Labor Mobility in a Monetary Union Staff working paper 2019-15 Daniela Hauser, Martin Seneca The optimal currency literature has stressed the importance of labor mobility as a precondition for the success of monetary unions. But only a few studies formally link labor mobility to macroeconomic adjustment and policy. In this paper, we study macroeconomic dynamics and optimal monetary policy in an economy with cyclical labor flows across two distinct regions that share trade links and a common monetary framework. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E5, E52, F, F4 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Structural challenges, Demographics and labour supply
June 15, 2008 Bank of Canada Review - Summer 2008 Cover page Chinese Coin Charms The charms on the cover are part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter. Content Type(s): Publications, Bank of Canada Review
December 8, 2006 Perspectives on Productivity and Potential Output Growth: A Summary of the Joint Banque de France/Bank of Canada Workshop, 24–25 April 2006 Bank of Canada Review - Winter 2006-2007 Gilbert Cette, Donald Coletti A nation's productivity is the prime determinant of its real incomes and standard of living, as well as being a major determinant of its potential output. In the short run, deviations of actual output from potential output are a useful indicator of inflationary pressures. This article is a short summary of the proceedings of the workshop, which focus on productivity and potential output growth among industrialized countries. The research is organized under three main themes: estimating potential growth; productivity and growth; and institutions, policies, and growth. Content Type(s): Publications, Bank of Canada Review articles
November 9, 2023 Financial stability in a world of higher interest rates Remarks Carolyn Rogers Advocis Vancouver Vancouver, British Columbia Senior Deputy Governor Carolyn Rogers talks about financial stability in an era of higher interest rates. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
April 6, 2020 Business Outlook Survey—Spring 2020 Results from the spring Business Outlook Survey suggest that business sentiment had softened in most regions even before concerns around COVID‑19 intensified in Canada. Confidence deteriorated the most among firms in energy-producing regions. Content Type(s): Publications, Business Outlook Survey
Global Trade Flows: Revisiting the Exchange Rate Elasticities Staff working paper 2017-41 Matthieu Bussière, Guillaume Gaulier, Walter Steingress This paper contributes to the debate on the magnitude of exchange rate elasticities by providing a set of price and quantity elasticities for 51 advanced and emerging-market economies. Specifically, for each of these countries we report the elasticity of trade prices and trade quantities on both the export and on the import sides, as well as the reaction of the trade balance. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C51, F, F1, F14, F3, F31, F33, F4, F41 Research Theme(s): Financial markets and funds management, International markets and currencies, Structural challenges, International trade, finance and competitiveness
May 15, 2023 Financial System Survey highlights—2023 This article presents the key results from the 2023 Bank of Canada Financial System Survey, conducted between February 21 and March 10. The survey included a special section on margining practices for non-centrally cleared derivatives. Content Type(s): Publications, Financial System Survey
April 18, 2017 Blame It on the Machines? Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses how automation could affect productivity and the Bank’s monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Fintech, Monetary policy, Economy/Economic growth, Inflation targeting framework
The Secular Decline of Forecasted Interest Rates Staff analytical note 2019-1 Bruno Feunou, Jean-Sébastien Fontaine Canadian interest rates show a secular decline since the 1980s. Long-term survey-based forecasts of interest rates also declined, but less so and were more gradual. Our model-based estimates show an endpoint shifting over time in three phases: a decline between 1990 and 1995, a period of stability between 1996 and 2007, and a further decline since 2008. The current endpoint estimate remains clouded with uncertainty; this is an active area of research. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E43, G, G1, G12 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
March 24, 2016 Annual Report 2015 The Annual Report provides an account of the Bank’s management, activities and achievements in 2015; it includes the financial statements and a message from Governor Stephen S. Poloz. Content Type(s): Publications, Annual Report