Laurence Savoie-Chabot

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Laurence Savoie-Chabot

Canadian Economic Analysis

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

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Global Factors and Inflation in Canada

Staff Analytical Note 2017-17 Dany Brouillette, Laurence Savoie-Chabot
This note investigates whether the recent weakness in inflation in Canada can be related to global factors not included in the current staff analytical framework (domestic slack, movements in commodity prices and in the exchange rate). A global common factor for inflation among selected advanced economies appears to contain marginal information for Canadian inflation beyond what is found in movements in commodity prices and the exchange rate.

Ce que révèle une analyse sectorielle des dynamiques récentes de l’inflation au Canada

Staff Analytical Note 2016-7 Laurence Savoie-Chabot
Decomposing total inflation in Canada as measured by the consumer price index (CPI) into its key macroeconomic factors, as presented in the most recent Monetary Policy Report, is an interesting exercise that shows how the exchange rate pass-through, commodity prices and the output gap have influenced the evolution of the total inflation rate over time. This aggregate approach, however, may mask important sectoral changes.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31

Un examen plus approfondi des pressions salariales au Canada

Staff Analytical Note 2016-6 Dany Brouillette, Laurence Savoie-Chabot
In this note, we provide a brief outline of the recent developments in wage measures in Canada. We then assess whether wage growth is consistent with its fundamentals.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Labour markets, Productivity JEL Code(s): E, E2, E24, J, J3, J30

Exchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence

Staff Discussion Paper 2015-9 Laurence Savoie-Chabot, Mikael Khan
In an open economy such as Canada’s, exchange rate movements can have a material impact on consumer prices. This is particularly important in the current context, with the significant depreciation of the Canadian dollar vis-a-vis the U.S. dollar since late 2012.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, E5, E52, F, F3, F31

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