Uncategorized

• January 23, 2013

  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
• January 23, 2013

  Monetary Policy Report – January 2013

  

  Following an estimated 1.9 per cent in 2012, the Canadian economy is expected to grow by 2.0 per cent in 2013 and 2.7 per cent in 2014, and to reach full capacity in the second half of 2014, later than anticipated in the October Report.

  Content Type(s): Publications, Monetary Policy Report
• January 10, 2013

  Regearing Our Economic Growth

  Remarks Tiff Macklem Queen’s University - W. Edmund Clark Distinguished Lecture Kingston, Ontario

  Senior Deputy Governor Tiff Macklem discusses regearing the Canadian economy for sustained growth.

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

• Real-financial Linkages through Loan Default and Bank Capital

  Staff Working Paper 2013-3 Tamon Takamura

  Many studies in macroeconomics argue that financial frictions do not amplify the impacts of real shocks. This finding is based on models without endogenous default on loans and bank capital. Using a model featuring endogenous interactions between firm default and bank capital, this paper revisits the propagation mechanisms of real and financial shocks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability, Financial system regulation and policies, Interest rates JEL Code(s): E, E3, E32, E4, E44, E6, E69

• House Prices, Consumption and the Role of Non-Mortgage Debt

  Staff Working Paper 2013-2 Katya Kartashova, Ben Tomlin

  This paper examines the relationship between house prices and consumption, through the use of debt. Using unique Canadian household-level data that reports the uses of debt, we begin by looking at the relationship between house prices and debt.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Domestic demand and components JEL Code(s): D, D1, D10, D14, D3, D31, E, E2, E21
• December 31, 2012

  Summary of Government of Canada - Outstanding as at 31 December 2012

  Content Type(s): Publications, Historical: Securities and loans
• December 21, 2012

  Results of the 21 December 2012 Term Repo Operation for Balance Sheet Management Purposes

  Results of today's term repo for balance sheet management purposes operation.

  Content Type(s): Press, Market notices

• How Important Are Liquidity Constraints for Canadian Households? Evidence from Micro-Data

  Staff Discussion Paper 2012-9 Umar Faruqui, Samah Torchani

  Using a unique micro-dataset containing real and financial information on Canadian households for 2000–07, the authors address two questions: (1) What is the proportion of households whose consumption displays excess sensitivity to income, and who are likely liquidity constrained?

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Sectoral balance sheet JEL Code(s): C, C3, C35, D, D1, D12, D3, D30

• Extracting Information from the Business Outlook Survey Using Statistical Approaches

  Staff Discussion Paper 2012-8 Lise Pichette

  Since the autumn of 1997, the regional offices of the Bank of Canada have conducted quarterly consultations with businesses across Canada. These consultations, summarized in the Business Outlook Survey (BOS), are structured around a survey questionnaire that covers topics of importance to the Bank, notably business activity, pressures on production capacity, prices and inflation, and credit conditions.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Business fluctuations and cycles, Regional economic developments JEL Code(s): C, C4, C43, C8, C82, E, E3, E37

• On the Welfare Effects of Credit Arrangements

  Staff Working Paper 2012-43 Jonathan Chiu, Mei Dong, Enchuan Shao

  This paper studies the welfare effects of different credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, a deviation from the Friedman rule is always sub-optimal. Moreover, credit arrangements can be welfare-reducing, because increased consumption by credit users will drive up the price level so that money users have to reduce consumption when facing a binding liquidity restraint.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Payment clearing and settlement systems JEL Code(s): E, E4, E40, E5, E50