Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261254 
Year of Publication: 
2022
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2022-1
Publisher: 
Bank of Canada, Ottawa
Abstract: 
We present a new method to measure business opening and closure rates using real-time information from Google Places, the dataset behind the Google Maps service. Our Canadian application confirms the importance of temporary closures and reopenings during the COVID-19 pandemic. Over 50% of the temporarily closed food and retail businesses during the April 2021 lockdown reopened by the end of September. Our estimates align well with the timing of COVID-19 restrictions and are validated by a survey of recently opened businesses. Our framework provides policy-makers with a tool for the timely monitoring of business dynamics.
Subjects: 
Firm dynamics
recent economic and financial developments
JEL: 
D22
E32
C55
C81
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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