Uncategorized

• Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework

  Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz

  In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37

• The Economic Theory of Retail Pricing: A Survey

  Staff Working Paper 2004-8 Oana Secrieru

  The types of contracts that arise in a typical vertical manufacturer–retailer relationship are more sophisticated than usually assumed in standard macroeconomic models.

  Content Type(s): Staff research, Staff working papers Topic(s): Market structure and pricing JEL Code(s): D, D4, D40, L, L2, L22, L4, L42
• February 17, 2004

  Policies for Changing Times

  Remarks David Dodge Mexican Business Coordinating Council Mexico City, Mexico

  We both share borders with the United States, the most important export market for each of us. Both Canada and Mexico have recently faced setbacks in cross-border trade with the United States. These stem not only from weaker U.S. domestic demand, but also from specific trade problems and from border-crossing delays associated with tighter security.

  Content Type(s): Press, Speeches and appearances, Remarks
• February 11, 2004

  Adjusting to a Changing Economic World

  Remarks David Dodge Board of Trade of Metropolitan Montréal Montréal, Quebec

  These are turbulent times, not just for business people, but for all Canadians. We have come through a very difficult year, a year filled with surprises that have challenged us all. At times like these, it is easy to focus on the near-term issues and problems.

  Content Type(s): Press, Speeches and appearances, Remarks
• January 30, 2004

  Annual Report 2003

  

  At the Bank of Canada, we have worked hard over the past several years to define our goals and our methods for achieving them. We have continued to strengthen our monetary policy framework, and we have established priorities in all areas of our operations to help us meet our strategic objectives. In 2002, the Bank set out a medium-term plan for the period 2003–05. The plan’s clearly defined policy frameworks and priorities were critical in guiding our analysis and our decisions in 2003, a year in which Canadians across the country were affected by a number of severe and unanticipated events.

  Content Type(s): Publications, Annual Report
• January 27, 2004

  Debt-Management Strategy: Market Consultations on the Real Return Bond Program - Summary of Comments

  In September and October 2003, officials from the Department of Finance and the Bank of Canada consulted with market participants on issues specific to the Real Return Bond (RRB) program.

  Content Type(s): Press, Market notices
• January 27, 2004

  2003 Market Consultations on Real Return Bonds

  The Government of Canada actively seeks input from participants on an ongoing basis on the performance of and potential adjustments to federal debt programs.
• January 22, 2004

  Monetary Policy Report Update – January 2004

  Since the October Monetary Policy Report, three developments have led the Bank of Canada to modify its outlook for economic growth and inflation in Canada.

  Content Type(s): Publications, Monetary Policy Report
• January 22, 2004

  Release of the Monetary Policy Report Update

  Opening statement David Dodge

  Three developments have led us to modify our outlook for economic growth and inflation in Canada, since our October Monetary Policy Report. These include: stronger-than-expected world economic activity, the continued sharp depreciation of the U.S. dollar against major world currencies (including the Canadian dollar), and a somewhat larger output gap in Canada at the end of 2003.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 20, 2004

  Bank of Canada lowers target for the overnight rate by 1/4 percentage point to 2 1/2 per cent

  Media Relations Ottawa, Ontario

  Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 3/4 per cent.

  Content Type(s): Press, Press releases