May 16, 2018 The (Mostly) Long and Short of Potential Output Remarks Lawrence L. Schembri Ottawa Economics Association and CFA Society Ottawa Ottawa, Ontario Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
Canadian Financial Stress and Macroeconomic Conditions Staff discussion paper 2020-4 Thibaut Duprey Severe disruptions in the financial markets, as observed during the 2008 global financial crisis or the COVID-19 pandemic, can impair the stability of the entire financial system and worsen macroeconomic downturns. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, E, E4, E44, G, G0, G01 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Real economy and forecasting
May 5, 2015 Liquid Markets for a Solid Economy Remarks Carolyn A. Wilkins Chambre de commerce du Montréal métropolitain Montréal, Quebec Senior Deputy Governor Wilkins discusses funding and market liquidity, and announces consultations on the Bank’s market operations and emergency lending frameworks. Content Type(s): Press, Speeches and appearances, Remarks
The Bank of Canada’s “Horse Race” of Alternative Monetary Policy Frameworks: Some Interim Results from Model Simulations Staff discussion paper 2021-13 José Dorich, Rhys R. Mendes, Yang Zhang Bank of Canada staff are running a “horse race” of alternative monetary policy frameworks in the lead-up to 2021 renewal of the Bank’s monetary policy framework. This paper summarizes some interim results of model simulations from their research. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E2, E27, E3, E4, E5, E52, E58 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Modeling Fluctuations in the Global Demand for Commodities Staff working paper 2018-4 Lutz Kilian, Xiaoqing Zhou It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic activity. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F4, F44, Q, Q1, Q11, Q3, Q31, Q4, Q41, Q43 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
A Structural Interpretation of the Recent Weakness in Business Investment Staff analytical note 2017-7 Russell Barnett, Rhys R. Mendes Since 2012, business investment growth has slowed considerably in advanced economies, averaging a little less than 2 per cent versus the 4 per cent growth rates experienced in the period leading up to crisis. Several recent studies have attributed a large part of the weakness in business investment to cyclical factors, including soft aggregate demand, and, to a lesser degree, heightened uncertainty and tighter financial conditions. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E22, E3, E37 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program Staff working paper 2024-34 Antonio Diez de los Rios Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation
House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data Staff working paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, R, R2, R21, R3, R31 Research Theme(s): Financial system, Household and business credit, Monetary policy, Monetary policy framework and transmission
June 22, 2011 Access to Central Clearing Services for Over-the-Counter Derivatives Financial System Review - June 2011 Carolyn A. Wilkins, Jonathan Witmer, Joshua Slive Content Type(s): Publications, Financial System Review articles
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