Market Structure and Cost Pass-Through in Retail Staff Working Paper 2013-5 Gee Hee Hong, Nicholas Li We examine the extent to which vertical and horizontal market structure can together explain incomplete retail pass-through. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E30, E31, L, L1, L11, L16
A Structural VAR Approach to Core Inflation in Canada Staff Discussion Paper 2008-10 Sylvain Martel The author constructs a measure of core inflation using a structural vector autoregression containing oil-price growth, output growth, and inflation. This "macro-founded" measure of inflation forecasts total inflation at least as well as other, atheoretical measures. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices JEL Code(s): C, C5, C53, E, E3, E31
Financial Crisis Interventions Staff Working Paper 2016-29 Josef Schroth This paper develops a model of an economy where bank credit supports both productive investment and individual consumption smoothing in the face of idiosyncratic income risk. Bank credit is constrained by bank equity capital. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Lender of last resort JEL Code(s): E, E1, E13, E3, E32, E4, E44
June 13, 2024 Exceptional policies for an exceptional time: From quantitative easing to quantitative tightening Remarks Sharon Kozicki Canadian Association of Business Economics Ottawa, Ontario Deputy Governor Sharon Kozicki discusses the use of exceptional monetary policy tools during the COVID-19 pandemic, as well as the Bank’s commitment to transparency and accountability. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Credibility, Economic models, Financial stability, Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Recent economic and financial developments
January 30, 2020 Monetary Policy and Financial Vulnerabilities Remarks Paul Beaudry Université Laval Québec, Québec Deputy Governor Paul Beaudry discusses how financial vulnerabilities present a challenge for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credit risk management, Financial stability, Inflation targets, Interest rates, Monetary policy, Monetary policy framework, Monetary policy implementation
The Commodity-Price Cycle and Regional Economic Performance in Canada Staff Working Paper 1996-12 Mario Lefebvre, Stephen S. Poloz This paper attempts to provide one interpretation of the broad regional economic history of Canada since the early 1970s. As the title of the paper suggests, we believe that, to a significant degree, regional diversity in economic performance reflects movements in Canada's terms of trade, which very frequently are tied to developments in world commodity markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Regional economic developments JEL Code(s): E, E3, E32
Security and convenience of a central bank digital currency Staff Analytical Note 2020-21 Charles M. Kahn, Francisco Rivadeneyra An anonymous token-based central bank digital currency (CBDC) would pose certain security risks to users. These risks arise from how balances are aggregated, from their transactional use and from the competition between suppliers of aggregation solutions. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Digital currencies and fintech, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2, G21
June 23, 2005 Understanding the Benefits and Risks of Synthetic Collateralized Debt Obligations Financial System Review - June 2005 Jim Armstrong, John Kiff Content Type(s): Publications, Financial System Review articles
Estimating and Projecting Potential Output Using Structural VAR Methodology: The Case of the Mexican Economy Staff Working Paper 1995-2 Alain DeSerres, Alain Guay, Pierre St-Amant In this paper the authors show how potential output can be estimated and projected through an approach derived from the structural vector autoregression methodology. This approach is applied to the Mexican economy. To identify demand, supply and world oil shocks, the authors assume that demand shocks do not have a permanent effect on output and […] Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Potential output
Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy Staff Working Paper 2003-9 Joseph Atta-Mensah, Ali Dib The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E3, E32, E4, E5, E51