November 3, 2003
Posts
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November 3, 2003
Bank of Canada announces the elimination of retroactive settlement in the ACSS
The Bank of Canada announced that, effective 1 November 2003, it will no longer backdate the results of payments settling through the Automated Clearing Settlement System (ACSS), an accounting practice that has been in place since July 1986. -
Excess Collateral in the LVTS: How Much is Too Much?
The authors build a theoretical model that generates demand for collateral by Large Value Transfer System (LVTS) participants under the assumption that they minimize the cost of holding and managing collateral for LVTS purposes. The model predicts that the optimal amount of collateral held by each LVTS participant depends on the opportunity cost of collateral, the transactions costs of acquiring assets used as collateral and transferring them in and out of the LVTS, and the distribution of an LVTS participant's payment flows in the LVTS. -
Real Exchange Rate Persistence in Dynamic General-Equilibrium Sticky-Price Models: An Analytical Characterization
This paper assesses analytically the ability of dynamic general-equilibrium sticky-price models to generate persistent real exchange rate fluctuations. It develops a tractable general-equilibrium model with Calvo-type price stickiness. -
October 29, 2003
Bank of Canada Governor David Dodge corrects a misstatement
Bank of Canada Governor David Dodge corrects a misstatement he made in responding to a question yesterday relating to what he heard at the G-20 meeting about U.S. growth and how it might affect Bank of Canada projections. -
October 23, 2003
Opening Statement before the Senate Banking, Trade and Commerce Committee
The last time that I appeared before this committee was after the release of our April Report. Since then, our economy has been hit by a number of unusual shocks. Because of these shocks and other factors, growth has been weaker than expected. We now estimate that there is more slack in the economy than we had projected in April. -
October 22, 2003
Release of the Monetary Policy Report
Since our April Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia. Inflation has also fallen faster and further than expected. -
October 22, 2003
Monetary Policy Report – October 2003
In the April Monetary Policy Report, the Bank noted that inflation was well above its 2 per cent target and that short-term inflation expectations had edged up. -
October 22, 2003
Opening Statement before the House of Commons Finance Committee
The last time that Paul and I appeared before this committee was after the release of our April Report. At that time, inflation was well above its 2 per cent target, and short-term inflation expectations had edged up. Although inflation was being pushed up by special factors, there were also signs that strong domestic demand was working to broaden pressures on prices. -
October 22, 2003
Bank of Canada releases Monetary Policy Report
Since the April Monetary Policy Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia.