Trade integration

• Exports and the Exchange Rate: A General Equilibrium Perspective

  Staff Working Paper 2022-18 Patrick Alexander, Abeer Reza

  How do a country’s exports change when its currency depreciates? Does it matter which forces drive the exchange rate deprecation in the first place? We find that this relationship varies greatly depending on what drives exchange rate movements, and we conclude that the direct relationship between the exchange rate and exports is weak for Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Balance of payments and components, Business fluctuations and cycles, Exchange rate regimes, Exchange rates, International topics, Monetary policy transmission, Trade integration JEL Code(s): F, F3, F31, F32, F33, F4, F41

• The Impact of Globalization and Digitalization on the Phillips Curve

  Staff Working Paper 2022-7 Christian Friedrich, Peter Selcuk

  Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation?

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E31, E32, F, F6
• October 7, 2021

  The long and short of it: A balanced vision for the international monetary and financial system

  Remarks (delivered virtually) Tiff Macklem Council on Foreign Relations Washington, D.C.

  Governor Tiff Macklem advocates for global coordination to strengthen the international monetary and financial system.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration
• October 7, 2021

  Investing in global progress

  Speech summary Tiff Macklem Council on Foreign Relations Washington, D.C.

  Governor Tiff Macklem makes the case for greater cooperation to shape a stronger international monetary and financial system.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Development economics, Exchange rate regimes, Financial system regulation and policies, Foreign reserves management, International financial markets, International topics, Trade integration

• Tariffs and the Exchange Rate: Evidence from Twitter

  Staff Working Paper 2021-36 Dmitry Matveev, Francisco Ruge-Murcia

  Do tariffs affect exchange rates? We look at President Trump’s tweets during talks on the North American Free Trade Agreement and find that anticipation of higher tariffs on imports from Canada and Mexico led to an appreciation of the US dollar relative to Canadian and Mexican currency.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Trade integration JEL Code(s): F, F1, F13, F3, F31

• Trade and Market Power in Product and Labor Markets

  Staff Working Paper 2021-17 Gaelan MacKenzie

  Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Labour markets, Market structure and pricing, Productivity, Trade integration JEL Code(s): D, D4, D43, F, F1, F12, F6, J, L, L1, L13
• December 15, 2020

  Strengthening our exports

  Speech summary Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  Governor Tiff Macklem talks about the importance of trade and exports to Canada’s economic recovery. He also talks about steps policy-makers and business can take to attract investment and improve competitiveness.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration
• December 15, 2020

  Trading for a sustainable recovery

  Remarks (delivered virtually) Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

  Governor Tiff Macklem talks about how important trade is for the economic recovery. He discusses what policymakers and business leaders can do to encourage growth in trade.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration
• May 20, 2020

  Decisive actions in difficult times

  Speech summary Timothy Lane CFA Society Winnipeg and the Manitoba Association for Business Economics Winnipeg, Manitoba

  Deputy Governor Timothy Lane talks about the Bank’s decisive actions in response to COVID-19, and how these will help Canadians now and in the future.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration
• May 20, 2020

  Policies for the Great Global Shutdown and Beyond

  Remarks (delivered virtually) Timothy Lane CFA Society Winnipeg and Manitoba Association for Business Economics Winnipeg, Manitoba

  Deputy Governor Timothy Lane explains how the Bank is helping Canadian households and businesses weather the COVID-19 crisis, and how our actions today are laying a solid foundation for our future economic recovery.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration