December 31, 2013 Summary of Government of Canada - Outstanding as at 31 December 2013 Content Type(s): Publications, Historical: Securities and loans
Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing Staff working paper 2018-33 Itay Goldstein, Jonathan Witmer, Jing Yang Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E58, G, G2, G23 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
June 9, 2022 Financial System Review—2022 Tiff Macklem, Carolyn Rogers, Timothy Lane, Lawrence L. Schembri, Paul Beaudry, Toni Gravelle, Sharon Kozicki The Canadian financial system remains resilient, but vulnerabilities have become more complex and risks have grown. The Bank is carefully watching households’ high levels of mortgage debt, as well as the risks associated with a price correction in Canada’s housing market. Content Type(s): Publications, Financial Stability Report
Allocative Efficiency and the Productivity Slowdown Staff working paper 2021-1 Lin Shao, Rongsheng Tang In our analysis of the US productivity slowdown in the 1970s and 2000s, we find that a significant portion of this deceleration can be attributed to a lack of improvement in allocative efficiency across sectors. Our analysis further identifies increased sector-level volatility as a major contributor to this lack of improvement in allocative efficiency. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E23, O, O4, O47 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting, Structural challenges, Digitalization and productivity
Business Closures and (Re)Openings in Real Time Using Google Places Staff working paper 2022-1 Thibaut Duprey, Daniel E. Rigobon, Philip Schnattinger, Artur Kotlicki, Soheil Baharian, T. R. Hurd The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C55, C8, C81, D, D2, D22, E, E3, E32 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting
The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location Retailers Technical report No. 109 Heng Chen, Rallye Shen Calibrated weights are created to (a) reduce the nonresponse bias; (b) reduce the coverage error; and (c) make the weighted estimates from the sample consistent with the target population in terms of certain key variables. Content Type(s): Staff research, Technical reports JEL Code(s): C, C8, C81, C83 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Retail payments
Assessing the Impact of Demand Shocks on the US Term Premium Staff discussion paper 2018-7 Russell Barnett, Konrad Zmitrowicz During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E43, E5, E52, E58, E6, E61, E65, G, G1, G12 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
The Consumer Value Proposition for a Hypothetical Digital Canadian Dollar Staff discussion paper 2024-16 Martine Warren, Bill Laur, Ted Garanzotis, Sebastian Hernandez We explore the consumer value proposition of a hypothetical Digital Canadian Dollar, adoption considerations and the users who would benefit most from this potential new payment method. We employ a design-thinking consultation methodology, allowing participants to interact with research prototypes of increasing complexity to reveal user preferences, constraints and adoption influences. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C9, D, D1, D12, E, E4, E42, E5, E58, O, O3, O33 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
The BoC-BoE Sovereign Default Database: What’s New in 2019? Staff working paper 2019-39 David Beers, Patrisha de Leon-Manlagnit Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE). Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F34, G, G1, G10, G14, G15 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial stability and systemic risk
Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment Staff working paper 2024-32 Thibaut Duprey, Soojin Jo, Geneviève Vallée We analyze 40 years’ worth of natural disasters using a local projection framework to assess their impact on provincial labour markets in Canada. We find that disasters decrease hours worked within a week and lower wage growth in the medium run. Our study highlights that disasters affect vulnerable workers through the income channel. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C33, E, E2, E24, J, J3, Q, Q5, Q54 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Climate change, Demographics and labour supply