April 24, 2002
Monetary Policy Report – April 2002
At the time of last November’s Monetary Policy Report, two issues dominated the analysis: the global economic slowdown and the fallout from the September terrorist attacks.
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April 24, 2002
Opening Statement before the House of Commons Standing Committee on Finance
To counter that uncertainty and bolster consumer and business confidence, the Bank of Canada moved aggressively to provide monetary stimulus. Between last September and January 2002, we lowered interest rates by 200 basis points, bringing the total reduction since January 2001 to 375 basis points. -
April 24, 2002
Release of the Monetary Policy Report
The level of production in the Canadian economy should return to full capacity in the second half of 2003. We also said that inflation should be at the Bank's 2 per cent target by about the end of next year. -
April 23, 2002
The Bank of Canada's Securities-Lending Program
The Bank of Canada wishes to announce that it will implement a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. -
April 23, 2002
The Bank of Canada's Securities-Lending Program: Draft Terms and Conditions - Appendix B
Eligible Collateral for the Securities-Lending Program The list of eligible collateral for the Bank's securities-lending program will consist of the following: Securities issued by the Government of Canada. Government of Canada stripped coupons and residuals. Securities guaranteed by the Government of Canada (including Canada Mortgage Bonds and NHA mortgage-backed securities (MBS) with a minimum pool […] -
April 23, 2002
The Bank of Canada's Securities-Lending Program: Draft Terms and Conditions - Appendix A
Related Entities "Entity" means a corporation, trust, partnership, fund, or an unincorporated association or organization. "Person" means a natural person, an entity or a personal representative. Where two or more Primary Dealers are related entities with each other, only one of those entities may participate in the Bank's securities-lending program, unless the related entities meet […] -
April 23, 2002
The Bank of Canada's Securities-Lending Program: Draft Terms and Conditions
Context The objective of the Bank of Canada's securities-lending program is to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market under the conditions listed below. Transaction Structure The structure of the transactions is securities lending (no cash collateral) pursuant to a securities-lending agreement […] -
April 16, 2002
Bank of Canada raises overnight rate target by 1/4 percentage point to 2 1/4 per cent
The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 1/2 per cent. -
Risk, Entropy, and the Transformation of Distributions
The exponential family, relative entropy, and distortion are methods of transforming probability distributions. We establish a link between those methods, focusing on the relation between relative entropy and distortion. -
La fiabilité des estimations de l'écart de production au Canada
In this paper, we measure, with Canadian data, the scope of the revisions to real-time estimates of the output gap generated with several univariate and multivariate techniques. We also make an empirical evaluation of the usefulness of the output gap estimates for predicting inflation.