Posts

• Price Level Targeting: What Is the Right Price?

  Staff Working Paper 2010-8 Malik Shukayev, Alexander Ueberfeldt

  Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting. From a practical standpoint, this raises an important yet unanswered question: What is the optimal price index to target?

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
• February 26, 2010

  Bank of Canada announces appointment of Tiff Macklem as Senior Deputy Governor

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced that Tiff Macklem has been appointed Senior Deputy Governor for a term of seven years beginning 1 July, 2010.

  Content Type(s): Press, Press releases

• Time Variation in Okun's Law: A Canada and U.S. Comparison

  Staff Working Paper 2010-7 Kimberly Beaton

  This article investigates the stability of Okun's law for Canada and the United States using a time varying parameter approach. Time variation is modeled as driftless random walks and is estimated using the median unbiased estimator approach developed by Stock and Watson (1998).

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Labour markets JEL Code(s): E, E2, E24, J, J0, J00

• Assembling a Real-Financial Micro-Dataset for Canadian Households

  Staff Working Paper 2010-6 Umar Faruqui

  The lack of consolidated Canadian micro data on household balance sheets and expenditures has been an important impediment to empirical research into real-financial linkages in the Canadian household sector. Our paper attempts to fill this data gap by merging household balance sheet data from the Canadian Financial Monitor survey with household expenditure data from the Survey of Household Spending.

  Content Type(s): Staff research, Staff working papers Topic(s): Sectoral balance sheet JEL Code(s): C, C8, C81, D, D1, D10

• What Drives Exchange Rates? New Evidence from a Panel of U.S. Dollar Bilateral Exchange Rates

  Staff Working Paper 2010-5 Jean-Philippe Cayen, Donald Coletti, René Lalonde, Philipp Maier

  We use a novel approach to identify economic developments that drive exchange rates in the long run. Using a panel of six quarterly U.S. bilateral real exchange rates – Australia, Canada, the euro, Japan, New Zealand and the United Kingdom – over the 1980-2007 period, a dynamic factor model points to two common factors.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Exchange rates JEL Code(s): J, J3, J31
• February 17, 2010

  Bank of Canada Liquidity Facilities: Past, Present, and Future

  Remarks David Longworth C.D. Howe Institute Toronto, Ontario

  Thank you for inviting me here today. It is a pleasure to be with you. This afternoon, I would like to talk about liquidity and the role of the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• February 16, 2010

  Results of the 16 February 2010 Term PRA Transaction

  The results of today's term PRA operations.

  Content Type(s): Press, Market notices
• February 12, 2010

  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 19 January (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation

  Content Type(s): Press, Market notices
• February 8, 2010

  Promoting Canada’s Economic and Financial Welfare

  Presentation Pierre Duguay Lévis Chamber of Commerce Lévis, Quebec

  Content Type(s): Press, Speeches and appearances, Presentations
• February 4, 2010

  Signs of Thaw in Corporate Attitudes Emerging, Says Governor Carney

  Media Relations Winnipeg, Manitoba

  With improvements in financial conditions, economic activity, commodity prices, and confidence, the Bank of Canada anticipates that there will be a relatively modest recovery this year in business fixed investment in Canada, and an acceleration of investment spending in 2011.

  Content Type(s): Press, Press releases