Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/322473 
Year of Publication: 
2025
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2025-11
Publisher: 
Bank of Canada, Ottawa
Abstract: 
We introduce a summary indicator based on the Canadian Survey of Consumer Expectations (CSCE). This indicator provides a summary measure of consumer opinions that we can track over time. We construct three underlying indexes-financial health, labour market and consumer spending-that capture different factors influencing consumers' daily lives. We also leverage the rich demographic information available in the CSCE to construct summary indicators for different groups defined by characteristics such as age, home-ownership status and income. We show that there is significant heterogeneity across different demographic groups. This heterogeneity helps us understand how economic shocks disproportionately impact some households. Finally, we investigate which macroeconomic variables drive changes in the CSCE indicator and show that the fundamental drivers vary over time.
Subjects: 
Central bank research
Business fluctuations and cycles
JEL: 
D12
D84
E21
E32
E71
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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