Staff research, Publications
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A Blessing in Disguise: The Implications of High Global Oil Prices for the North American Market
We examine the implications of increased unconventional crude oil production in North America. This production increase has been made possible by the existence of alternative oil-recovery technologies and persistently elevated oil prices that make these technologies commercially viable. -
July 17, 2013
Monetary Policy Report – July 2013
Following growth of 1.7 per cent in 2012, the Canadian economy is expected to grow by 1.8 per cent in 2013 and 2.7 percent in 2014 and 2015, and to reach full capacity in mid-2015, as anticipated in the April Report. -
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July 8, 2013
Senior Loan Officer Survey - Second-Quarter 2013
The survey, conducted between 10 and 14 June, pointed to a continued easing in overall business-lending conditions during the second quarter of 2013. -
July 8, 2013
Business Outlook Survey - Summer 2013
Responses to the summer survey provide further indications that uncertainty regarding the nature and timing of a notable improvement in growth prospects is bearing on firms’ expectations and investment decisions. -
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The Threat of Counterfeiting in Competitive Search Equilibrium
Recent studies in monetary theory show that if buyers can use lotteries to signal the quality of bank notes, counterfeiting does not occur in a pooling equilibrium. In this paper, I investigate the robustness of this non-existence result by considering an alternative trading mechanism. -
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may cost their governments the fiscal revenues that external financial repression generates. -
June 30, 2013
Research Update - June 2013
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.