Kristina Hess - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T08:53:20+00:00Exploring Wage Phillips Curves in Advanced Economies
https://www.bankofcanada.ca/2019/08/staff-discussion-paper-2019-8/
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.2019-08-12T11:58:34+00:00enExploring Wage Phillips Curves in Advanced Economies2019-08-12Inflation and pricesLabour marketsMonetary policyStaff Discussion Paper 2019-8https://www.bankofcanada.ca/wp-content/uploads/2019/08/sdp2019-8.pdfExploring Wage Phillips Curves in Advanced EconomiesRose CunninghamVikram RaiKristina HessAugust 2019CC3C33EE3E31E32Assessing Global Potential Output Growth: April 2019
https://www.bankofcanada.ca/2019/05/staff-analytical-note-2019-13/
This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon.2019-05-02T14:16:06+00:00enAssessing Global Potential Output Growth: April 20192019-05-02Drivers of Weak Wage Growth in Advanced Economies
https://www.bankofcanada.ca/2019/01/staff-analytical-note-2019-3/
Since the global financial crisis, advanced-economy wage growth has been generally low relative to past recoveries, especially after accounting for the evolution of labour market conditions over this period. This paper investigates a variety of potential explanations for this weakness, drawing on findings from the literature as well as analysis of recent labour market data in advanced economies.2019-01-28T08:59:36+00:00enDrivers of Weak Wage Growth in Advanced Economies2019-01-28Assessing Global Potential Output Growth: April 2018
https://www.bankofcanada.ca/2018/04/staff-analytical-note-2018-9/
This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates.2018-04-15T10:00:01+00:00enAssessing Global Potential Output Growth: April 20182018-04-15Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices
https://www.bankofcanada.ca/2017/11/staff-discussion-paper-2017-12/
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.2017-11-10T11:50:58+00:00enUnderstanding the Time Variation in Exchange Rate Pass-Through to Import Prices2017-11-10Exchange ratesInflation and pricesInternational topicsMonetary policy transmissionStaff Discussion Paper 2017-12https://www.bankofcanada.ca/wp-content/uploads/2017/11/sdp2017-12.pdfUnderstanding the Time Variation in Exchange Rate Pass-Through to Import PricesRose CunninghamMin Jae KimChristian FriedrichKristina HessNovember 2017EE3E31FF3F31F4F41Low Inflation in Advanced Economies: Facts and Drivers
https://www.bankofcanada.ca/2017/10/staff-analytical-note-2017-16/
Since the global financial crisis, core inflation has been persistently below target in most advanced economies. Recently, it has weakened further in several advanced economies despite gradually diminishing slack. This note reviews recent developments in core inflation across advanced economies and identifies distinctive patterns across regions.2017-10-25T06:00:28+00:00enLow Inflation in Advanced Economies: Facts and Drivers2017-10-25Assessing Global Potential Output Growth
https://www.bankofcanada.ca/2017/04/staff-analytical-note-2017-3/
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 2019.2017-04-12T10:00:07+00:00enAssessing Global Potential Output Growth2017-04-12Monetary Policy Frameworks: Recent International Developments
https://www.bankofcanada.ca/wp-content/uploads/2016/05/boc-review-spring16-fay.pdf
Inflation-targeting frameworks have remained relatively stable over the past few years despite significant challenges, including prolonged low inflation, a large negative commodity price shock and rising financial stability concerns in some economies. The tools used by central banks have, however, evolved substantially. This article provides a survey of the developments in the inflation-targeting frameworks of 10 central banks in advanced economies that correspond to the three research areas of the Bank of Canada’s 2016 renewal: the level of the inflation target, the measurement of core inflation and financial stability considerations in the formulation of monetary policy.2016-05-16T08:41:14+00:00enMonetary Policy Frameworks: Recent International Developments2016-05-16Monetary Policy and Financial Stability: Cross-Country Evidence
https://www.bankofcanada.ca/2015/11/staff-working-paper-2015-41/
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs.2015-11-12T13:06:19+00:00enMonetary Policy and Financial Stability: Cross-Country Evidence2015-11-12Financial stabilityInternational topicsMonetary policy frameworkStaff Working Paper 2015-41https://www.bankofcanada.ca/wp-content/uploads/2015/11/wp2015-41.pdfMonetary Policy and Financial Stability: Cross-Country EvidenceChristian FriedrichKristina HessRose CunninghamNovember 2015EE4E5GG0G01International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada
https://www.bankofcanada.ca/2014/09/working-paper-2014-43/
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process.2014-09-24T15:48:14+00:00enInternational Transmission Channels of U.S. Quantitative Easing: Evidence from Canada2014-09-24International topicsMonetary policy frameworkMonetary policy transmissionWorking Paper 2014-43https://www.bankofcanada.ca/wp-content/uploads/2014/09/wp2014-43.pdfInternational Transmission Channels of U.S. Quantitative Easing: Evidence from CanadaTatjana DahlhausAbeer RezaKristina HessSeptember 2014CC3C32EE5E52E58FF4F42F44