Posts

• Real Exchange Rate Persistence in Dynamic General-Equilibrium Sticky-Price Models: An Analytical Characterization

  Staff Working Paper 2003-35 Hafedh Bouakez

  This paper assesses analytically the ability of dynamic general-equilibrium sticky-price models to generate persistent real exchange rate fluctuations. It develops a tractable general-equilibrium model with Calvo-type price stickiness.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F41
• October 29, 2003

  Bank of Canada Governor David Dodge corrects a misstatement

  Media Relations Ottawa, Ontario

  Bank of Canada Governor David Dodge corrects a misstatement he made in responding to a question yesterday relating to what he heard at the G-20 meeting about U.S. growth and how it might affect Bank of Canada projections.

  Content Type(s): Press, Press releases
• October 23, 2003

  Opening Statement before the Senate Banking, Trade and Commerce Committee

  Opening statement David Dodge Senate Banking, Trade and Commerce Committee

  The last time that I appeared before this committee was after the release of our April Report. Since then, our economy has been hit by a number of unusual shocks. Because of these shocks and other factors, growth has been weaker than expected. We now estimate that there is more slack in the economy than we had projected in April.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 22, 2003

  Release of the Monetary Policy Report

  Opening statement David Dodge

  Since our April Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia. Inflation has also fallen faster and further than expected.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 22, 2003

  Monetary Policy Report – October 2003

  

  In the April Monetary Policy Report, the Bank noted that inflation was well above its 2 per cent target and that short-term inflation expectations had edged up.

  Content Type(s): Publications, Monetary Policy Report
• October 22, 2003

  Opening Statement before the House of Commons Finance Committee

  Opening statement David Dodge House of Commons Finance Committee

  The last time that Paul and I appeared before this committee was after the release of our April Report. At that time, inflation was well above its 2 per cent target, and short-term inflation expectations had edged up. Although inflation was being pushed up by special factors, there were also signs that strong domestic demand was working to broaden pressures on prices.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 22, 2003

  Bank of Canada releases Monetary Policy Report

  Media Relations Ottawa, Ontario

  Since the April Monetary Policy Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia.

  Content Type(s): Press, Press releases
• October 15, 2003

  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.

  Content Type(s): Press, Press releases

• Governance and Financial Fragility: Evidence from a Cross-Section of Countries

  Staff Working Paper 2003-34 Michael Francis

  The author explores the role of governance mechanisms as a means of reducing financial fragility. First, he develops a simple theoretical general-equilibrium model in which instability arises due to an agency problem resulting from a conflict of interest between the borrower and lender.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial markets JEL Code(s): G, G0

• Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data

  Staff Working Paper 2003-33 Rafael Gomez, Eric Santor

  Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17