Research

High-quality, innovative research underpins everything we do. Find out about the Bank’s current research priorities, explore the broad range of staff research that our people have the intellectual freedom to pursue, and learn about the ways in which the Bank supports and collaborates with the external research community. You can also browse our research and subscribe to our monthly research newsletter and latest research feed.

Research Priorities

Guided by the Bank’s medium-term plan and shaped by the policy environment, the Bank dedicates significant effort and resources to a range of annual and multi-year research priorities.

The Bank’s Medium‐term Research Plan, 2019–21

Increasing the relevance and visibility of Bank research

Digital Currencies and Fintech

Understanding digital currencies and related financial technologies is an important part of our research agenda.

Toward 2021

Reviewing the Monetary Policy Framework.

Staff Research

Staff research is produced independently from the Bank’s Governing Council. This research may support or challenge prevailing policy orthodoxy or differ from official Bank views. Therefore, views expressed are solely those of the authors, and no responsibility for them should be attributed to the Bank.

Staff Analytical Notes

Staff Analytical Notes are short articles that focus on topical issues relevant to the current economic and financial context.

Author List

Listing of current and past authors of Bank research papers, articles and other publications, 1994 to present.

Staff Working Papers

Staff Working Papers provide a forum for staff to publish work-in-progress research intended for journal publication.

Our People

Profiles of the Bank’s economic research staff, featuring sections on their publications, education, and research interests.

Staff Discussion Papers

Staff Discussion Papers are completed staff research studies on a wide variety of subjects relevant to central bank policy.

Research Newsletter

Subscribe to our monthly newsletter summarizing internal and external publication contributions by Bank of Canada researchers.

Collaboration

Financial System Research Centre

The FSRC promotes financial system research in Canada to inform policy and improve the economic and financial well-being of Canadians.

Visiting Scholar Program

Information on the Bank of Canada’s collaborative research program for outstanding scholars

Conferences, Seminars and Workshops

Papers and proceedings from Bank of Canada conferences, seminars, and workshops

Partnerships in Innovation and Technology (PIVOT) Program

We’re looking for innovators to help us respond to challenges that may not have a commercial solution readily available.

Awards

Research Paper Awards

At the Bank of Canada, we’re pleased to offer awards for research papers by students and by staff.

Scholarship Awards

The Bank of Canada’s Scholarship and Work Placement program is designed to assist students with disabilities and Indigenous students in furthering their education and to encourage them to take an interest in the work performed by the Bank of Canada.

Fellowship Program

Learn more about a program to foster excellence in research in Canada and develop partnerships with experts outside the Bank of Canada in areas important to the Bank’s mandate.

The Governor's Challenge

The Governor’s Challenge simulates the monetary policy decision-making process by putting students in the role of advisor to the Bank’s Governing Council.

Latest Research

Modelling the Behaviour of U.S. Inventories: A Cointegration-Euler Approach

Staff Working Paper 1997-19 Iris Claus
Cyclical contractions are often referred to as inventory cycles, in part because movements in inventories can amplify cyclical fluctuations in output. An unanticipated slowing in demand generally leads to an unintended buildup of inventories: only with a lag do firms adjust production and their actual holding of inventories relative to the desired level.
Content Type(s): Staff Research, Staff Working Papers Topic(s): International topics JEL Code(s): E, E2, E22

A Measure of Underlying Inflation in the United States

Staff Working Paper 1997-20 Iris Claus
A monetary authority with the primary objective of price stability has to distinguish between temporary price shocks and persistent shocks to the rate of inflation. A measure of underlying inflation, therefore, has an important role to play as a guideline for monetary policy.

Les marchés du travail régionaux : une comparaison entre le Canada et les États-Unis

Staff Working Paper 1997-17 Mario Lefebvre
The purpose of this study is to compare the behaviour of regional labour markets in Canada and the United States. The study shows that the degree of persistence of unemployment is significantly higher in the provinces of Canada than it is in the various American regions.

Measurement of the Output Gap: A Discussion of Recent Research at the Bank of Canada

Technical Report No. 79 Pierre St-Amant, Simon van Norden
In this paper, we discuss some methodologies for estimating potential output and the output gap that have recently been studied at the Bank of Canada. The assumptions and econometric techniques used by the different methodologies are discussed in turn, and applications to Canadian data are presented.
Content Type(s): Staff Research, Technical Reports Topic(s): Potential output JEL Code(s): D, D2, D24

Canadian Short-Term Interest Rates and the BAX Futures Market: Analysis of the Impact of Volatility on Hedging Activity and the Correlation of Returns between Markets

Staff Working Paper 1997-18 David Watt
This paper analyses how Canadian financial firms manage short-term interest rate risk through the use of BAX futures contracts. The results show that the most effective hedging strategy is, on average, a static strategy based on linear regression that assumes constant variances, even though dynamic models allowing for time-varying variances are found to have superior explanatory power.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Interest rates JEL Code(s): E, E4, E43