Research is central to the monetary policy framework. The Bank continues to broaden its research and analysis of structural and sectoral issues, while establishing research partnerships with outside institutions and individuals.
Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes.
This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nominal and real rigidities, and portfolio balance effects.
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable.
6th Joint Bank of Canada and European Central Bank Conference (Ottawa, 8-9 June, 2015) on “The underwhelming global post-crisis growth performance – determinants, effects and policy implications”. The submission deadline is 8 March, 2015.