April 8, 2019 Why Do Central Banks Care About Market Power? Presentation Carolyn A. Wilkins G7 conference hosted by Banque de France Paris, France Senior Deputy Governor Carolyn A. Wilkins discusses how the competitive landscape and digitalization affect monetary policy and why central banks care about market power. Content Type(s): Press, Speeches and appearances, Presentations Research Topic(s): Firm dynamics, Inflation and prices, Labour markets, Market structure and pricing, Monetary policy transmission, Potential output, Productivity, Service sector
Inequality in Parental Transfers, Borrowing Constraints and Optimal Higher Education Subsidies Staff Working Paper 2019-7 Youngmin Park This paper studies optimal education subsidies when parental transfers are unequally distributed across students and cannot be publicly observed. After documenting substantial inequality in parental transfers among US college students with similar family resources, I examine its implications for how the education subsidy should vary with schooling level and family resources to minimize inefficiencies generated by borrowing constraints. Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Potential output, Productivity JEL Code(s): D, D1, D14, D6, D61, D64, D8, D82, I, I2, I22, J, J2, J24
January 31, 2019 Making cents of wages Russell Barnett, José Dorich Ever wonder how your wages are determined? You’re not the only one who cares about your wages. At the Bank of Canada, we care about them a lot too. Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Business fluctuations and cycles, Firm dynamics, Labour markets, Productivity
January 31, 2019 A Look Under the Hood of Canada’s Job Market Remarks Carolyn A. Wilkins Toronto Region Board of Trade Toronto, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses developments in the Canadian labour market and factors that may help explain why wage growth is slower than expected. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, Inflation and prices, Labour markets, Productivity, Regional economic developments, Service sector
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 Research Topic(s): Productivity JEL Code(s): D, D2, D24, O, O4, O41, O47
October 16, 2018 Navigating digital disruption and the economy Eric Santor Technology can enhance efficiency and help create new jobs, but challenges like automation's impact on employment also need careful consideration and proactive solutions. Content Type(s): Publications, The Economy, Plain and Simple Research 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 Research 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 Research 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 Research 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 Research Topic(s): Domestic demand and components, Inflation and prices, Market structure and pricing, Monetary policy, Productivity