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. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Trade integration JEL Code(s): F, F1, F11, F14, F6, F60
Accounting for Real Exchange Rates Using Micro‐Data Staff Working Paper 2017-12 Mario J. Crucini, Anthony Landry The classical dichotomy predicts that all of the time-series variance in the aggregate real exchange rate is accounted for by non-traded goods in the consumer price index (CPI) basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) claimed the opposite: that traded goods accounted for all of the variance. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International financial markets, Trade integration JEL Code(s): F, F3
March 28, 2017 Canada at 150: It Takes a World to Raise a Nation Remarks Stephen S. Poloz 50th Anniversary of Durham College Oshawa, Ontario Governor Stephen S. Poloz shows how Canada’s economic progress has been driven by its historic preference for openness to immigration, investment and trade. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Exchange rate regimes, International financial markets, Productivity, Trade integration
Producer Heterogeneity, Value-Added, and International Trade Staff Working Paper 2016-54 Patrick Alexander Standard new trade models depict producers as heterogeneous in total factor productivity. In this paper, I adapt the Eaton and Kortum (2002) model of international trade to incorporate tradable intermediate goods and producer heterogeneity in value-added productivity. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Productivity, Trade integration JEL Code(s): F, F1, F11, F12, F14
November 16, 2016 Follow the Money: A Canadian Perspective on Financial Globalization Remarks Timothy Lane Centre for International Governance Innovation (CIGI) Waterloo, Ontario Deputy Governor Timothy Lane discusses the benefits and challenges of international capital mobility. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Balance of payments and components, Exchange rates, Financial markets, International financial markets, Market structure and pricing, Trade integration
November 8, 2016 Wood, Wheat, Wheels and the Web: Historical Pivots and Future Prospects for Canadian Exports Remarks Lawrence L. Schembri Atlantic Institute for Market Studies Halifax, Nova Scotia Deputy Governor Lawrence Schembri discusses the historical evolution and future prospects for Canadian exports. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Development economics, Exchange rates, Firm dynamics, International topics, Trade integration
The Paul Storer Memorial Lecture—Cross-Border Trade Integration and Monetary Policy Staff Discussion Paper 2016-20 Stephen S. Poloz In this paper we explore the nexus between cross-border trade integration and monetary policy. We first review the evidence that trade liberalization has increased the degree of integration in North America and conclude that, while robust structural inferences remain elusive, there is sufficient supporting evidence for central banks to treat the issue seriously. Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Monetary policy, Trade integration JEL Code(s): E, E3, E37, E5, F, F1, F4, F41, F6
September 26, 2016 Cross-Border Trade Integration and Monetary Policy Lecture Stephen S. Poloz Western Washington University Bellingham, Washington Governor Stephen S. Poloz discusses global trade integration and the implications for the conduct of monetary policy. Content Type(s): Press, Speeches and appearances, Lectures Topic(s): Central bank research, Economic models, Monetary policy, Monetary policy implementation, Monetary policy transmission, Trade integration
September 20, 2016 Living with Lower for Longer Remarks Stephen S. Poloz Association des économistes québécois, the Cercle finance du Québec and CFA Québec Québec, Québec Governor Stephen S. Poloz talks about the adjustments that savers and companies need to make in response to low interest rates, and economic policies that can help. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credit and credit aggregates, Interest rates, International topics, Monetary policy, Potential output, Trade integration
April 26, 2016 A New Balance Point: Global Trade, Productivity and Economic Growth Remarks Stephen S. Poloz Investment Industry Association of Canada and Securities Industry and Financial Markets Association New York, New York Governor Stephen S. Poloz talks about slowing international trade growth and the implications for productivity and the global economy. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Firm dynamics, International topics, Productivity, Recent economic and financial developments, Trade integration