Posts

• May 6, 2009

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

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

  These are difficult economic times, with the Canadian economy being buffeted by an intense and synchronized global recession. In recent months, that global recession has been exacerbated by delays in implementing measures to restore financial stability around the world.

  Content Type(s): Press, Speeches and appearances, Opening statements
• May 6, 2009

  Results for the 6 May 2009 Term Loan Facility

  Results of today's TLF operation.

  Content Type(s): Press, Market notices
• May 5, 2009

  Results of the 5 May 2009 Term PRA Transaction for Private Sector Instruments

  Results of today's term PRA operations.

  Content Type(s): Press, Market notices
• May 4, 2009

  Results of the 4 May 2009 Term PRA Transaction

  Results of today's term PRA operations.

  Content Type(s): Press, Market notices

• Adopting Price-Level Targeting under Imperfect Credibility in ToTEM

  Staff Working Paper 2009-17 Gino Cateau, Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  Using the Bank of Canada's main projection and policy-analysis model, ToTEM, this paper measures the welfare gains of switching from inflation targeting to price-level targeting under imperfect credibility. Following the policy change, private agents assign a probability to the event that the policy-maker will revert to inflation-targeting next period.

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

• Real Effects of Price Stability with Endogenous Nominal Indexation

  Staff Working Paper 2009-16 Césaire Meh, Vincenzo Quadrini, Yaz Terajima

  We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997).

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial markets, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E2, E21, E3, E31, E4, E44, E5, E52

• Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles in a Small Open Economy

  Staff Working Paper 2009-15 Hajime Tomura

  This paper introduces heterogeneous beliefs among households in a small open economy model for the Canadian economy. The model suggests that simultaneous boom-bust cycles in house prices, output, investment, consumption and hours worked emerge when credit-constrained mortgage borrowers expect that future house prices will rise and this expectation is neither shared by savers nor realized ex-post.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Financial stability, Inflation targets JEL Code(s): E, E4, E44, E5, E52

• Testing for Financial Contagion with Applications to the Canadian Banking System

  Staff Working Paper 2009-14 Fuchun Li

  The author proposes a new test for financial contagion based on a non-parametric measure of the cross-market correlation. The test does not depend on the assumption that the data are drawn from a given probability distribution; therefore, it allows for maximal flexibility in fitting into the data.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Econometric and statistical methods, Financial stability JEL Code(s): C, C1, C12, G, G0, G01, G1, G15
• May 1, 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 24 April (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation for private sector instruments.

  Content Type(s): Press, Market notices
• May 1, 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 21 April (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation.

  Content Type(s): Press, Market notices