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2112 Results

Macroprudential Policy with Capital Buffers

Staff working paper 2019-8 Josef Schroth
The countercyclical capital buffer is part of Basel III, the set of regulatory measures developed in response to the financial crisis of 2007–09. This study focuses on how time-varying capital buffers can address inefficiencies in economies with endogenous financial crises.

A Market-Based Approach to Reverse Stress Testing the Financial System

Staff working paper 2025-32 Javier Ojea Ferreiro
This article examines what market conditions lead to extreme losses in global financial systems. Using a reverse stress testing approach, it introduces two measures of systemic risk by starting from the tail losses and working backward to identify the events most closely associated with them.

Vertical Specialization and Gains from Trade

Staff working paper 2017-17 Patrick Alexander
Multi-stage production is widely recognized as an important feature of the modern global economy. This feature has been incorporated into many state-of-the-art quantitative trade models, and has been shown to deliver significant additional gains from international trade.

Comparing Forward Guidance and Neo-Fisherianism as Strategies for Escaping Liquidity Traps

Staff analytical note 2016-16 Robert Amano, Thomas J. Carter, Rhys R. Mendes
What path should policy-makers select for the nominal rate when faced with a liquidity trap during which the effective lower bound binds?
October 16, 2023

Canadian Survey of Consumer Expectations—Third Quarter of 2023

Consumers’ perceptions of current inflation remain elevated and are diverging from actual inflation. Perceptions of high inflation are also leading to persistently high expectations for inflation over the next 12 months. Consumers’ expectations for interest rates one year from now also remain high, and many consumers believe that the impacts of higher interest rates on their household spending are far from over. Homeowners with a variable-rate mortgage are more likely than other consumers to report being worse off due to high interest rates. Consumers’ plans to purchase services, such as vacations or concerts, are more widespread than plans to make major purchases of goods that are likely to be financed with loans, such as vehicles or appliances. Workers are reporting signs of job market cooling, such as more time spent looking for a new job, but they remain confident about the labour market.

Multibank Holding Companies and Bank Stability

Staff working paper 2018-51 Radoslav Raykov, Consuelo Silva-Buston
This paper studies the relationship between bank holding company affiliation and the individual and systemic risk of banks. Using the 2005 hurricane season in the US as an exogenous shock to bank balance sheets, we show that banks that are part of a holding parent company are more resilient than independent banks.
February 8, 2018

At the Crossroads: Innovation and Inclusive Growth

Remarks Carolyn A. Wilkins G7 Symposium on Innovation and Inclusive Growth Montebello, Quebec
Senior Deputy Governor Carolyn A. Wilkins discusses technological progress and how policy-makers can harness it for economic growth that benefits everyone.

Perceived Unemployment Risks over Business Cycles

Staff working paper 2025-23 William Du, Adrian Monninger, Xincheng Qiu, Tao Wang
Aggregate consumption impacts of heightened job risks during recessions can arise either from ex-ante responses to the fear of unemployment or from ex-post consumption declines due to realized income losses. We use survey-based perceptions of job risk and actual labor market transitions to quantify the relative contributions of these two channels. We further show that belief stickiness limits the extent of ex-ante insurance against job risks.
November 16, 2017

Bank of Canada Review - Autumn 2017

Is shale oil production in the United States a factor in the 2014 oil price decline? Which methods of payment are commonly accepted by merchants in Canada? Bank researchers share their insights on these topics. They also provide an update on the neutral rate of interest as well as on changes to the Bank’s operational framework for market operations.
June 7, 2018

The Bank of Canada’s Financial System Survey

This report presents the details of a new semi-annual survey that will improve the Bank of Canada’s surveillance across the financial system and deepen efforts to engage with financial system participants. The survey collects expert opinions on the risks to and resilience of the Canadian financial system as well as on emerging trends and financial innovations. The report presents an overview of the survey and provides high-level results from the spring 2018 survey.
Content Type(s): Publications, Financial System Review articles JEL Code(s): C, C8, C83, G, G1, G11, G18, G2, G28, G3, G32
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