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216
result(s)
Predictive Ability of Commodity Prices for the Canadian Dollar
Staff Analytical Note 2016-2
Kimberly Berg,
Pierre Guérin,
Yuko Imura
Recent sharp declines in commodity prices and the simultaneous depreciation of the Canadian dollar (CAD) relative to the U.S. dollar (USD) have rekindled an interest in the relationship between commodity prices and the CAD-USD exchange rate.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Econometric and statistical methods,
Exchange rates
The Complex Adjustment of the Canadian Economy to Lower Commodity Prices
Staff Analytical Note 2016-1
Julien Champagne,
Nikita Perevalov,
Hope Pioro,
Dany Brouillette,
Andrew Agopsowicz
In this analytical note, we provide a comprehensive assessment of the complex structural adjustment facing the Canadian economy following the commodity price decline since mid-2014. We quantify separately the impacts coming from the commodity sector restructuring and the broader effect of significantly lower terms of trade.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Exchange rates,
Labour markets,
Potential output,
Recent economic and financial developments
JEL Code(s):
E,
E1,
E17,
E2,
E27,
E5,
E52,
J,
J2,
Q,
Q0,
Q00
Credit Cards: Disentangling the Dual Use of Borrowing and Spending
Staff Analytical Note 2015-3
Olga Bilyk,
Brian Peterson
Over the past 15 years, aggregate credit card balances have been increasing, except for a brief spell in the aftermath of the 2007–09 financial crisis. Determining whether the growing balances are due to increased usage of credit cards as a method of payment or whether they reflect increased short-term borrowing is challenging because aggregate balances are snapshots of charges on credit cards before households make their monthly payments.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Financial stability
Estimating Canada’s Effective Lower Bound
Staff Analytical Note 2015-2
Jonathan Witmer,
Jing Yang
In 2009, the Bank of Canada set its effective lower bound (ELB) at 25 basis points (bps). Given the recent experience of Sweden, Denmark, Switzerland and the euro area with negative interest rates, we examine the economics of negative interest rates and suggest that cash storage costs are the source of a negative lower bound on interest rates.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Monetary policy framework,
Monetary policy implementation
JEL Code(s):
D,
D5,
D53,
E,
E4,
E41,
E43,
E5,
E58
Foreign Flows and Their Effects on Government of Canada Yields
Staff Analytical Note 2015-1
Bruno Feunou,
Jean-Sébastien Fontaine,
James Kyeong,
Jesus Sierra
Foreign investment flows into Government of Canada (GoC) bonds have surged since the financial crisis. Our empirical analysis suggests that foreign flows of $150 billion lowered the 10-year GoC bond yield by 100 basis points between 2009 and 2012.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
International financial markets,
International topics,
Monetary policy transmission
JEL Code(s):
F,
F3,
F32