May 9, 2008
Bank of Canada Hosts CEMLA Meetings
The Centre for Latin American Monetary Studies (Centro de Estudios Monetarios Latinoamericanos or CEMLA) concluded its Governors' Meetings today, hosted by the Bank of Canada.
Posts
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Uncertainty, Inflation, and Welfare
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness. -
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A Model of Tiered Settlement Networks
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure. -
May 1, 2008
Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce
In it, we noted that growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated. Buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by a fall in net exports. -
May 1, 2008
Results of the 1 May 2008 Term PRA Transaction
The results of today's term PRA operations are as follows: -
April 30, 2008
Opening Statement before the House of Commons Standing Committee on Finance
Growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated. -
April 29, 2008
Bank of Canada Announces Term PRA Transaction
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 will enter into a 28-day term purchase and resale agreement (PRA) as follows: -
April 29, 2008
Financial Stability Forum publishes report on Enhancing Market and Institutional Resilience
The Financial Stability Forum (FSF) has presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions. -
April 28, 2008
Counterfeit $100 notes discovered: Bank of Canada and the Toronto Police Service remind the public and retailers to be vigilant
The Bank of Canada and the Toronto Police Service are reminding the public and retailers to pay close attention to the bank notes they receive. A number of counterfeit $100 notes have been passed mainly in the Greater Toronto Area in the last few weeks.