September 10, 2024 Global trade in a changing world Speech summary Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom Governor Tiff Macklem talks about how geopolitical, economic and social forces are changing global trade. He also discusses how Canada can benefit from trade shifts and prepare for future supply shocks. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): International topics, Service sector, Trade integration
September 10, 2024 Rewired, recast and redirected: Global trade and implications for Canada Remarks Tiff Macklem Canada-UK Chamber of Commerce London, United Kingdom Bank of Canada Governor Tiff Macklem discuss shifts in the global trade environment and outlines the challenges and opportunities for Canada. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): International topics, Service sector, Trade integration
Third-Country Effects of U.S. Immigration Policy Staff Working Paper 2023-60 Agostina Brinatti, Xing Guo We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change. Content Type(s): Staff research, Staff working papers Topic(s): International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): F, F1, F16, F2, F22, J, J6, J61
June 30, 2023 Exploring global value and supply chains Patrick Alexander, Chris D'Souza, Yuko Imura, Lena Suchanek The things we buy come out of complex production chains that span the globe. Understanding these connections is crucial for today's economies. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Business fluctuations and cycles, Firm dynamics, International topics, Trade integration
June 30, 2023 Canada’s regional economies David Amirault, Matthieu Verstraete, Sarah Miller Strength from diversity Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Business fluctuations and cycles, Labour markets, Regional economic developments, Trade integration
An Investigation into the Effects of Border Carbon Adjustments on the Canadian Economy Staff Working Paper 2023-27 Y.-H. Henry Chen, Hossein Hosseini, Craig Johnston, Sergey Paltsev, Marie-Christine Tremblay We examine the economic implications of border carbon adjustments (BCAs) for Canada. We find that, BCAs, in the form of import tariffs, reduce Canada’s carbon leakage and improve its competitiveness when Canada is part of a broad coalition of BCA-implementing countries. Welfare also improves when tariff revenues are transferred to households. Content Type(s): Staff research, Staff working papers Topic(s): Climate change, International topics, Trade integration JEL Code(s): C, C6, C68, F, F1, H, H2, Q, Q3, Q37, Q5
Trade and Diffusion of Embodied Technology: An Empirical Analysis Staff Working Paper 2023-21 Stephen Ayerst, Faisal Ibrahim, Gaelan MacKenzie, Swapnika Rachapalli Using data from patents, citations, inter-sectoral sales and customs, we examine the international diffusion of technology through imports of sectoral knowledge and production inputs. We develop an instrumental variable strategy to identify the causal effects of technology embodied in imports on innovation and diffusion outcomes. Content Type(s): Staff research, Staff working papers Topic(s): Development economics, International topics, Productivity, Trade integration JEL Code(s): F, F1, F14, F6, F61, O, O1, O19, O3, O31, O33
Exports and the Exchange Rate: A General Equilibrium Perspective Staff Working Paper 2022-18 Patrick Alexander, Abeer Reza How do a country’s exports change when its currency depreciates? Does it matter which forces drive the exchange rate deprecation in the first place? We find that this relationship varies greatly depending on what drives exchange rate movements, and we conclude that the direct relationship between the exchange rate and exports is weak for Canada. Content Type(s): Staff research, Staff working papers Topic(s): Balance of payments and components, Business fluctuations and cycles, Exchange rate regimes, Exchange rates, International topics, Monetary policy transmission, Trade integration JEL Code(s): F, F3, F31, F32, F33, F4, F41
The Impact of Globalization and Digitalization on the Phillips Curve Staff Working Paper 2022-7 Christian Friedrich, Peter Selcuk Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation? Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E31, E32, F, F6
October 7, 2021 The long and short of it: A balanced vision for the international monetary and financial system Remarks (delivered virtually) Tiff Macklem Council on Foreign Relations Washington, D.C. Governor Tiff Macklem advocates for global coordination to strengthen the international monetary and financial system. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration