The Productivity Slowdown in Canada: An ICT Phenomenon? Staff Working Paper 2019-2 Jeffrey Mollins, Pierre St-Amant We ask whether a weaker contribution of information and communication technologies (ICT) to productivity growth could account for the productivity slowdown observed in Canada since the early 2000s. To answer this question, we consider several methods capturing channels through which ICT could affect aggregate productivity growth. Content Type(s): Staff research, Staff working papers Topic(s): Productivity JEL Code(s): D, D2, D24, O, O4, O41, O47
October 16, 2018 Going digital Eric Santor The future has no analogue. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Central bank research, Digital currencies and fintech, Digitalization, Economic models, Labour markets, Market structure and pricing, Productivity, Recent economic and financial developments, Service sector
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
Financial Development Beyond the Formal Financial Market Staff Working Paper 2018-49 Lin Shao This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Firm dynamics, Productivity JEL Code(s): E, E4, E44, O, O1, O17, O4, O47
Characterizing Canada’s Export Sector by Industry: A Supply-Side Perspective Staff Analytical Note 2018-27 Taylor Webley This note examines supply-side trends in Canadian non-energy industries and their implications for export performance. Between 2002 and 2016, capital stocks and total labour input declined in many industries that export non-energy goods. These soft trends in the factors of production have likely contributed to the decline in non-energy exports in about half of the goods industries analyzed in this note. Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Productivity JEL Code(s): E, E2, E22, E23, E24, F, F1, F19
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
Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments Staff Working Paper 2018-31 Naveen Rai, Lena Suchanek, Maria Bernier This paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period. Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, F, F2, F21, F23
May 16, 2018 The (Mostly) Long and Short of Potential Output Remarks Lawrence L. Schembri Ottawa Economics Association and CFA Society Ottawa Ottawa, Ontario Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Productivity
Potential Output in Canada: 2018 Reassessment Staff Analytical Note 2018-10 Andrew Agopsowicz, Dany Brouillette, Bassirou Gueye, Julien McDonald-Guimond, Jeffrey Mollins, Youngmin Park This note summarizes the reassessment of potential output, conducted by the Bank of Canada for the April 2018 Monetary Policy Report. Overall, the profile for potential output growth is expected to remain flat at 1.8 per cent between 2018 and 2020 and 1.9 per cent in 2021. Content Type(s): Staff research, Staff analytical notes Topic(s): Labour markets, Potential output, Productivity JEL Code(s): E, E0, E00, E2, E22, E23, E24, E3, E37, E6
Assessing Global Potential Output Growth: April 2018 Staff Analytical Note 2018-9 Richard Beard, Anne-Katherine Cormier, Michael Francis, Katerina Gribbin, Justin-Damien Guénette, Christopher Hajzler, James Ketcheson, Kun Mo, Louis Poirier, Peter Selcuk, Kristina Hess This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates. Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4