Recent economic and financial developments
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November 19, 2015
Is Slower Growth the New Normal in Advanced Economies?
This article reviews and examines some of the main explanations for the slow growth that many advanced economies continue to experience seven years after the 2007–09 global financial crisis. Does this muted recovery reflect just a prolonged cycle in the aftermath of a financial crisis? Is it due to a structural inadequacy of demand leading to a long-lasting liquidity trap? Or is it largely supply side in nature, reflecting demographic and technological factors? -
November 19, 2015
Recent Enhancements to the Management of Canada’s Foreign Exchange Reserves
As the size and complexity of the foreign exchange reserves have grown over the years, enhancements to the management framework needed to keep pace. This is a common theme for most reserve managers around the world. In Canada, the enhancements focused on governance, portfolio management, risk measurement and risk management. This article briefly describes these enhancements, why they were implemented and some of the lessons learned along the way. -
October 21, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report. -
September 21, 2015
Riding the Commodity Cycle: Resources and the Canadian Economy
Governor Poloz speaks about cycles in commodity prices and how Canada has used its endowment of natural resources to build a prosperous economy. -
July 15, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report. -
Managerial Compensation Duration and Stock Price Manipulation
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. -
May 19, 2015
The Way Home: Reading the Economic Signs
Governor Poloz discusses some key indicators the Bank is watching as the Canadian economy heads toward sustainable balanced growth. -
May 14, 2015
The Slowdown in Global Trade
Global trade growth has been weak during the period following the 2007–09 financial crisis. This is an important development for Canada, given the Canadian economy's high degree of openness to trade. This article investigates some of the factors behind the slowdown in global trade and finds that the weakness of global demand and its changing composition, increased protectionism and diminishing incentives to expand trade have all played a role. Some of these factors are likely to have only a temporary effect on trade growth, but others could be more long-lasting. -
April 15, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report.