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265 Results

Gazing at r-star: A Hysteresis Perspective

Staff Working Paper 2023-5 Paul Beaudry, Katya Kartashova, Césaire Meh
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets.

Are Temporary Oil Supply Shocks Real?

Staff Working Paper 2022-52 Johan Brannlund, Geoffrey R. Dunbar, Reinhard Ellwanger
Hurricanes disrupt oil production in the Gulf of Mexico because producers shut in oil platforms to safeguard lives and prevent damage. We examine the effects of these temporary oil supply shocks on real economic activity in the United States.

CANVAS: A Canadian Behavioral Agent-Based Model

The Bank of Canada’s current suite of models faces challenges in addressing network effects that integrate household and firm-level heterogeneity and their behaviours. We develop CANVAS, a Canadian behavioural agent-based model to contribute to the Bank’s next-generation modelling effort. CANVAS improves forecasting performance and expands capacity for model-based scenario analysis.

Understanding Post-COVID Inflation Dynamics

Staff Working Paper 2022-50 Martin Harding, Jesper Lindé, Mathias Trabandt
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. Our model can generate more sizable inflation surges due to cost-push and demand shocks than a standard linearized model when inflation is high.
December 12, 2022

Putting the resolute in resolutions: Looking ahead to lower inflation

Remarks Tiff Macklem Business Council of British Columbia Vancouver, British Columbia
Bank of Canada Governor Tiff Macklem discusses the important lessons from 2022 and explains what the Bank is doing to restore price stability for Canadians.
December 12, 2022

Reflections on 2022

Speech summary Tiff Macklem Business Council of British Columbia Vancouver, British Columbia
Governor Tiff Macklem discusses the important lessons from events in 2022 and what the Bank is doing to restore price stability for Canadians.
December 8, 2022

Economic progress report: More transparency in uncertain times

Remarks Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec
Speaking a day after the Bank of Canada’s latest interest rate decision, Deputy Governor Sharon Kozicki discusses the current state of the economy and talks about how the Bank is improving both its use of data and the way we communicate with Canadians.
December 8, 2022

Helping Canadians better understand our decisions

Speech summary Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec
Speaking a day after the Bank of Canada decided to raise our policy interest rate, Deputy Governor Sharon Kozicki discusses the current state of the economy. She also talks about how we are improving our transparency with Canadians.
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