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215 Results

Changing Labour Market Participation Since the Great Recession: A Regional Perspective

Staff Discussion Paper 2015-2 Calista Cheung, Dmitry Granovsky, Gabriella Velasco
This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors.

Does Financial Integration Increase Welfare? Evidence from International Household-Level Data

Staff Working Paper 2015-4 Christian Friedrich
Despite a vast empirical literature that assesses the impact of financial integration on the economy, evidence of substantial welfare gains from consumption risk sharing remains elusive. While maintaining the usual cross-country perspective of the literature, this paper explicitly accounts for household heterogeneity and thus relaxes three restrictive assumptions that have featured prominently in the past.

Measuring Potential Output at the Bank of Canada: The Extended Multivariate Filter and the Integrated Framework

Staff Discussion Paper 2015-1 Lise Pichette, Pierre St-Amant, Ben Tomlin, Karine Anoma
Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is unobservable.

Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing

Staff Working Paper 2014-47 Serdar Kabaca
This paper contributes to the literature by documenting labour income share fluctuations in emerging-market economies and proposing an explanation for them. Time-series data indicate that emerging markets differ from developed markets in terms of changes in the labour share over the business cycle.

Search Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets

Staff Working Paper 2014-35 Sumru Altug, Serdar Kabaca
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output.
May 13, 2014

Beyond the Unemployment Rate: Assessing Canadian and U.S. Labour Markets Since the Great Recession

This article provides a broad perspective on the performance of the labour market in Canada and the United States since the Great Recession. It also presents a simple way to summarize much of this information in a single composite labour market indicator (LMI) for both countries. The LMI suggests that the unemployment rate in Canada has evolved largely in line with overall labour market conditions since the recession, but may have modestly overstated the extent of recent improvement. The U.S. unemployment rate, in contrast, appears to have substantially overstated the post-recession improvement in labour market conditions.

Labor Market Participation, Unemployment and Monetary Policy

Staff Working Paper 2014-9 Alessia Campolmi, Stefano Gnocchi
We incorporate a participation decision in a standard New Keynesian model with matching frictions and show that treating the labor force as constant leads to incorrect evaluation of alternative policies.

Technology Shocks, Labour Mobility and Aggregate Fluctuations

Staff Working Paper 2014-4 Daniela Hauser
We provide evidence regarding the dynamic behaviour of net labour flows across U.S. states in response to a positive technology shock. Technology shocks are identified as disturbances that increase relative state productivity in the long run for 226 state pairs, encompassing 80 per cent of labour flows across U.S. states in the 1976 - 2008 period.
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