Posts

• Uncertainty, Inflation, and Welfare

  Staff Working Paper 2008-13 Jonathan Chiu, Miguel Molico

  This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits, Monetary policy framework JEL Code(s): E, E4, E40, E5, E50
• May 5, 2008

  Some Puzzles Related to Exchange Rate Pass-Through

  Presentation John Murray Statistics Canada Socio-economic Conference 2008

  Content Type(s): Press, Speeches and appearances, Presentations

• A Model of Tiered Settlement Networks

  Staff Working Paper 2008-12 James Chapman, Jonathan Chiu, Miguel Molico

  This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure.

  Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21
• May 1, 2008

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement Mark Carney Standing Senate Committee on Banking, Trade and Commerce

  In it, we noted that growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated. Buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by a fall in net exports.

  Content Type(s): Press, Speeches and appearances, Opening statements
• May 1, 2008

  Results of the 1 May 2008 Term PRA Transaction

  The results of today's term PRA operations are as follows:

  Content Type(s): Press, Market notices
• April 30, 2008

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Mark Carney House of Commons Standing Committee on Finance

  Growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated.

  Content Type(s): Press, Speeches and appearances, Opening statements
• April 29, 2008

  Bank of Canada Announces Term PRA Transaction

  As part of its continuing provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into a 28-day term purchase and resale agreement (PRA) as follows:

  Content Type(s): Press, Market notices
• April 29, 2008

  Financial Stability Forum publishes report on Enhancing Market and Institutional Resilience

  The Financial Stability Forum (FSF) has presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions.

  Content Type(s): Press, Announcements
• April 28, 2008

  Counterfeit $100 notes discovered: Bank of Canada and the Toronto Police Service remind the public and retailers to be vigilant

  Media Relations Ottawa, Ontario

  The Bank of Canada and the Toronto Police Service are reminding the public and retailers to pay close attention to the bank notes they receive. A number of counterfeit $100 notes have been passed mainly in the Greater Toronto Area in the last few weeks.

  Content Type(s): Press, Press releases
• April 24, 2008

  Bank of Canada releases Monetary Policy Report

  Media Relations Ottawa, Ontario

  Bank of Canada today released its April Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy.

  Content Type(s): Press, Press releases