Uncategorized

• Price Competition and Concentration in Search and Negotiation Markets: Evidence from Mortgage Lending

  Staff Working Paper 2012-4 Jason Allen, Robert Clark, Jean-François Houde

  This paper examines the impact of bank consolidation on mortgage rates in order to evaluate the extent to which mortgage markets are competitive. Mortgage markets are decentralized and so rates are determined through a search and negotiation process.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Interest rates JEL Code(s): G, G2, L, L1

• Fooled by Search: Housing Prices, Turnover and Bubbles

  Staff Working Paper 2012-3 Brian Peterson

  his paper develops and estimates a model to explain the behaviour of house prices in the United States. The main finding is that over 70% of the increase in house prices relative to trend during the increase of house prices in the United States from 1995 to 2006 can be explained by a pricing mechanism where market participants are ‘Fooled by Search.’

  Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Business fluctuations and cycles JEL Code(s): E, E3, R, R2, R21
• February 7, 2012

  Raising the House of Reform

  Remarks Tiff Macklem Rotman Institute for International Business Toronto, Ontario

  Senior Deputy Governor Tiff Macklem discusses the importance of pressing ahead with financial reforms despite the weak global recovery.

  Content Type(s): Press, Speeches and appearances, Remarks

• Time-Varying Effects of Oil Supply Shocks on the U.S. Economy

  Staff Working Paper 2012-2 Christiane Baumeister, Gert Peersman

  We use vector autoregressions with drifting coefficients and stochastic volatility to investigate how the dynamic effects of oil supply shocks on the U.S. economy have changed over time. We find a substantial decline in the short-run price elasticity of oil demand since the mid-eighties.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): E, E3, E31, E32, Q, Q4, Q43

• Real-Time Analysis of Oil Price Risks Using Forecast Scenarios

  Staff Working Paper 2012-1 Christiane Baumeister, Lutz Kilian

  Recently, there has been increased interest in real-time forecasts of the real price of crude oil. Standard oil price forecasts based on reduced-form regressions or based on oil futures prices do not allow consumers of forecasts to explore how much the forecast would change relative to the baseline forecast under alternative scenarios about future oil demand and oil supply conditions.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, E, E3, E32, Q, Q4, Q43
• January 18, 2012

  Monetary Policy Report – January 2012

  

  The Canadian economy is estimated to have grown by 2.4 per cent in 2011, and is projected to grow by 2.0 per cent in 2012, and 2.8 per cent in 2013, returning to full capacity by the third quarter of 2013. Total CPI inflation is expected to return to the 2 per cent target by the 3rd quarter of 2013.

  Content Type(s): Publications, Monetary Policy Report
• January 18, 2012

  Release of the Monetary Policy Report

  Opening statement Mark Carney Ottawa, Ontario

  Press conference following the release of the Monetary Policy Report.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 17, 2012

  Bank of Canada maintains overnight rate target at 1 per cent

  Media Relations Ottawa, Ontario

  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.

  Content Type(s): Press, Press releases
• December 31, 2011

  Summary of Government of Canada - Outstanding as at 31 December 2011

  Content Type(s): Publications, Historical: Securities and loans

• A Model of the EFA Liabilities

  Staff Discussion Paper 2011-11 Francisco Rivadeneyra, Oumar Dissou

  The authors describe the liabilities model of the Exchange Fund Account (EFA). The EFA is managed using an asset-liability matching framework that requires currency and duration matching of both sides of the balance sheet.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Debt management, Foreign reserves management JEL Code(s): G, G1, G12, G3, G32