Posts

• April 5, 2009

  Unexpected Inflation and Redistribution of Wealth in Canada

  Bank of Canada Review - Spring 2009 Césaire Meh, Yaz Terajima

  One of the most important arguments in favour of price stability is that unexpected inflation generates changes in the distribution of income and wealth among different economic agents. These redistributions occur because many loans are specified in fixed dollar terms and unexpected inflation redistributes wealth from creditors to debtors by reducing the real value of nominal assets and liabilities.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Inflation and prices, Inflation: costs and benefits, Sectoral balance sheet
• April 3, 2009

  The Bank of Canada Releases Its Annual Report for 2008

  Media Relations Ottawa, Ontario

  The Bank of Canada's Annual Report for 2008 was tabled in the House of Commons today.

  Content Type(s): Press, Press releases
• April 3, 2009

  Bank of Canada to Sell Treasury Bills for Balance Sheet Management Purposes

  The Bank of Canada announced today it will sell $2.10 billion of its holdings of treasury bills.

  Content Type(s): Press, Market notices
• April 3, 2009

  Bank of Canada Announces Details of its Term PRA for Private Sector Instruments Operation

  In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 6 March, the Bank of Canada announced today that it will conduct a 85-day term PRA operation for private sector instruments as follows.

  Content Type(s): Press, Market notices
• April 3, 2009

  Bank of Canada Announces Details of its Term PRA Operation

  In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 84-day term PRA operation as follows.

  Content Type(s): Press, Market notices
• April 3, 2009

  Bank of Canada Announces Details of its Term Loan Facility Operation

  In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 6 March, the Bank of Canada announced today that it will conduct a 30-day TLF operation as follows:

  Content Type(s): Press, Market notices

• Price Movements in the Canadian Residential Mortgage Market

  Staff Working Paper 2009-13 Jason Allen, Darcey McVanel

  The authors empirically analyze the price-setting behaviour of the major Canadian banks in the residential mortgage market over the period 1991–2007. They use weekly posted prices of the major mortgage providers to study the degree of competition in mortgage price setting.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services JEL Code(s): D, D4, G, G2

• Complex Ownership and Capital Structure

  Staff Working Paper 2009-12 Teodora Paligorova, Zhaoxia Xu

  This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G32

• Information Flows and Aggregate Persistence

  Staff Working Paper 2009-11 Oleksiy Kryvtsov

  Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of information is determined endogenously.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, Monetary policy transmission JEL Code(s): D, D8, D83, E, E3, E31, E32
• April 1, 2009

  Sound Policy Measures will Rebuild Confidence, Guide Economies Through Challenging Times, says Governor Carney

  Media Relations Yellowknife, Northwest Territories

  Although the global and Canadian economies are in recessions triggered by the most severe financial meltdown since the 1930s, Canadians can have confidence that unprecedented policy measures will restore growth, Bank of Canada Governor Mark Carney said today.

  Content Type(s): Press, Press releases