Assessing Global Potential Output Growth: April 2019 Staff analytical note 2019-13 Fares Bounajm, Jean-Philippe Cayen, Michael Francis, Christopher Hajzler, Kristina Hess, Guillaume Poulin-Bellisle, Peter Selcuk This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E10, E2, E20, O, O4 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity, International trade, finance and competitiveness
May 30, 2019 Economic Progress Report: Investing in Growth Remarks Carolyn A. Wilkins Calgary Chamber of Commerce Calgary, Alberta Senior Deputy Governor Carolyn A. Wilkins talks about the importance of business investment to the Canadian economy and reviews the latest interest rate decision. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective Staff discussion paper 2022-21 Annetta Ho, Sriram Darbha, Yuliya Gorelkina, Alejandro García Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D7, D78, O, O3, O38 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
Variance Premium, Downside Risk and Expected Stock Returns Staff working paper 2017-58 Bruno Feunou, Ricardo Lopez Aliouchkin, Roméo Tedongap, Lai Xi We decompose total variance into its bad and good components and measure the premia associated with their fluctuations using stock and option data from a large cross-section of firms. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G12 Research Theme(s): Financial markets and funds management, Market functioning, Market structure, Financial system, Financial institutions and intermediation
Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach Staff working paper 2022-3 Wenting Song, Samuel Stern How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, E, E4, E44, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Can the Business Outlook Survey Help Improve Estimates of the Canadian Output Gap? Staff discussion paper 2020-14 Calista Cheung, Luke Frymire, Lise Pichette We investigate whether questions in the Bank of Canada’s Business Outlook Survey can provide useful signals for the output gap. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
December 23, 2002 Financial Structure and Economic Growth: A Non-Technical Survey Financial System Review - December 2002 Veronika Dolar, Césaire Meh Content Type(s): Publications, Financial System Review articles
Understanding Monetary Policy and its Effects: Evidence from Canadian Firms Using the Business Outlook Survey Staff working paper 2017-24 Matthieu Verstraete, Lena Suchanek This paper shows (i) that business sentiment, as captured by survey data, matters for monetary policy decisions in Canada, and (ii) how business perspectives are affected by monetary policy shocks. Measures of business sentiment (soft data) are shown to have systematic explanatory power for monetary policy decisions over and above typical Taylor rule variables. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D22, E, E4, E44, E5, E52 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting
December 14, 2009 Liquidity Standards in a Macroprudential Context Financial System Review - December 2009 Carol Ann Northcott, Mark Zelmer Content Type(s): Publications, Financial System Review articles
Fragility of Resale Markets for Securitized Assets and Policy of Asset Purchases Staff working paper 2016-46 Martin Kuncl Markets for securitized assets were characterized by high liquidity prior to the recent financial crisis and by a sudden market dry-up at the onset of the crisis. A general equilibrium model with heterogeneous investment opportunities and information frictions predicts that, in boom periods or mild recessions, the degree of adverse selection in resale markets for securitized assets is limited because of the reputation-based guarantees by asset originators. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E5, 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, Models and tools, Economic models