April 6, 2009
Posts
-
-
April 5, 2009
Unexpected Inflation and Redistribution of Wealth in Canada
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. -
April 3, 2009
The Bank of Canada Releases Its Annual Report for 2008
The Bank of Canada's Annual Report for 2008 was tabled in the House of Commons today. -
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. -
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. -
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. -
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: -
Price Movements in the Canadian Residential Mortgage Market
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. -
Complex Ownership and Capital Structure
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. -
Information Flows and Aggregate Persistence
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.