January 25, 2012 The Provision of Central Bank Liquidity under Asymmetric Information Financial System Review - December 2007 James Chapman, Antoine Martin Content Type(s): Publications, Financial System Review articles
Assessing the effects of higher immigration on the Canadian economy and inflation Staff Analytical Note 2023-17 Julien Champagne, Erik Ens, Xing Guo, Olena Kostyshyna, Alexander Lam, Corinne Luu, Sarah Miller, Patrick Sabourin, Joshua Slive, Temel Taskin, Jaime Trujillo, Shu Lin Wee We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Domestic demand and components, Housing, Inflation and prices, Labour markets, Potential output, Recent economic and financial developments JEL Code(s): A, A1, A10, E, E2, E20, E3, E31, J, J1, J11, J15
Housework and Fiscal Expansions Staff Working Paper 2014-34 Stefano Gnocchi, Daniela Hauser, Evi Pappa We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Fiscal policy JEL Code(s): E, E2, E24, E3, E32, E5, E52, E6, E62
Price-Level Targeting and Stabilization Policy: A Review Staff Discussion Paper 2007-11 Steve Ambler The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting, focusing on the benefits and costs of price-level targeting as a tool for stabilization policy. He reviews papers that examine how price-level targeting affects the short-run trade-off between output and inflation variability by influencing expectations of future inflation. The […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52
Market Concentration and Uniform Pricing: Evidence from Bank Mergers Staff Working Paper 2021-9 João Granja, Nuno Paixão We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial system regulation and policies, Market structure and pricing JEL Code(s): D, D4, G, G2, G20, G21, G28, G3, G34, L, L1, L11
September 14, 2010 Bundesbank Lecture 2010: The Economic Consequences of the Reforms Remarks Mark Carney Deutsche Bundesbank Berlin, Germany Keynes wrote prophetically of the economic consequences of the Treaty of Versailles. Could the same be said of current financial reforms? Are policy-makers taking for granted the essential role performed by finance in a vain pursuit of its risk-proofing? Content Type(s): Press, Speeches and appearances, Remarks
Making It Real: Bringing Research Models into Central Bank Projections Staff Discussion Paper 2023-29 Marc-André Gosselin, Sharon Kozicki Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Monetary policy JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52
Market Structure and the Diffusion of E-Commerce: Evidence from the Retail Banking Industry Staff Working Paper 2008-32 Jason Allen, Robert Clark, Jean-François Houde This paper studies the role that market structure plays in affecting the diffusion of electronic banking. Electronic banking (and electronic commerce more generally) reduces the cost of performing many types of transactions for firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Market structure and pricing JEL Code(s): D, D1, D14, D4, G, G2, G21, L, L1
Is There a Quality Bias in the Canadian CPI? Evidence from Micro Data Staff Working Paper 2013-24 Oleksiy Kryvtsov Rising consumer prices may reflect shifts by consumers to new higher-priced products, mostly for durable and semi-durable goods. I apply Bils’ (2009) methodology to newly available Canadian consumer price data for non-shelter goods and services to estimate how price increases can be divided between quality growth and price inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Potential output JEL Code(s): E, E3, E31, M, M1, M11, O, O4, O47
The Macroeconomic Implications of Coholding Staff Working Paper 2024-16 Michael Boutros, Andrej Mijakovic Coholder households simultaneously carry high-cost credit card debt and low-yield cash. We study the implications of this behavior for fiscal and monetary policy, finding that coholder households have smaller consumption responses in the short run but larger responses in the long run. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Economic models, Fiscal policy, Monetary policy JEL Code(s): E, E2, E21, E4, E44, E6, E62, G, G5, G51