Sharon Kozicki - Bank Publications
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May 18, 2023
Financial System Review—2023
The adjustment to higher interest rates is exposing vulnerabilities in the global financial system. Recent banking sector stresses serve as a reminder that risks can arise and spread quickly. Key areas of concern are bank funding, liquidity in fixed income markets, and households’ ability to service their debts. Other financial system concerns relate to cyber attacks, climate change and cryptoasset markets. -
Summaries of Central Bank Policy Deliberations: A Canadian Context
This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations. -
July 4, 2022
Household differences and why they matter
Differences in income, wealth and debt across households are important—for the economy, for the health of the financial system and for monetary policy. -
June 9, 2022
Financial System Review—2022
The Canadian financial system remains resilient, but vulnerabilities have become more complex and risks have grown. The Bank is carefully watching households’ high levels of mortgage debt, as well as the risks associated with a price correction in Canada’s housing market. -
Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature
This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies. -
February 21, 2019
Price check: Inflation in Canada
Why prices change, and what it means for the economy. -
Communicating Uncertainty in Monetary Policy
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments, shocks, and risks to their outlooks. -
A New Data Set of Quarterly Total Factor Productivity in the Canadian Business Sector
In this paper, a quarterly growth-accounting data set is built for the Canadian business sector with the top-down approach of Diewert and Yu (2012). Inputs and outputs are measured and used to estimate the quarterly total factor productivity (TFP). -
House Price Dynamics: Fundamentals and Expectations
We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States.