February 10, 2015 Minding the Labour Gap Remarks Carolyn A. Wilkins Ottawa Economics Association Ottawa, Ontario Senior Deputy Governor Carolyn Wilkins discusses the state of the labour market, the impact of lower oil prices on Canada’s economic outlook and the importance of both for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Inflation and prices, Inflation targets, Labour markets, Monetary policy, Potential output, Productivity
March 25, 2022 A world of difference: Households, the pandemic and monetary policy Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Economic models, Housing, Inflation and prices, Labour markets, Monetary policy, Monetary policy framework, Recent economic and financial developments
Some Notes on Monetary Policy Rules with Uncertainty Staff Working Paper 2003-16 Gabriel Srour The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy and uncertainty JEL Code(s): E, E5, E52
Improving Overnight Loan Identification in Payments Systems Staff Working Paper 2014-25 Mark Rempel Information on the allocation and pricing of over-the-counter (OTC) markets is scarce. Furfine (1999) pioneered an algorithm that provides transaction-level data on the OTC interbank lending market. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial markets, Interest rates, Payment clearing and settlement systems JEL Code(s): C, C3, C38, C5, C53, E, E4, E42, E44, G, G1, G10
Downward Nominal Wage Rigidity in Canada: Evidence Against a “Greasing Effect” Staff Working Paper 2017-31 Joel Wagner The existence of downward nominal wage rigidity (DNWR) has often been used to justify a positive inflation target. It is traditionally assumed that positive inflation could “grease the wheels” of the labour market by putting downward pressure on real wages, easing labour market adjustments during a recession. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets, Labour markets JEL Code(s): E, E2, E24, E5, E52
Information Sharing and Bargaining in Buyer-Seller Networks Staff Working Paper 2016-63 Sofia Priazhkina, Frank H. Page This paper presents a model of strategic buyer-seller networks with information exchange between sellers. Prior to engaging in bargaining with buyers, sellers can share access to buyers for a negotiated transfer. We study how this information exchange affects overall market prices, volumes and welfare, given different initial market conditions and information sharing rules. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Firm dynamics, Market structure and pricing JEL Code(s): C, C7, C71, C78, D, D2, D21, D4, D43, D8, D85, L, L1, L13
May 13, 2004 Business Outlook Survey - Spring 2004 Businesses’ expectations for the pace of economic activity over the next 12 months remain positive, although somewhat less so than in the winter survey.Supplemental questions on the appreciation of the Canadian dollar - April 2004Supplemental questions on the appreciation of the Canadian dollar - February 2004 Content Type(s): Publications, Business Outlook Survey
Optimal Interbank Regulation Staff Working Paper 2017-48 Thomas J. Carter Recent years have seen renewed interest in the regulation of interbank markets. A review of the literature in this area identifies two gaps: first, the literature has tended to make ad hoc assumptions about the interbank contract space, which makes it difficult to generate convincing policy prescriptions; second, the literature has tended to focus on ex-post interventions that kick in only after an interbank disruption has come underway (e.g., open-market operations, lender-of-last-resort interventions, bail-outs), rather than ex-ante prudential policies. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Financial system regulation and policies JEL Code(s): G, G0, G01, G2, G20
Which Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System Staff Working Paper 2008-42 Morten Bech, James Chapman, Rodney J. Garratt We use a method similar to Google's PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). Along the way we obtain estimates of the payment processing speeds for the individual banks. Content Type(s): Staff research, Staff working papers Research Topic(s): Payment clearing and settlement systems JEL Code(s): C, C1, C11, E, E5, E50, G, G2, G20
The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada Staff Working Paper 2020-52 Charles Bellemare, Rolande Kpekou Tossou, Kevin Moran We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods, Inflation and prices, Inflation targets JEL Code(s): C, C3, C33, D, D8, D83, D84, E, E3, E31