Research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T04:51:21+00:00On the Wedge Between the PPI and CPI Inflation Indicators
https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-5/
We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.2022-01-26T13:08:07+00:00enOn the Wedge Between the PPI and CPI Inflation Indicators2022-01-26Inflation and pricesInflation targetsInternational topicsMonetary policyStaff Working Paper 2022-5https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-5.pdfOn the Wedge Between the PPI and CPI Inflation IndicatorsShang-Jin WeiYinxi XieJanuary 2022EE3E31E5E52E58FF1F11F12F4F41F6F62The Financial Origins of Non-fundamental Risk
https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-4/
We explore the idea that the financial sector can be a source of non-fundamental risk to the rest of the economy. We also consider whether policy can be used to reduce this risk—either by increasing the supply of publicly backed safe assets or by reducing the demand for safe assets.2022-01-14T14:32:08+00:00enThe Financial Origins of Non-fundamental Risk2022-01-14Asset pricingFinancial marketsFinancial stabilityStaff Working Paper 2022-4https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-4.pdfStaff Working Paper 2022-4Sushant AcharyaKeshav DograSanjay SinghJanuary 2022DD5D52D8D84EE6E62GG1G10G12Assessing Climate-Related Financial Risk: Guide to Implementation of Methods
https://www.bankofcanada.ca/2022/01/technical-report-120/
A pilot project on climate transition scenarios by the Bank of Canada and the Office of the Superintendent of Financial Institutions assessed climate-related credit and market risks. This report describes the project’s methodologies and provides guidance on implementing them.2022-01-14T12:00:37+00:00enAssessing Climate-Related Financial Risk: Guide to Implementation of Methods2022-01-14Climate changeCredit and credit aggregatesEconometric and statistical methodsFinancial stabilityTechnical Report 2022-120https://www.bankofcanada.ca/wp-content/uploads/2021/11/tr120.pdfHossein HosseiniCraig JohnstonCraig LoganMiguel MolicoXiangjin ShenMarie-Christine TremblayJanuary 2022CC5C53C8C83GG1G3G32Transition Scenarios for Analyzing Climate-Related Financial Risk
https://www.bankofcanada.ca/2022/01/staff-discussion-paper-2022-1/
Climate transition scenarios clarify climate-related risks to our economy and financial system. This paper summarizes key results of Canada-relevant scenarios developed in a pilot project on climate risk by the Bank of Canada and the Office of the Superintendent of Financial Institutions.2022-01-13T14:04:27+00:00enTransition Scenarios for Analyzing Climate-Related Financial Risk2022-01-13Climate changeEconomic modelsFinancial stabilityInternational topicsStaff Discussion Paper 2022-1https://www.bankofcanada.ca/wp-content/uploads/2021/11/sdp2022-1.pdfY.-H. Henry ChenErik EnsOlivier GervaisHossein HosseiniCraig JohnstonSerdar KabacaMiguel MolicoSergey PaltsevAlex ProulxArgyn ToktamyssovJanuary 2022CC6C68DD5D58EE5E50OO4O44PP1P18QQ5Q54Housing demand in Canada: A novel approach to classifying mortgaged homebuyers
https://www.bankofcanada.ca/2022/01/staff-analytical-note-2022-1/
We introduce a novel approach to categorize mortgaged homebuyers into first-time homebuyers, repeat homebuyers and investors. We show how these groups contribute to activity in Canadian housing markets, and we analyze the differences in their demographic and financial characteristics.2022-01-13T10:00:50+00:00enHousing demand in Canada: A novel approach to classifying mortgaged homebuyers2022-01-13Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach
https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-3/
How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news.2022-01-11T10:36:34+00:00enFirm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach2022-01-11Business fluctuations and cyclesInflation and pricesMonetary policyStaff Working Paper 2022-3https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-3.pdfStaff Working Paper 2022-3Wenting SongSamuel SternJanuary 2022DD8D83EE4E44E5E52What Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability
https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-2/
We explore what drives transaction fees in the Bitcoin system and consider whether Bitcoin can remain tamper proof in the long run.2022-01-10T16:46:41+00:00enWhat Drives Bitcoin Fees? Using Segwit to Assess Bitcoin's Long-Run Sustainability2022-01-10Digital currencies and fintechPayment clearing and settlement systemsStaff Working Paper 2022-2https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-2.pdfStaff Working Paper 2022-2Colin BrownJonathan ChiuThorsten KoepplJanuary 2022EE4E42GG2Business Closures and (Re)Openings in Real Time Using Google Places
https://www.bankofcanada.ca/2022/01/staff-working-paper-2022-1/
The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service.2022-01-04T13:42:26+00:00enBusiness Closures and (Re)Openings in Real Time Using Google Places2022-01-04Firm dynamicsRecent economic and financial developmentsStaff Working Paper 2022-1https://www.bankofcanada.ca/wp-content/uploads/2022/01/swp2022-1.pdfBusiness Closures and (Re)Openings in Real Time Using Google PlacesThibaut DupreyDaniel E. RigobonPhilip SchnattingerArtur KotlickiSoheil BaharianT. R. HurdJanuary 2022CC5C55C8C81DD2D22EE3E32