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101 Results

Sources of Borrowing and Fiscal Multipliers

Staff Working Paper 2018-32 Romanos Priftis, Srecko Zimic
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).
February 15, 2018

Anchoring Expectations: Canada’s Approach to Price Stability

Remarks Lawrence L. Schembri Manitoba Association for Business Economists Winnipeg, Manitoba
Deputy Governor Lawrence Schembri examines the success of the Bank’s monetary policy framework and explains the review being undertaken before its renewal in 2021.

Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan

Staff Working Paper 2017-40 Thuy Lan Nguyen, Dmitriy Sergeyev, Wataru Miyamoto
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB).
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Fiscal policy JEL Code(s): E, E3, E32, E5, E6, E62
September 14, 2017

Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal

Senior Deputy Governor Carolyn A. Wilkins reviews key themes discussed by participants at the workshop “Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal”.
January 18, 2017

Monetary Policy Report Press Conference Opening Statement

Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

The Doug Purvis Memorial Lecture—Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message

Staff Discussion Paper 2016-13 Stephen S. Poloz
In the Doug Purvis Memorial Lecture, Governor Stephen S. Poloz shows how changing the mix of monetary and fiscal policies can yield the same outcomes for growth and inflation, but lead to different results for public sector and private sector debt levels, which can impact financial stability.
June 4, 2016

Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message

Lecture Stephen S. Poloz Canadian Economics Association Ottawa, Ontario
Governor Stephen S. Poloz discusses how the mix of monetary and fiscal policies in an economy has important implications for debt levels and financial stability over the medium term.

Monetary Commitment and the Level of Public Debt

Staff Working Paper 2016-3 Stefano Gnocchi, Luisa Lambertini
We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities.

Risk Sharing in the Presence of a Public Good

Staff Working Paper 2015-27 Josef Schroth
This paper studies an economy where agents can spend resources on consuming a private good and on funding a public good. There is asymmetric information regarding agents’ relative preference for private versus public good consumption.

Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?

Staff Working Paper 2014-36 Christian Friedrich
Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected, although economic slack in advanced countries reached its highest level in recent history.
Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Inflation and prices, International topics JEL Code(s): E, E3, E31, E5, F, F4, F41
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