Recent economic and financial developments

• May 6, 2019

  Poloz talks mortgages: Innovation could improve flexibility

  Speech summary Stephen S. Poloz Canadian Credit Union Association and the Winnipeg Chamber of Commerce Winnipeg, Manitoba

  Stephen S. Poloz, Governor of the Bank of Canada, speaks before the Canadian Credit Union Association and the Winnipeg Chamber of Commerce.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Financial services, Financial stability, Housing, Recent economic and financial developments, Trade integration
• May 1, 2019

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce.

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
• April 30, 2019

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario

  Good morning, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week. Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy […]

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments

• Disentangling the Factors Driving Housing Resales

  Staff Analytical Note 2019-12 Mikael Khan, Taylor Webley

  We use a recently developed model and loan-level microdata to decompose movements in housing resales since 2015. We find that fundamental factors, namely housing affordability and full-time employment, have had offsetting effects on resales over our study period.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Financial stability, Financial system regulation and policies, Housing, Recent economic and financial developments JEL Code(s): C, C2, C22, E, E2, R, R2, R21
• March 7, 2019

  Economic Progress Report: Sensible Shifts in Household Spending

  Remarks Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario

  Deputy Governor Lynn Patterson discusses updates on the economy and reviews the latest interest rate decision.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Housing, Inflation and prices, Recent economic and financial developments
• March 7, 2019

  Spending shifts and consumer caution

  Speech summary Lynn Patterson Hamilton Chamber of Commerce Hamilton, Ontario

  Speaking a day after we decided to hold interest rates unchanged, Deputy Governor Lynn Patterson discussed the key points Governing Council considered in their decision.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Housing, Inflation and prices, Recent economic and financial developments

• The Size and Characteristics of Informal (“Gig”) Work in Canada

  Staff Analytical Note 2019-6 Olena Kostyshyna, Corinne Luu

  Underlying wage growth has fallen short of what would be consistent with an economy operating with little or no slack. While many factors could explain this weakness, the availability of additional labour resources from informal (“gig”) work—not fully captured in standard measures of employment and hours worked—may play a role.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, E26, J, J2, J20, J3, J30, J4
• February 21, 2019

  Toward 2021: The Power—and Limitations—of Policy

  Remarks Stephen S. Poloz The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec

  Governor Poloz explains that monetary policy is a powerful tool to promote economic welfare, but it also has some important limits.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Financial stability, Inflation targets, Monetary policy and uncertainty, Monetary policy framework, Recent economic and financial developments

• The State of Labour Market Churn in Canada

  Staff Analytical Note 2019-4 Olena Kostyshyna, Corinne Luu

  The literature highlights that labour market churn, including job-to-job transitions, is a key element of wage growth. Using microdata from the Labour Force Survey, we compute measures of labour market churn and compare these with pre-crisis averages to assess implications for wage growth.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J20, J3, J30, J6, J63

• Corporate Debt Composition and Business Cycles

  Staff Working Paper 2019-5 Jelena Zivanovic

  Based on empirical evidence, I propose a dynamic stochastic general equilibrium model with two financial sectors to analyze the role of corporate debt composition (bank versus bond financing) in the transmission of economic shocks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial institutions, Financial markets, Recent economic and financial developments JEL Code(s): E, E3, E32, E4, E44