Posts

• October 26, 2011

  Release of the Monetary Policy Report

  Opening statement Mark Carney Ottawa, Ontario

  Press conference following the release of the Monetary Policy Report.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 25, 2011

  Bank of Canada maintains overnight rate target at 1 per cent

  Media Relations Ottawa, Ontario

  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.

  Content Type(s): Press, Press releases
• October 19, 2011

  Change in Minimum Bank of Canada Nominal Bond Purchases at Auctions

  In managing its balance sheet, the Bank of Canada acquires Government of Canada securities to offset its liabilities, which consist mainly of bank notes in circulation and deposits.

  Content Type(s): Press, Market notices

• Money and Price Posting under Private Information

  Staff Working Paper 2011-22 Mei Dong, Janet Hua Jiang

  We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible goods. Ex ante homogeneous buyers experience match specific preference shocks in bilateral trades. The shocks follow a continuous distribution and the realization of the shocks is private information.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices JEL Code(s): D, D8, D82, D83, E, E3, E31
• October 17, 2011

  Senior Loan Officer Survey - Third-Quarter 2011

  The survey results point to an overall easing in business-lending conditions during the third quarter of 2011. The balance of opinion of both the price and non-price aspects of business lending eased during the quarter.

  Content Type(s): Publications, Senior Loan Officer Survey
• October 17, 2011

  Business Outlook Survey - Autumn 2011

  Responses to the autumn survey point to less optimism among firms than in the summer survey. Indicators of future business activity, capacity constraints and price pressures have all moved down from the levels recorded in the previous survey.

  Content Type(s): Publications, Business Outlook Survey

• Fixed-Term and Permanent Employment Contracts: Theory and Evidence

  Staff Working Paper 2011-21 Shutao Cao, Enchuan Shao, Pedro Silos

  This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Labour markets, Potential output, Productivity JEL Code(s): H, H2, H29, J, J2, J23, J3, J38

• A Stochastic Volatility Model with Conditional Skewness

  Staff Working Paper 2011-20 Bruno Feunou, Roméo Tedongap

  We develop a discrete-time affine stochastic volatility model with time-varying conditional skewness (SVS). Importantly, we disentangle the dynamics of conditional volatility and conditional skewness in a coherent way.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Econometric and statistical methods JEL Code(s): C, C1, C5, G, G1, G12

• Exchange Rates and Individual Good’s Price Misalignment: Some Preliminary Evidence of Long-Horizon Predictability

  Staff Discussion Paper 2011-8 Wei Dong, Deokwoo Nam

  When prices are sticky, movements in the nominal exchange rate have a direct impact on international relative prices. A relative price misalignment would trigger an adjustment in consumption and employment, and may help to predict future movements in the exchange rate.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F47

• Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach

  Staff Working Paper 2011-19 Toni Gravelle, Fuchun Li

  In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): C, C1, C14, C5, C58, G, G2, G21, G3, G32