November 18, 2014 Inflation Targeting in the Post-Crisis Era Remarks Agathe Côté Calgary CFA Society Calgary, Alberta Deputy Governor Agathe Côté discusses the inflation-targeting framework and issues the Bank is researching in the run-up to the renewal of the framework in 2016. Content Type(s): Press, Speeches and appearances, Remarks
Using Payments Data to Nowcast Macroeconomic Variables During the Onset of COVID-19 Staff working paper 2021-2 James Chapman, Ajit Desai We use retail payment data in conjunction with machine learning techniques to predict the effects of COVID-19 on the Canadian economy in near-real time. Our model yields a significant increase in macroeconomic prediction accuracy over a linear benchmark model. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C53, C55, E, E3, E37, E4, E42, E5, E52 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Money and payments, Retail payments
April 9, 2009 Next Steps for Canadian Monetary Policy Bank of Canada Review - Spring 2009 Robert Amano, Thomas J. Carter, Donald Coletti In 2006, the Bank initiated a research program exploring two alternatives to the current inflation-targeting framework: (i) lowering the inflation target and (ii) shifting to a price-level target. This article discusses progress to date, places the Bank's findings in the context of a broader literature, and identifies avenues for future research. Content Type(s): Publications, Bank of Canada Review articles
June 15, 2007 Interpreting Canada's Productivity Performance in the Past Decade: Lessons from Recent Research Bank of Canada Review - Summer 2007 Richard Dion Dion examines the evolution of Canadian productivity since the mid-1990s, using the United States as a benchmark. During this period, trend productivity growth in Canada remained modest, whereas the U.S. witnessed a strong resurgence. Among the factors identified as potential root causes of Canada's lower productivity performance are a lower investment in information and communications technology, reallocation and adjustment costs associated with large relative price movements, and a weak demand for innovation. Content Type(s): Publications, Bank of Canada Review articles
January 23, 2004 Bank of Canada Review - Winter 2003-2004 Cover page Brass Cash Register, 1910 The register is part of the National Currency Collection, Bank of Canada. Photographed by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
September 10, 2020 Economic progress report: a very uneven recovery Remarks (delivered virtually) Tiff Macklem The Canadian Chamber of Commerce Ottawa, Ontario Governor Tiff Macklem discusses the Bank’s latest interest rate announcement and explains the uneven impact that the COVID-19 pandemic is having on different sectors and people. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
August 18, 2011 Mortgage Debt and Procyclicality in the Housing Market Bank of Canada Review - Summer 2011 Ian Christensen This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt. Content Type(s): Publications, Bank of Canada Review articles
Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays Staff working paper 2018-16 Michael Brolley, David Cimon Latency delays—known as “speed bumps”—are an intentional slowing of order flow by exchanges. Supporters contend that delays protect market makers from high-frequency arbitrage, while opponents warn that delays promote “quote fading” by market makers. We construct a model of informed trading in a fragmented market, where one market operates a conventional order book and the other imposes a latency delay on market orders. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G14, G18 Research Theme(s): Financial markets and funds management, Market functioning, Market structure
November 16, 2016 Follow the Money: A Canadian Perspective on Financial Globalization Remarks Timothy Lane Centre for International Governance Innovation (CIGI) Waterloo, Ontario Deputy Governor Timothy Lane discusses the benefits and challenges of international capital mobility. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth
August 24, 2010 Re-examining Canada’s Monetary Policy Framework: Recent Research and Outstanding Issues Remarks John Murray Canadian Association for Business Economics Kingston, Ontario I am honoured to address members of the Canadian Association for Business Economics. My remarks today will focus on critical issues that the Bank of Canada has studied over the past four years and how this research will inform our work as we move forward post crisis. Content Type(s): Press, Speeches and appearances, Remarks