Uncategorized

• September 25, 2008

  Reflections on Recent International Economic Developments

  Remarks Mark Carney Canadian Club of Montreal Montréal, Quebec

  The events of the past few weeks in global financial markets have been dramatic. Money and credit markets seized up. There was a massive flight to the safety of the highest quality of government debt.

  Content Type(s): Press, Speeches and appearances, Remarks
• September 23, 2008

  Bank of Canada Announces Term PRA Transactions

  As part of its provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into the following 84-day and 27-day term Purchase and Resale Agreements (term PRA) against an expanded listed of eligible securities:1

  Content Type(s): Press, Market notices
• September 18, 2008

  Bank of Canada Announces Term PRA Transaction

  As part of its provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into a 28-day term purchase and resale agreement (PRA) as follows:

  Content Type(s): Press, Market notices
• September 18, 2008

  Measuring Inflation: Methodology and Misconceptions

  Remarks John Murray Certified General Accountants of Ontario Toronto, Ontario

  These past few months have been busy for central bankers, to say the least, and the past few days are certainly no exception. While developments on Wall Street have garnered much attention, the cost of living has also been an issue for us all, whether we're buying gas at the pumps, booking an airline ticket, or just picking up a loaf of bread at the grocery store.

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

• Market Structure and the Diffusion of E-Commerce: Evidence from the Retail Banking Industry

  Staff Working Paper 2008-32 Jason Allen, Robert Clark, Jean-François Houde

  This paper studies the role that market structure plays in affecting the diffusion of electronic banking. Electronic banking (and electronic commerce more generally) reduces the cost of performing many types of transactions for firms.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Market structure and pricing JEL Code(s): D, D1, D14, D4, G, G2, G21, L, L1
• September 18, 2008

  Bank of Canada Announces Swap Facility with U.S. Federal Reserve as part of Coordinated Central Bank Actions

  Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets.

  Content Type(s): Press, Market notices
• September 12, 2008

  Fixed Income Markets

  Conference held on 12 and 13 September 2008 (papers in unedited, electronic format only)

  Content Type(s): Conferences and workshops

• Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting

  Staff Working Paper 2008-31 Césaire Meh, José-Víctor Ríos-Rull, Yaz Terajima

  Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth – between households and the government, between nationals and foreigners, and between households within the same country.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices, Inflation targets, Inflation: costs and benefits, Monetary policy framework, Sectoral balance sheet JEL Code(s): D, D3, D31, E, E2, E21, E3, E31, E4, E44, E5, E52, E6, E63

• Non-Linearities, Model Uncertainty, and Macro Stress Testing

  Staff Working Paper 2008-30 Miroslav Misina, David Tessier

  A distinguishing feature of macro stress testing exercises is the use of macroeconomic models in scenario design and implementation. It is widely agreed that scenarios should be based on "rare but plausible" events that have either resulted in vulnerabilities in the past or could do so in the future.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability JEL Code(s): C, C1, C15, G, G2, G21, G3, G33

• Macroeconomic Determinants of the Term Structure of Corporate Spreads

  Staff Working Paper 2008-29 Jun Yang

  We investigate the macroeconomic determinants of corporate spreads using a no-arbitrage technique. Structural shocks are identified by a New-Keynesian model. Treasury bonds are priced in an affine model with time-varying risk premia.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets, Interest rates JEL Code(s): E, E4, E43, E44, G, G1, G12