank asset purchases developed in Cimon and Walton (2022). The model helps us understand how asset purchases ease pressures on investment dealers to restore market conditions in a crisis. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G10, G2, G20, L, L1, L10 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation
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
Are Temporary Oil Supply Shocks Real? Staff working paper 2022-52 Johan Brannlund, Geoffrey R. Dunbar, Reinhard Ellwanger Hurricanes disrupt oil production in the Gulf of Mexico because producers shut in oil platforms to safeguard lives and prevent damage. We examine the effects of these temporary oil supply shocks on real economic activity in the United States. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E31, E32, Q, Q3, Q31, Q4, Q41, Q43 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, International trade, finance and competitiveness