Uncategorized

• Comparison of Auction Formats in Canadian Government Auctions

  Staff Working Paper 2009-5 Olivier Armantier, Nourredine Lafhel

  Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): D, D4, D44, D6, D63, G, G2, G28

• Uninsurable Investment Risks and Capital Income Taxation

  Staff Working Paper 2009-3 Césaire Meh, Yaz Terajima

  This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): E, E2, E21, E22, E6, E62, G, G3, G32, H, H2, H24, H25

• The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure

  Staff Working Paper 2009-1 Zhaoxia Xu

  This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32
• December 31, 2008

  Summary of Government of Canada - Outstanding as at 31 December 2008

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

• Financial Intermediation, Liquidity and Inflation

  Staff Working Paper 2008-49 Jonathan Chiu, Césaire Meh

  This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E4, E40, E5, E50
• December 23, 2008

  Bank of Canada Announces Details of its 28 Day Term Loan Facility

  In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 28 November, the Bank of Canada announced today that it will enter into a 28-day TLF transaction as follows:

  Content Type(s): Press, Market notices
• December 22, 2008

  Quarterly Bond Schedule and Changes to the Buyback Programs

  Today, the Quarterly Bond Schedule is being published on the Bank of Canada's website in conjunction with the release of the NHA MBS Auction Schedule on the Canada Mortgage and Housing Corporation's website.

  Content Type(s): Press, Market notices
• December 22, 2008

  Results for the 22 December 2008 Term Loan Facility

  The results of today's TLF operation are as follows:

  Content Type(s): Press, Market notices
• December 21, 2008

  Credit, Asset Prices, and Financial Stress in Canada

  Financial System Review - December 2008 Miroslav Misina, Pierre St-Amant, Greg Tkacz

  Content Type(s): Publications, Financial System Review articles
• December 21, 2008

  Fair Value Accounting and Financial Stability

  Financial System Review - December 2008 Éric Chouinard, Peter Youngman

  Content Type(s): Publications, Financial System Review articles