Sluggish Exports in Advanced Economies: How Much Is Due to Demand?
Exports in advanced economies have been relatively sluggish since 2011, growing at a much slower pace than observed before the global financial crisis.
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March 19, 2015
Release of upcoming Quarterly Bond Schedule
A standalone debt management strategy will be published on or before the end of March 2015, as required by the Financial Administration Act. -
Funding Liquidity, Market Liquidity and the Cross-Section of Stock Returns
Following theory, we check that funding risk connects illiquidity, volatility and returns in the cross-section of stocks. We show that the illiquidity and volatility of stocks increase with funding shocks, while contemporaneous returns decrease with funding shocks. -
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March 12, 2015
Opening Statement before the House of Commons Standing Committee on Finance
Rhys Mendes discusses the impact of lower oil prices on the Canadian economy, in general, and on the manufacturing industry, in particular. -
Fourier Inversion Formulas for Multiple-Asset Option Pricing
Plain vanilla options have a single underlying asset and a single condition on the payoff at the expiration date. For this class of options, a well-known result of Duffie, Pan and Singleton (2000) shows how to invert the characteristic function to obtain a closed-form formula for their prices. -
Effects of Funding Portfolios on the Credit Supply of Canadian Banks
This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans. -
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March 4, 2015
Bank of Canada maintains overnight rate target at 3/4 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. -
February 28, 2015
Research Update - February 2015
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.