Research

High-quality, innovative research underpins everything we do. 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 collaborates with and supports the external research community.

You can also browse all our research and subscribe to our research newsletter and latest research feed.

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.

Staff working papers

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

Staff discussion papers

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

Technical reports

Technical reports provide detailed descriptions of staff research project methodologies and model development.

Research leadership

Profiles of the Bank’s economic research leadership, featuring their publications, education, and research fields.

Research staff

Profiles of the Bank’s research staff, featuring their publications, education and research fields.

Authors

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


Collaboration

Conferences and workshops

Papers and proceedings from Bank of Canada conferences and workshops

Visiting Scholar Program

This program provides outstanding scholars with an opportunity to work at the Bank of Canada.


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.


Browse research

Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.

Research newsletters

Our newsletter summarizes internal and external publication contributions by Bank of Canada researchers.

Subscribe to Latest research
Latest research

Inflation Expectations in Action: Exploring Agents’ Behaviour in a Period of High Inflation

Staff Discussion Paper 2025-18 Naveen Rai, Hayley Touchburn, Matt West
Inflation expectations are important to monetary policy decision-makers. Using survey evidence, we examine how firms and consumers react to their inflation expectations during the post-pandemic period of high inflation.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices JEL Code(s): C, C8, C83, D, D8, D84, E, E3, E31

Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis

Staff Discussion Paper 2025-17 Cam Donohoe, Youming Liu
We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year.

Pulse check: Measuring underlying inflation and its drivers

Staff Analytical Note 2025-29 Luis Uzeda
This note presents PULSE, a new measure of underlying inflation in Canada based on a dynamic factor model estimated on disaggregated inflation data. PULSE captures the persistent component of inflation and decomposes it into broad-based and sector-specific inflationary pressures.

United in Booms, Divided in Busts: Regional House Price Cycles and Monetary Policy

Staff Working Paper 2025-36 Ulrich Roschitsch, Hannes Twieling
This paper shows that regional disparities in house price growth are more pronounced during house price busts than during booms. To explain this observation we construct a two-region currency union model incorporating a housing sector and extrapolative belief updating regarding house prices. To solve the model, we propose a new method that efficiently handles extrapolative belief updating in a wide class of structural models.
Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Monetary policy, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52, F, F4, F45

Unintended consequences of liquidity regulation

Staff Analytical Note 2025-28 Omar Abdelrahman, Josef Schroth
When a bank holds a lot of safe assets, it is well situated to deal with funding stress. But when all banks hold a lot of safe assets, a pecuniary externality implies that their (wholesale) funding costs increase. This reduces banks’ ability to hold capital buffers and thus, paradoxically, increases the frequency of funding stress.

See more