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188 Results

March 5, 2020

Labour market is key to Canada’s resilience

Speech summary Stephen S. Poloz Women in Capital Markets Toronto, Ontario
Governor Stephen S. Poloz talks about how the labour market is a key source of resilience for Canada’s economy and reviews the Bank of Canada’s decision to lower interest rates. 

The Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)

Staff Analytical Note 2020-2 Katya Kartashova
This note studies how decreases in mortgage rates affect the behaviour of borrowers in terms of spending on durable goods and repaying debt.

The Power of Helicopter Money Revisited: A New Keynesian Perspective

Staff Discussion Paper 2020-1 Thomas J. Carter, Rhys R. Mendes
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves.
February 5, 2020

Securing prosperity is up to all of us

Speech summary Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins explains that Canada is well-positioned to secure prosperity and avoid a long period of slow growth if we take the right steps.
February 5, 2020

Our Economic Destiny: Written in R-stars?

Remarks Carolyn A. Wilkins Economic Club of Canada Toronto, Ontario
Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity.
January 30, 2020

How vulnerabilities like debt can affect interest rates

Speech summary Paul Beaudry Laval University Québec, Québec
Deputy Governor Paul Beaudry explains to students at Laval University why financial vulnerabilities—such as household debt—are important for the Bank of Canada when it sets interest rates.

Managing GDP Tail Risk

Staff Working Paper 2020-3 Thibaut Duprey, Alexander Ueberfeldt
Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs.

Lending Standards, Productivity and Credit Crunches

Staff Working Paper 2019-25 Jonathan Swarbrick
We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis.
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