Disaggregating Household Sensitivity to Monetary Policy by Expenditure Category Staff Analytical Note 2018-32 Tony Chernis, Corinne Luu Because the Bank of Canada has started withdrawing monetary stimulus, monitoring the transmission of these changes to monetary policy will be important. Subcomponents of consumption and housing will likely respond differently to a monetary policy tightening, both in terms of the aggregate effect and timing. Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Domestic demand and components, Econometric and statistical methods, Housing, Interest rates, Monetary policy transmission, Recent economic and financial developments JEL Code(s): C, C3, C32, E, E2, E21, E22, E4, E43, E47, E5, E52
September 27, 2018 Technological Disruption and Opportunity Remarks Stephen S. Poloz Atlantic Provinces Economics Council and Greater Moncton Chamber of Commerce Moncton, New Brunswick Governor Poloz talks about how new digital technologies create opportunities in the economy and affect how the Bank conducts monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Inflation and prices, Labour markets, Monetary policy, Potential output, Productivity
August 25, 2018 The Fourth Industrial Revolution and Central Banking Remarks Stephen S. Poloz Federal Reserve Bank of Kansas City Jackson Hole, Wyoming Governor Poloz talks about the economic benefits expected from disruptive digital technologies and the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Inflation and prices, Market structure and pricing, Monetary policy, Productivity
Did U.S. Consumers Respond to the 2014–2015 Oil Price Shock? Evidence from the Consumer Expenditure Survey Staff Working Paper 2018-13 Patrick Alexander, Louis Poirier The impact of oil price shocks on the U.S. economy is a topic of considerable debate. In this paper, we examine the response of U.S. consumers to the 2014–2015 negative oil price shock using representative survey data from the Consumer Expenditure Survey. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Domestic demand and components, Recent economic and financial developments JEL Code(s): D, D1, D12, E, E2, E21, Q, Q4, Q43
March 13, 2018 Today’s Labour Market and the Future of Work Remarks Stephen S. Poloz Chancellor David Dodge Lecture in Public Finance 2018 Kingston, Ontario Governor Stephen S. Poloz discusses the untapped potential in Canada’s labour market and how it extends into the workforce of tomorrow. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Labour markets, Monetary policy, Monetary policy and uncertainty, Potential output
Identification of Random Resource Shares in Collective Households Without Preference Similarity Restrictions Staff Working Paper 2017-45 Geoffrey R. Dunbar, Arthur Lewbel, Krishna Pendakur Resource shares, defined as the fraction of total household spending going to each person in a household, are important for assessing individual material well-being, inequality and poverty. They are difficult to identify because consumption is measured typically at the household level, and many goods are jointly consumed, so that individual-level consumption in multi-person households is not directly observed. Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components, Econometric and statistical methods JEL Code(s): C, C3, C31, D, D1, D11, D12, D13, I, I3, I32
A Structural Interpretation of the Recent Weakness in Business Investment Staff Analytical Note 2017-7 Russell Barnett, Rhys R. Mendes Since 2012, business investment growth has slowed considerably in advanced economies, averaging a little less than 2 per cent versus the 4 per cent growth rates experienced in the period leading up to crisis. Several recent studies have attributed a large part of the weakness in business investment to cyclical factors, including soft aggregate demand, and, to a lesser degree, heightened uncertainty and tighter financial conditions. Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Domestic demand and components, Recent economic and financial developments JEL Code(s): E, E2, E22, E3, E37
May 11, 2017 Why Is Global Business Investment So Weak? Some Insights from Advanced Economies Bank of Canada Review - Spring 2017 Robert Fay, Justin-Damien Guénette, Martin Leduc, Louis Morel Various drivers of business investment can be used to explain the underwhelming performance of investment in advanced economies since the global financial crisis, particularly since 2014. The slow growth in aggregate demand cannot by itself explain the full extent of the recent weakness in investment, which appears to be linked primarily to the collapse of global commodity prices and a rise in economic uncertainty. Looking ahead, business investment growth is likely to remain slower than in the pre-crisis period, largely because of structural factors such as population aging. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Business fluctuations and cycles, Domestic demand and components, Economic models, International topics, Monetary policy and uncertainty, Recent economic and financial developments JEL Code(s): C, C2, C22, D, D2, D24, D8, D80, E, E2, E22, F, F0, F01, G, G3, G31
April 12, 2017 Monetary Policy Report Press Conference Opening Statement Opening statement Carolyn A. Wilkins Ottawa, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Domestic demand and components, Housing, Monetary policy, Monetary policy and uncertainty, Potential output, Recent economic and financial developments
March 21, 2017 Getting Down to Business: Investment and the Economic Outlook Remarks Lawrence L. Schembri Greater Vancouver Board of Trade Vancouver, British Columbia Deputy Governor Lawrence Schembri discusses the factors affecting business investment and the implications for the economic outlook. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Domestic demand and components, Inflation and prices, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments