Posts

• September 20, 2002

  The Bank of Canada Securities-Lending Program

  On 23 April 2002, the Bank of Canada announced its intention to implement a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. The Bank intends to implement this program on 30 September 2002.

  Content Type(s): Press, Market notices
• September 18, 2002

  Canada's Economic Performance After an Eventful Year

  Remarks David Dodge University of British Columbia Vancouver, British Columbia

  Indeed, a strong research environment has long been a hallmark of the Bank. We also want to encourage research relevant to our business, especially with respect to monetary policy and financial system stability, at universities all across Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• September 18, 2002

  Governor Credits Sound Economic Framework for Canada's Strong Performance

  Media Relations Vancouver, British Columbia

  Canada's economy has shown remarkable strength over the past two years, despite a number of unfavourable developments that originated mainly from abroad, Bank of Canada Governor David Dodge said today in a speech at the University of British Columbia. The adoption of inflation targets, the restoration of fiscal health, and the restructuring initiatives taken by businesses were all positive steps taken in the 1990s that have allowed the economy to better handle economic problems now, he said.

  Content Type(s): Press, Press releases
• September 18, 2002

  Bank of Canada Announces Economic Research Fellowship Program

  Media Relations Vancouver, British Columbia

  The Bank of Canada is launching a Fellowship Program to encourage economic research at Canadian universities, Governor David Dodge announced today during a speech at the University of British Columbia. The Governor said the program is a natural extension of the Bank of Canada's commitment to promoting high-quality research.

  Content Type(s): Press, Press releases Source(s): Fellowship Program
• September 4, 2002

  The New Investment Framework for Receiver General Cash Balances

  The Department of Finance and the Bank of Canada are releasing final terms and conditions for participating in morning auctions of Receiver General balances. These auctions are the primary means by which the government invests its short-term Canadian-dollar cash balances.

  Content Type(s): Press, Market notices
• September 4, 2002

  Bank of Canada keeps target for the overnight rate at 2 3/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 per cent.

  Content Type(s): Press, Press releases

• Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence

  Staff Working Paper 2002-26 Hafedh Bouakez

  This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Market structure and pricing, Monetary policy transmission JEL Code(s): F, F3, F31, F4, F41

• Nominal Rigidities and Monetary Policy in Canada Since 1981

  Staff Working Paper 2002-25 Ali Dib

  This paper develops and estimates a dynamic, stochastic, general-equilibrium model with price and wage stickiness to analyze monetary policy in Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52

• Financial Structure and Economic Growth: A Non-Technical Survey

  Staff Working Paper 2002-24 Veronika Dolar, Césaire Meh

  There is a large body of literature that studies the relationship between financial structure (that is, the degree to which the financial system is either market- or intermediary-based) and long-run economic growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Economic models, Financial institutions, Financial markets, Financial services JEL Code(s): F, F3, F36, G, G0, G00, G1, G14, G2, G21, K, K2, K22, O, O1, O16

• How to Improve Inflation Targeting at the Bank of Canada

  Staff Working Paper 2002-23 Nicholas Rowe

  This paper shows that if the Bank of Canada is optimally adjusting its monetary policy instrument in response to inflation indicators to target 2 per cent inflation at a two-year horizon, then deviations of inflation from 2 per cent represent the Bank's forecast errors, and should be uncorrelated with its information set, which includes two-year lagged values of the instrument and the indicators. Positive or negative correlations are evidence of systematic errors in monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary and financial indicators, Monetary policy implementation JEL Code(s): E, E5