February 17, 2011
Bank of Canada Review Article
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February 17, 2011
Adverse Selection and Financial Crises
The recent financial crisis has highlighted the importance of adverse selection as a contributing factor to financial market instability. -
February 17, 2011
Payment Networks: A Review of Recent Research
In this article, the authors review work done at the Bank of Canada and at other central banks with the relatively new application of network analysis to the study of payments systems. -
February 17, 2011
Conference Summary: Financial Globalization and Financial Instability
The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world. -
November 19, 2010
Has Exchange Rate Pass-Through Really Declined? Some Recent Insights from the Literature
Building on an earlier Review article, the authors critically reassess the premise that exchange rate pass-through (ERPT) has declined in light of recent studies of the issue in the context of a dynamic stochastic general-equilibrium framework. -
November 18, 2010
Financial Stress, Monetary Policy, and Economic Activity
The recent global crisis was characterized by a remarkable intensity in the negative feedback process between financial sector developments and the real economy. -
November 18, 2010
Trends in Issuance: Underlying Factors and Implications
Trends in debt issuance have changed significantly over the past decade, both prior to the financial crisis and subsequently. -
August 19, 2010
Monetary Policy and the Zero Bound on Nominal Interest Rates
The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero. -
August 19, 2010
Price-Level Targeting and Relative-Price Shocks
Stephen Murchison reviews the findings of recent Bank of Canada research on the relative merits of inflation targeting and price-level targeting (PLT) for a small open economy, such as Canada's, that is susceptible to large and persistent terms-of-trade shocks. -
August 19, 2010
Should Monetary Policy Be Used to Counteract Financial Imbalances?
The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind.