November 17, 1999 Monetary Policy Report – November 1999 Since the May Report, the international economic environment has continued to improve. Economic activity abroad grew faster than expected, while inflation in the major economies remained subdued. Content Type(s): Publications, Monetary Policy Report
Home Equity Extraction and the Boom-Bust Cycle in Consumption and Residential Investment Staff working paper 2018-6 Xiaoqing Zhou The consumption boom-bust cycle in the 2000s coincided with large fluctuations in the volume of home equity borrowing. Contrary to conventional wisdom, I show that homeowners largely borrowed for residential investment and not consumption. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, E, E2, E3 Research Theme(s): Financial system, Household and business credit, Models and tools, Economic models, Monetary policy, Real economy and forecasting
August 4, 2010 Fellowship Award Annual research grants and expense allowances for a term of up to five years.
Credit Risk and Collateral Demand in a Retail Payment System Staff discussion paper 2016-16 Héctor Pérez Saiz, Gabriel Xerri The recent financial crisis has led to the development of new regulations to control risk in designated payment systems, and the implementation of new credit risk management standards is one of the key issues. In this paper, we study various credit risk management schemes for the Canadian retail payment system (ACSS) that are designed to cover the exposure of a defaulting member. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, C58, G, G2, G21, G23 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Econometric, statistical and computational methods, Money and payments, Payment and financial market infrastructures, Retail payments
Do Monetary Policy Shocks Affect the Neutral Rate of Interest? Staff working paper 2026-6 Danilo Leiva-Leon, Rodrigo Sekkel, Luis Uzeda Can monetary policy influence the neutral real interest rate (r-star)? Using a new statistical model, we show that interest rate hikes tend to lower r-star and long-run growth, but that monetary policy explains only a small share of the long-run decline in r-star. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E32, E4, E44 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
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
How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms Staff working paper 2024-44 Janet Hua Jiang, Rupal Kamdar, Kelin Lu, Daniela Puzzello We conduct surveys to study how consumer spending responds to higher inflation expectations. Most respondents spend the same, sticking to fixed budget plans or not considering inflation for spending decisions. About 20% decrease spending because they feel poorer and cut spending to invest in inflation-proof assets. Very few increase spending. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D15, D8, D84, E, E2, E5, E52, E7 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting
Bitcoin Adoption and Beliefs in Canada Staff working paper 2021-60 Daniela Balutel, Christopher Henry, Jorge Vásquez, Marcel Voia Using an economic model as well as survey data from the Bank of Canada, we study what factors influence the adoption of Bitcoin in Canada. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D83, O, O3, O33 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Money and payments, Digital assets and fintech
October 16, 2017 Backgrounder on the Business Outlook Survey Question on Future Sales Indicators Since the 2016 summer survey, the results from a question on future sales indicators (FSI) have been included in the Business Outlook Survey (BOS). This backgrounder briefly describes the question and presents the correlations between the responses and various measures of business activity. Content Type(s): Background materials
The uneven economic consequences of COVID 19: A structural analysis Staff analytical note 2021-17 Martin Kuncl, Austin McWhirter, Alexander Ueberfeldt Using a structural model, we study the economic consequences of the COVID-19 shock. The uneven consequences, such as higher unemployment among young households, amplify the negative implications for the macroeconomy, household vulnerabilities and consumption inequality. Government support programs have stimulated the economy and lowered inequality and medium-term vulnerabilities. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E20, E5, E52, E6, E62 Research Theme(s): Financial system, Household and business credit, Monetary policy, Inflation dynamics and pressures, Monetary policy tools and implementation, Real economy and forecasting