Uncategorized

• The Bank of Canada's Version of the Global Economy Model (BoC-GEM)

  Technical Report No. 98 René Lalonde, Dirk Muir

  The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research).

  Content Type(s): Staff research, Technical reports Topic(s): Business fluctuations and cycles, Economic models, International topics JEL Code(s): C, C6, C68, E, E2, E27, E3, E37, F, F3, F32, F4, F47
• September 5, 2007

  Bank of Canada keeps target for the overnight rate at 4 1/2 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/2 per cent.

  Content Type(s): Press, Press releases
• August 27, 2007

  The Bank of Canada's Research Agenda and the Future of Inflation Targeting

  Remarks Pierre Duguay Canadian Association for Business Economics Kingston, Ontario

  The last few weeks have been a time of turbulence in financial markets. In times such as these, it is common for people to focus on day-by-day or even hour-by-hour events, and to lose sight of the future. But tonight, I want to focus on the future; specifically, the future of inflation targeting in Canada.

  Content Type(s): Press, Speeches and appearances, Remarks
• August 22, 2007

  Bank of Canada Announces Appointment of Special Adviser

  Media Relations Ottawa, Ontario

  The Special Adviser position was created to bring additional perspectives to monetary policy discussions.

  Content Type(s): Press, Press releases
• August 15, 2007

  Bank of Canada Temporarily Expands List of Collateral Eligible for SPRA Transactions

  Media Relations Ottawa, Ontario

  As part of its continuing provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it is temporarily expanding the list of collateral eligible for use by market participants in Special Purchase and Resale Agreements (SPRAs).

  Content Type(s): Press, Press releases

• Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand

  Staff Working Paper 2007-46 Jonathan Chiu

  This paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that money is dominated in rate of return by interest bearing assets, because they must pay a fixed cost to transfer funds between the asset market and the goods market.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework, Monetary policy transmission JEL Code(s): E, E3, E31, E4, E41, E5, E50

• Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s: (Hard) Lessons Learned for Monetary Policy in a Small Open Economy

  Staff Working Paper 2007-45 Michael Bordo, Ali Dib, Lawrence L. Schembri

  This paper revisits Canada's pioneering experience with floating exchange rate over the period 1950–1962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates JEL Code(s): E, E3, E32, E37, F, F3, F31, F32, N, N1

• Trend Inflation, Wage and Price Rigidities, and Welfare

  Staff Working Paper 2007-42 Robert Amano, Kevin Moran, Stephen Murchison, Andrew Rennison

  This paper studies the steady-state costs of inflation in a general-equilibrium model with real per capita output growth and staggered nominal price and wage contracts.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E0, E5
• July 25, 2007

  Bank of Canada releases 2008 schedule of dates for its policy interest rate announcements

  Media Relations Ottawa, Ontario

  The Bank of Canada today released its 2008 schedule of eight dates for announcing decisions on its key policy interest rate, and confirmed the announcement dates for the remainder of this year.

  Content Type(s): Press, Press releases
• July 12, 2007

  Release of the Monetary Policy Report Update

  Opening statement David Dodge

  Economic growth and inflation in Canada in the first half of this year have been stronger than was expected in the April Monetary Policy Report. The Bank judges that the economy is now operating further above its production potential than was projected in April.

  Content Type(s): Press, Speeches and appearances, Opening statements