Uncategorized

• May 17, 2012

  On the Adjustment of the Global Economy

  Bank of Canada Review - Spring 2012 Carlos De Resende, Claudia Godbout, René Lalonde, Eric Morin, Nikita Perevalov

  This article discusses three scenarios for the adjustment of the global economy. In a “baseline” scenario—which encompasses fiscal consolidation in major advanced economies, growth-friendly structural reforms in Europe and Japan, and greater exchange rate flexibility and reforms in the emerging-market economies of Asia to induce rotation of demand away from net exports—global current account imbalances […]

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Balance of payments and components, Exchange rates, Fiscal policy, International topics, Recent economic and financial developments JEL Code(s): F, F3, F32, F37, F4, F42
• May 17, 2012

  Inflation Targeting: The Recent International Experience

  Bank of Canada Review - Spring 2012 Robert Lavigne, Rhys R. Mendes, Subrata Sarker

  In the years since the 2006 renewal of Canada’s inflation-control agreement, monetary policy regimes have faced significant shocks, including the global economic and financial crisis. This article reviews the recent experience with inflation targeting, including the debate about the appropriate role of monetary policy in maintaining financial stability. In the aftermath of the crisis, both […]

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Credibility, Financial stability, Inflation targets, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52, E58
• May 17, 2012

  Understanding Systemic Risk in the Banking Sector: A MacroFinancial Risk Assessment Framework

  Bank of Canada Review - Spring 2012 Céline Gauthier, Moez Souissi

  The MacroFinancial Risk Assessment Framework (MFRAF) models the interconnections between liquidity and solvency in a financial system, with multiple institutions linked through an interbank network. The MFRAF integrates funding liquidity risk as an endogenous outcome of the interactions between solvency risk and the liquidity profiles of banks, which is a complementary approach to the new […]

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial stability, Financial system regulation and policies JEL Code(s): E, E4, E44, G, G0, G01, G2, G21
• May 17, 2012

  Conference Summary: New Developments in Payments and Settlement

  Bank of Canada Review - Spring 2012 Ben Fung, Miguel Molico

  The Bank of Canada’s annual conference, held in November 2011, brought together leading researchers from universities, central banks and other institutions from around the world. Divided into four sessions plus two keynote addresses, the conference covered such topics as the use of cash and other means of payment in retail transactions, large-value payments systems, and […]

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Bank notes, Central bank research, Financial system regulation and policies, Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E4, E42, G, G2, G28, L, L8, L81

• The Impact of Retail Payment Innovations on Cash Usage

  Staff Working Paper 2012-14 Ben Fung, Kim Huynh, Leonard Sabetti

  Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial services, Payment clearing and settlement systems JEL Code(s): C, C3, C35, C8, C83, E, E4, E41
• May 7, 2012

  Monetary Policy Decision-Making at the Bank of Canada

  Remarks John Murray Mortgage Brokers Association of B.C. Vancouver, British Columbia

  Deputy Governor John Murray discusses monetary policy decision-making at the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• May 2, 2012

  Bank of Canada Unveils New $20 Note Design

  Media Relations Ottawa, Ontario

  Minister of Finance Jim Flaherty and Governor Mark Carney today unveiled the new and more secure $20 polymer bank note at the Bank of Canada’s head office, on Wellington Street in Ottawa.

  Content Type(s): Press, Press releases Topic(s): Bank notes

• Changes in the Effects of Monetary Policy on Disaggregate Price Dynamics

  Staff Working Paper 2012-13 Christiane Baumeister, Philip Liu, Haroon Mumtaz

  We examine the evolution of the effects of monetary policy shocks on the distribution of disaggregate prices and quantities of personal consumption expenditures to assess the contribution of monetary policy to changes in U.S. inflation dynamics.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Monetary policy transmission JEL Code(s): E, E3, E30, E32
• April 30, 2012

  Transport and Logistics - Connecting Canada to the Global Economy

  Remarks Timothy Lane Chartered Institute of Logistics and Transport North America Ottawa, Ontario

  Deputy Governor Tim Lane discusses the global economic outlook and the integral – and historic – role of transport and logistics in building Canada’s prosperity.

  Content Type(s): Press, Speeches and appearances, Remarks
• April 27, 2012

  Bank of Canada designates Canadian Derivatives Clearing Service under the Payment Clearing and Settlement Act

  Media Relations Ottawa, Ontario

  The Governor of the Bank of Canada today designated the Canadian Derivatives Clearing Service (CDCS) as subject to ongoing regulatory oversight by the Bank under the Payment Clearing and Settlement Act (PCSA), effective 30 April 2012.

  Content Type(s): Press, Press releases