February 5, 2020 Securing prosperity is up to all of us Speech summary Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins explains that Canada is well-positioned to secure prosperity and avoid a long period of slow growth if we take the right steps. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Business fluctuations and cycles, Fiscal policy, Interest rates, International topics, Monetary policy framework, Potential output, Productivity
February 5, 2020 Our Economic Destiny: Written in R-stars? Remarks Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Fiscal policy, Interest rates, International topics, Monetary policy framework, Potential output, Productivity
December 12, 2019 The Bank of Canada’s plans for 2020 Speech summary Stephen S. Poloz Empire Club of Canada Toronto, Ontario In his traditional year-end speech, Governor Stephen S. Poloz described some of the long-term forces affecting the global and Canadian economies that will shape the Bank’s work in 2020. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Digital currencies and fintech, Economic models, Inflation targets, International topics, Monetary policy framework, Productivity
December 12, 2019 Big Issues Ahead: The Bank’s 2020 Vision Remarks Stephen S. Poloz Empire Club of Canada Toronto, Ontario Governor Stephen S. Poloz discusses how long-term global economic forces will drive the Bank of Canada’s work agenda in 2020 and beyond. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Digital currencies and fintech, Economic models, Inflation targets, International topics, Monetary policy framework, Productivity
Changing Fortunes: Long-Termism—G-Zero, Artificial Intelligence and Debt Staff Discussion Paper 2019-12 Stephen S. Poloz This paper discusses three long-term forces that are acting on the global economy and their implications for companies and policy-makers. Content Type(s): Staff research, Staff discussion papers Topic(s): Financial stability, International topics, Monetary policy, Monetary policy and uncertainty, Trade integration JEL Code(s): E, E6, E63, F, F0, F02, F1, F15, F5, F53, F6, H, O, O1, O11, O3, O33
Trade Flows and Exchange Rates: Importers, Exporters and Products Staff Working Paper 2019-41 Michael Devereux, Wei Dong, Ben Tomlin Using highly disaggregated transaction-level trade data, we document the importance of new firm-level trade partner relationships and the addition of new products to existing relationships in driving aggregate trade flows. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Firm dynamics, International topics JEL Code(s): F, F1, F4
No Double Standards: Quantifying the Impact of Standard Harmonization on Trade Staff Working Paper 2019-36 Julia Schmidt, Walter Steingress Product standards are omnipresent in industrialized societies. Though standardization can be beneficial for domestic producers, divergent product standards have been categorized as a major obstacle to international trade. This paper quantifies the effect of standard harmonization on trade flows and characterizes the extent to which it changes the cost and demand structure of exporting. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): F, F1, F13, F14, F15, L, L1, L15
Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence Staff Working Paper 2019-34 Alex Chernoff, Patrick Alexander We develop a model with firm heterogeneity in importing and cross-border shopping among consumers. Exchange-rate appreciations lower the cost of imported goods, but also lead to more cross-border shopping; hence, the net impact on aggregate retail prices and sales is ambiguous. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International topics, Service sector JEL Code(s): F, F1, F10, F14, L, L8, L81
How Oil Supply Shocks Affect the Global Economy: Evidence from Local Projections Staff Discussion Paper 2019-6 Olivier Gervais We provide empirical evidence on the impact of oil supply shocks on global aggregates. To do this, we first extract structural oil supply shocks from a standard oil-price determination model found in the literature. Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, International topics JEL Code(s): C, C2, C22, C5, E, E3, E37, Q, Q4, Q43
Outlook for Electric Vehicles and Implications for the Oil Market Staff Analytical Note 2019-19 Étienne Latulippe, Kun Mo The market for electric vehicles (EVs) is growing rapidly. Subsidies and technological improvements are expected to increase the market share of EVs over the coming decade. In its base-case scenario, the International Energy Agency (IEA) expects EV use to rise from 4 million vehicles in 2018 to 120 million by 2030, or from 0.3 per cent to over 7 per cent of the global car fleet. Content Type(s): Staff research, Staff analytical notes Topic(s): International topics JEL Code(s): Q, Q4, Q47