August 16, 2022 La Presse In an opinion piece published by La Presse, Governor Tiff Macklem talks about inflation and the Bank's focus on taming it. Content Type(s): Press, Media activities
August 16, 2022 National Post In an opinion piece published in the National Post, Governor Tiff Macklem talks about inflation and the Bank's focus on taming it. Content Type(s): Press, Media activities
Risk and State-Dependent Financial Frictions Staff Working Paper 2022-37 Martin Harding, Rafael Wouters Using a nonlinear New Keynesian model with a financial accelerator, we show that financial frictions generate large state-dependent amplification effects. Shocks propagate more strongly in periods of financial stress. We propose an endogenous regime-switching DSGE framework for efficient estimation and improved model fit. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Credit and credit aggregates, Financial stability, Monetary policy JEL Code(s): E, E5, E52, E58
Weather the Storms? Hurricanes, Technology and Oil Production Staff Working Paper 2022-36 Johan Brannlund, Geoffrey R. Dunbar, Reinhard Ellwanger, Matthew Krutkiewicz Do technological improvements mitigate the potential damages from extreme weather events? We show that hurricanes lower offshore oil production in the Gulf of Mexico and that stronger storms have larger impacts. Regulations enacted in 1980 that required improved offshore construction standards only modestly mitigated the production losses. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Climate change, Potential output JEL Code(s): C, C2, C22, C23, Q, Q4, Q40, Q48, Q5, Q54
PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms Staff Working Paper 2022-35 Jonathan Chiu, Thorsten Koeppl Why do BigTech platforms introduce payment services? We explore this using a model in which a monopoly platform faces a trade-off between the costs associated with privacy concerns and the revenue from data services. We then analyze the feedback effects between data and payments. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): D, D8, E, E4, E42, L, L1
August 3, 2022 CARR publishes recommended fallback language for CDOR-based loans The Canadian Alternative Reference Rate working group (CARR) today published recommended fallback language for new and existing loan agreements where the interest rate benchmark is the Canadian Dollar Offered Rate (CDOR). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
July 31, 2022 Research Update - July 2022 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters