June 25, 2005 Changes in the Indicator Properties of Narrow Monetary Aggregates Bank of Canada Review - Summer 2005 Tracy Chan, Ramdane Djoudad, Jackson Loi Although many countries have abandoned monetary targeting in recent decades, monetary aggregates are still useful indicators of future economic activity. Past research has shown that, compared with other monetary aggregates and expressed in real terms, net M1 and gross M1 have traditionally provided superior leading information for output growth. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Monetary aggregates, Monetary and financial indicators
October 22, 2006 Bank of Canada Review - Autumn 2006 Cover page The "pretended" Bank of Upper Canada — Kingston (1819-22) The note is part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter Content Type(s): Publications, Bank of Canada Review
Assessing the Impact of the Bank of Canada’s Government Bond Purchases Staff Discussion Paper 2024-5 Chinara Azizova, Jonathan Witmer, Xu Zhang In March 2020, the Bank of Canada implemented the Government of Canada Bond Purchase Program, eventually purchasing approximately $340 billion of government bonds. In this paper, we analyze the impact of this program on financial market prices and yields as well as on GDP and inflation. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial markets, Financial system regulation and policies, Inflation and prices, Monetary policy, Monetary policy transmission JEL Code(s): E, E5, E52, E58, G, G2, G21, G28
Why Does Private Consumption Rise After a Government Spending Shock? Staff Working Paper 2003-43 Hafedh Bouakez, Nooman Rebei Recent empirical evidence suggests that private consumption is crowded-in by government spending. This outcome violates existing macroeconomic theory, according to which the negative wealth effect brought about by a rise in public expenditure should decrease consumption. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Fiscal policy JEL Code(s): E, E3, E32, E6, E62
Can a Matching Model Explain the Long-Run Increase in Canada's Unemployment Rate? Staff Working Paper 1998-19 Andreas Hornstein, Mingwei Yuan The authors construct a simple general equilibrium model of unemployment and calibrate it to the Canadian economy. Job creation and destruction are endogenous. In this model, they consider several potential factors that could contribute to the long-run increase in the Canadian unempoloyment rate: a more generous unemployment insurance system, higher layoff costs, higher discretionary taxes, […] Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Fiscal policy, Labour markets JEL Code(s): E, E2, E6, J, J4
Options Decimalization Staff Working Paper 2016-57 Faith Chin, Corey Garriott We document the outcome of an options decimalization pilot on Canada’s derivatives exchange. Decimalization improves measures of liquidity and price efficiency. The impact differs by the moneyness of an option and is greatest for out-of-the-money options. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Financial system regulation and policies, Market structure and pricing JEL Code(s): G, G1, G14, G2, G20, L, L1, L10
January 27, 2012 An Analysis of Bank Closure Policy under Alternative Regulatory Structures Financial System Review - December 2005 Greg Caldwell Content Type(s): Publications, Financial System Review articles
September 14, 2016 (S)low for Long and Financial Stability Remarks Carolyn A. Wilkins Official Monetary and Financial Institutions Forum City Lecture London, United Kingdom Senior Deputy Governor Carolyn Wilkins discusses the financial stability risks associated with slow growth and low interest rates, and explores strategies to mitigate them. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Financial markets, Financial stability, Interest rates, International topics, Monetary policy implementation, Potential output
BoC–BoE Sovereign Default Database: Appendix and References Technical Report No. 125 David Beers, Obiageri Ndukwe, Alex Charron Since 2014, the Bank of Canada (BoC) has maintained a comprehensive database of sovereign defaults to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. The database is posted on the BoC’s website and is updated annually in partnership with the Bank of England (BoE). Content Type(s): Staff research, Technical reports Research Topic(s): Debt management, Development economics, Financial stability, International financial markets JEL Code(s): F, F3, F34, G, G1, G10, G14, G15