International topics

• September 18, 2017

  How Canada’s International Trade is Changing with the Times

  Remarks Timothy Lane Saskatoon Regional Economic Development Authority Saskatoon, Saskatchewan

  Deputy Governor Timothy Lane discusses the changing nature of international trade and the factors that are propelling it.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, International topics, Productivity, Recent economic and financial developments, Trade integration
• September 14, 2017

  Bank of Canada Workshop “Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal”

  Remarks Lawrence L. Schembri Ottawa, Ontario

  Deputy Governor Lawrence Schembri opens the Bank’s Monetary Policy Framework Issues: Toward the 2021 Inflation-Target Renewal workshop.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Credibility, Inflation and prices, Inflation targets, International topics, Monetary policy framework

• Understanding the Cross‐Country Effects of US Technology Shocks

  Staff Working Paper 2017-23 Thuy Lan Nguyen, Wataru Miyamoto

  Business cycles are substantially correlated across countries. Yet most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, International topics JEL Code(s): E, E3, E30, F, F4, F41, F44, F6, F62

• The Welfare Effects of Protection: A General Equilibrium Analysis of Canada’s National Policy

  Staff Working Paper 2017-18 Patrick Alexander, Ian Keay

  In this paper, we study the impact of Canada’s adoption of protectionist trade policy in 1879 on Canadian welfare. Under the National Policy the Canadian average weighted tariff increased from 14% to 21%. The conventional view is that this was a distortionary policy that negatively affected Canadian welfare.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Trade integration JEL Code(s): F, F1, F13, F14, F4, F42, F6, F60, N, N7, N71
• May 11, 2017

  Why Is Global Business Investment So Weak? Some Insights from Advanced Economies

  Bank of Canada Review - Spring 2017 Robert Fay, Justin-Damien Guénette, Martin Leduc, Louis Morel

  Various drivers of business investment can be used to explain the underwhelming performance of investment in advanced economies since the global financial crisis, particularly since 2014. The slow growth in aggregate demand cannot by itself explain the full extent of the recent weakness in investment, which appears to be linked primarily to the collapse of global commodity prices and a rise in economic uncertainty. Looking ahead, business investment growth is likely to remain slower than in the pre-crisis period, largely because of structural factors such as population aging.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Business fluctuations and cycles, Domestic demand and components, Economic models, International topics, Monetary policy and uncertainty, Recent economic and financial developments JEL Code(s): C, C2, C22, D, D2, D24, D8, D80, E, E2, E22, F, F0, F01, G, G3, G31

• Vertical Specialization and Gains from Trade

  Staff Working Paper 2017-17 Patrick Alexander

  Multi-stage production is widely recognized as an important feature of the modern global economy. This feature has been incorporated into many state-of-the-art quantitative trade models, and has been shown to deliver significant additional gains from international trade.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Trade integration JEL Code(s): F, F1, F11, F14, F6, F60
• April 18, 2017

  Blame It on the Machines?

  Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario

  Senior Deputy Governor Carolyn A. Wilkins discusses how automation could affect productivity and the Bank’s monetary policy.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): International topics, Labour markets, Market structure and pricing, Monetary policy transmission, Potential output, Productivity

• Assessing Global Potential Output Growth

  Staff Analytical Note 2017-3 Patrick Alexander, Michael Francis, Christopher Hajzler, Patrick Kirby, Louis Poirier, Sri Thanabalasingam, Kristina Hess

  This note estimates potential output growth for the global economy through 2019. While there is considerable uncertainty surrounding our estimates, overall we expect global potential output growth to rise modestly, from 3.1 per cent in 2016 to 3.4 per cent in 2019.

  Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4
• March 2, 2017

  Thermometer Rising—Climate Change and Canada’s Economic Future

  Remarks Timothy Lane Finance and Sustainability Initiative Montréal, Quebec

  Deputy Governor Tim Lane discusses the implications of climate change—and actions to address it—for Canada’s economy and financial system.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Climate change, Financial markets, Financial stability, Financial system regulation and policies, International financial markets, International topics
• January 31, 2017

  Models and the Art and Science of Making Monetary Policy

  Remarks Stephen S. Poloz University of Alberta School of Business Edmonton, Alberta

  Governor Stephen S. Poloz discusses the evolution of economic models and the need for central bankers to apply judgment in using them.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Econometric and statistical methods, Economic models, Financial markets, International topics, Monetary policy and uncertainty