September 7, 2012
Uncategorized
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September 5, 2012
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. -
August 29, 2012
Quarterly Financial Report - Second Quarter 2012
Quarterly Financial Report - Second Quarter, 2012 - For the period ended 30 June 2012 -
Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity raises the costs of financing. -
Does the Buck Stop Here? A Comparison of Withdrawals from Money Market Mutual Funds with Floating and Constant Share Prices
Recent reform proposals call for an elimination of the constant net asset value (NAV) or “buck” in money market mutual funds to reduce the occurrence of runs. Outside the United States, there are several countries that have money market mutual funds with and without constant NAVs. -
August 22, 2012
Globalisation, Financial Stability and Employment
Governor Mark Carney discusses globalization, financial stability and employment. -
August 21, 2012
Bank of Canada Announces the Recipient of its 2012 Law Enforcement Award of Excellence for Counterfeit Deterrence
The Bank of Canada is pleased to announce the recipient of its 2012 Law Enforcement Award of Excellence for Counterfeit Deterrence. The RCMP Integrated Counterfeit Enforcement Team, based in Surrey, British Columbia, was honoured for the second consecutive year during the annual conference of the Canadian Association of Chiefs of Police in Sydney, Nova Scotia. […] -
August 21, 2012
Modelling Risks to the Financial System
Deputy Governor Agathe Côté discusses the challenges of assessing risks to the financial system and describes models developed by the Bank of Canada to identify, measure, and analyze sources of risk. -
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August 16, 2012
Measurement Bias in the Canadian Consumer Price Index: An Update
The consumer price index (CPI) is the most commonly used measure to track changes in the overall level of prices. Since it departs from a true cost-of-living index, the CPI is subject to four types of measurement bias—commodity substitution, outlet substitution, new goods and quality adjustment. The author updates previous Bank of Canada estimates of measurement bias in the Canadian CPI by examining these four sources of potential bias. He finds the total measurement bias over the 2005–11 period to be about 0.5 percentage point per year, consistent with the Bank’s earlier findings. Slightly more than half of this bias is caused by the fixed nature of the CPI basket of goods and services.