March 26, 2024
Productivity
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March 26, 2024
The productivity problem
Senior Deputy Governor Carolyn Rogers talks about some of the reasons for Canada’s poor productivity track record, and what we can do to turn the tide. -
Regulation, Emissions and Productivity: Evidence from China’s Eleventh Five-Year Plan
We study the degree to which China’s 11th Five-Year Plan softens trade-offs between emissions and output. Our model suggests efficient regulation could have further increased aggregate productivity by 3.5% and output by 4.7% without any increase in aggregate emissions. -
February 6, 2024
Monetary policy: It’s perfectly imperfect
Governor Tiff Macklem speaks about the effectiveness—and limitations—of monetary policy. He highlights how raising and lowering the policy interest rate ultimately keeps inflation low, stable and predictable, despite significant shocks to the economy. -
February 6, 2024
Monetary policy: The right tool for the right job
Governor Tiff Macklem discusses how monetary policy is working to bring inflation down—and how it has worked to return inflation to target over the last 25 years. He also talks about the limits of monetary policy, and why the right focus is on controlling inflation in the medium term. -
Uncovering the Differences Among Displaced Workers: Evidence from Canadian Job Separation Records
We revisit the measurement of the sources and consequences of job displacement using Canadian job separation records. -
Digitalization: Productivity
We examine the relationship between digitalization and productivity, the factors that influence this relationship, and how digitalization’s effect on productivity could change firm behaviour. -
Potential output and the neutral rate in Canada: 2023 assessment
We expect that potential output growth will rebound from 1.4% in 2022 to 2.2% on average between 2023 and 2026. We revised down our estimates of growth over 2022–25 relative to the April 2022 assessment. The Canadian nominal neutral rate remains unchanged—in the range of 2% to 3%. -
Assessing global potential output growth and the US neutral rate: April 2023
We expect global potential output growth to increase from 2.5% in 2022 to 2.8% by 2026. Compared with the April 2022 staff assessment, global potential output growth is marginally slower. The current range for the US neutral rate is 2% to 3%, unchanged from the last annual assessment. -
Trade and Diffusion of Embodied Technology: An Empirical Analysis
Using data from patents, citations, inter-sectoral sales and customs, we examine the international diffusion of technology through imports of sectoral knowledge and production inputs. We develop an instrumental variable strategy to identify the causal effects of technology embodied in imports on innovation and diffusion outcomes.