Uncategorized

• January 23, 2018

  CFIF Meeting (January 23, 2018)

  Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum

• Tail Risk in a Retail Payment System: An Extreme-Value Approach

  Staff Discussion Paper 2018-2 Héctor Pérez Saiz, Blair Williams, Gabriel Xerri

  The increasing importance of risk management in payment systems has led to the development of an array of sophisticated tools designed to mitigate tail risk in these systems. In this paper, we use extreme value theory methods to quantify the level of tail risk in the Canadian retail payment system (ACSS) for the period from 2002 to 2015.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Econometric and statistical methods, Financial stability, Payment clearing and settlement systems JEL Code(s): C, C5, C58, G, G2, G21, G23

• Modeling Fluctuations in the Global Demand for Commodities

  Staff Working Paper 2018-4 Lutz Kilian, Xiaoqing Zhou

  It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic activity.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): F, F4, F44, Q, Q1, Q11, Q3, Q31, Q4, Q41, Q43
• January 17, 2018

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Carolyn A. Wilkins, Stephen S. Poloz Ottawa, Ontario

  Senior Deputy Governor Carolyn A. Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 17, 2018

  Bank of Canada increases overnight rate target to 1 1/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent.

  Content Type(s): Press, Press releases
• January 17, 2018

  Monetary Policy Report – January 2018

  

  Growth in the Canadian economy is projected to slow from 3 per cent in 2017 to 2.2 per cent this year and 1.6 per cent in 2019.

  Content Type(s): Publications, Monetary Policy Report

• Wages: Measurement and Key Drivers

  Staff Analytical Note 2018-2 Dany Brouillette, Jonathan Lachaine, Benoit Vincent

  Available sources of hourly wage data in Canada sometimes send conflicting signals about wage growth. This note thus has two objectives: first, we develop a wage measure—the wage-common—to better capture the (underlying) wage pressures reflecting the common trend across the available data sources. Second, we re-examine the relationship between wage growth and macro drivers (labour market slack and labour productivity).

  Content Type(s): Staff research, Staff analytical notes Topic(s): Econometric and statistical methods, Labour markets, Recent economic and financial developments JEL Code(s): C, C3, C38, J, J3
• January 10, 2018

  Bank of Canada announces 2017–18 scholarship recipients

  Media Relations Ottawa, Ontario

  The Bank of Canada is pleased to announce this year’s recipients of its Scholarship and Work Placement Program for Indigenous students and students with disabilities.

  Content Type(s): Press, Press releases Source(s): Scholarship awards

• Canada’s Experience with Trade Policy

  Staff Discussion Paper 2018-1 Karyne B. Charbonneau, Daniel de Munnik, Laura Murphy

  This paper compiles the contemporary view on three major Canadian-led trade policies that have marked Canada’s economic history since Confederation: the National Policy (1879), the Canada–US Agreement on Automotive Products (Auto Pact, 1965) and the Canada–US Free Trade Agreement (FTA, 1989, including its extension to the North American Free Trade Agreement, NAFTA, 1994).

  Content Type(s): Staff research, Staff discussion papers Topic(s): International topics, Trade integration JEL Code(s): F, F1, F13, N, N7, N71, N72

• Speed Segmentation on Exchanges: Competition for Slow Flow

  Staff Working Paper 2018-3 Lisa Anderson, Emad Andrews, Baiju Devani, Michael Mueller, Adrian Walton

  In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away from other Canadian venues with a maker-taker fee structure.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G14, G2, G24