April 4, 2019 Annual Report 2018 The Annual Report outlines the Bank’s activities and achievements in 2018. It includes the financial statements and a message from Governor Stephen S. Poloz. Content Type(s): Publications, Annual Report
October 20, 2010 Monetary Policy Report – October 2010 The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010 - such as the inventory cycle and pent-up demand - have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon. Content Type(s): Publications, Monetary Policy Report
Complex Ownership and Capital Structure Staff Working Paper 2009-12 Teodora Paligorova, Zhaoxia Xu This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G32
On What States Do Prices Depend? Answers from Ecuador Staff Working Paper 2016-43 Craig Benedict, Mario J. Crucini, Anthony Landry In this paper, we argue that differences in the cost structures across sectors play an important role in firms’ decisions to adjust their prices. We develop a menu-cost model of pricing in which retail firms intermediate trade between producers and consumers. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E5, F, F3, F33
Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas Staff Working Paper 2023-62 Qi Li, Xu Zhang We find that minority households see greater declines in housing returns and entries into homeownership than White households after a tightening of monetary policy. Our findings emphasize the unintended consequences of monetary policy on racial inequality in the housing market. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Housing, Monetary policy JEL Code(s): E, E4, E40, E5, E52, R, R0, R00
What’s Up with Unit Non-Response in the Bank of Canada’s Business Outlook Survey? The Effect of Staff Tenure Staff Discussion Paper 2017-11 Sarah Miller, David Amirault, Laurent Martin Since 1997, the Bank of Canada’s regional offices have been conducting the Business Outlook Survey (BOS), a quarterly survey of business conditions. Survey responses are gathered through face-to-face, confidential consultations with a sample of private sector firms representative of the various sectors, firm sizes and regions across Canada. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Econometric and statistical methods, Firm dynamics, Regional economic developments JEL Code(s): C, C2, C21, C8, C81, D, D2, D22
July 12, 2017 Monetary Policy Report – July 2017 Growth in the Canadian economy is projected to reach 2.8 per cent this year before slowing to 2.0 per cent next year and 1.6 per cent in 2019. Content Type(s): Publications, Monetary Policy Report
January 18, 2017 Monetary Policy Report – January 2017 The Canadian economy is expected to expand by 2.1 per cent this year and in 2018. Content Type(s): Publications, Monetary Policy Report
The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective Staff Discussion Paper 2022-21 Annetta Ho, Sriram Darbha, Yuliya Gorelkina, Alejandro García Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): D, D7, D78, O, O3, O38
January 13, 2015 Drilling Down - Understanding Oil Prices and Their Economic Impact Remarks Timothy Lane Madison International Trade Association (MITA) Madison, Wisconsin Deputy Governor Timothy Lane discusses the causes of the recent drop in oil prices and its effects on the global and Canadian economies. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, Inflation and prices, International topics, Monetary policy, Recent economic and financial developments, Trade integration