March 22, 2011
Posts
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March 17, 2011
Statement of G7 Finance Ministers and Central Bank Governors
We, the G7 Finance Ministers and central bank governors, discussed the recent dramatic events in Japan and were briefed by our Japanese colleagues on the current situation and the economic and financial response put in place by the authorities. -
March 10, 2011
Bank of Canada Announces Further Details on New Series of Polymer Bank Notes
The Bank of Canada today announced that it will begin circulating a new $100 polymer bank note in November 2011, with a polymer $50 note to follow in March 2012. The Bank also provided further technical and background information about the new bank notes. -
Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy
Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal rigidities and storable goods with direct evidence on inventories for the U.S. -
Belief Dispersion and Order Submission Strategies in the Foreign Exchange Market
This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research has found that dispersion in traders beliefs regarding future macroeconomic announcements has a significant impact on both price dynamics and trading volume before the announcements in the foreign exchange and other financial markets. -
March 1, 2011
Bank of Canada maintains overnight rate target at 1 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. -
Money and Costly Credit
I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money. The model extends recent developments in microfounded monetary theory to address the choice of payment methods and the effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate. -
The Private Equity Premium Puzzle Revisited
In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors’ methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989–1998 and show that the returns to private and public equity are similar. -
February 18, 2011
Global imbalances: the international monetary system and financial stability
Mark Carney, Governor of the Bank of Canada contributed the article "Global imbalances: the international monetary system and financial stability" to the Banque de France's Financial Stability Review.
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February 17, 2011
Bank of Canada Review - Winter 2010-2011
This issue features a summary of the Bank’s annual conference, which this year dealt with financial globalization, and three articles that present research by Bank staff on Canada’s mortgage market, the role of adverse selection in financial crises, and payment networks.