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2333
result(s)
Reconciling the Differences in Aggregate U.S. Wage Series
Staff Working Paper 2016-1
Julien Champagne,
André Kurmann,
Jay Stewart
Average hourly real wage series from the Labor Productivity and Costs (LPC) program and the Current Employment Statistics (CES) program have evolved very differently over the past decades.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Labour markets
JEL Code(s):
E,
E0,
E01,
E2,
E24,
E3,
E30,
J,
J3,
J30
Extending the Labour Market Indicator to the Canadian Provinces
Staff Discussion Paper 2016-2
Alexander Fritsche,
Katherine Ragan
Calculating the labour market indicator (LMI) at the provincial level provides useful insights into Canada’s regional economies and reveals differing trends in the state of underlying labour market conditions across provinces. Conclusions based on the Canadian LMI do not necessarily translate to the provinces. In most cases, the correlations between the provincial LMIs and the underlying labour market variables have the expected sign.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Labour markets,
Recent economic and financial developments
JEL Code(s):
E,
E2,
E24,
E27,
J,
J2,
J21,
J23
A New Measure of the Canadian Effective Exchange Rate
Staff Discussion Paper 2016-1
Russell Barnett,
Karyne B. Charbonneau,
Guillaume Poulin-Bellisle
Canada’s international competitiveness has received increasing attention in recent years as exports have fallen short of expectations and Canada has lost market share. This paper asks whether the Bank of Canada’s current effective exchange rate measure, the CERI, is still an accurate measure of Canada’s international competitiveness.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
International topics
JEL Code(s):
F,
F1,
F3,
F31
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
Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption
Staff Working Paper 2015-47
Bruno Albuquerque,
Georgi Krustev
Using a novel dataset for the US states, this paper examines whether household debt and the protracted debt deleveraging help explain the dismal performance of US consumption since 2007, in the aftermath of the housing bubble.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Econometric and statistical methods,
International topics
JEL Code(s):
C,
C1,
C13,
C2,
C23,
C5,
C52,
D,
D1,
D12,
H,
H3,
H31
December 15, 2015
Indebted Households and Potential Vulnerabilities for the Canadian Financial System: A Microdata Analysis
Over the past decade, an increasing proportion of households in Canada have become highly indebted relative to their income. These highly indebted households now hold one-fifth of total Canadian household debt.Simulations suggest that this greater degree of household indebtedness could exacerbate the impact of shocks to income and interest rates relative to the pre-crisis period. However, an assessment of the vulnerability of the Canadian financial system should, among other factors, account for the ability of Canadian financial institutions to withstand losses from the household sector.
Content Type(s):
Publications,
Financial System Review articles
Topic(s):
Credit and credit aggregates,
Financial stability,
Housing,
Recent economic and financial developments
JEL Code(s):
D,
D1,
D14,
E,
E5,
E51
December 15, 2015
Residential Mortgage Securitization in Canada: A Review
Residential mortgage securitization plays an important role in the Canadian system of housing finance, especially given the rising share of government-supported (i.e., public) securitization over the past 15 years. Mordel and Stephens analyze the evolution of two types of mortgage securitization in Canada— private and public — focusing in particular on the underlying public policy and economic benefits of the latter. They review the potential implications of the extent of public securitization and conclude with a discussion of policies that could be considered to reinvigorate private securitization in Canada.
Content Type(s):
Publications,
Financial System Review articles
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies,
Housing
JEL Code(s):
G,
G2,
G28
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
Tractable Term Structure Models
Staff Working Paper 2015-46
Bruno Feunou,
Jean-Sébastien Fontaine,
Anh Le,
Christian Lundblad
We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time-series dynamics but that is also tractable, meaning amenable to quick and robust estimation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Interest rates,
International financial markets,
International topics,
Monetary policy and uncertainty,
Monetary policy transmission
JEL Code(s):
G,
G1,
G12