Posts

• Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System

  Staff Working Paper 2002-41 Carol Ann Northcott

  Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21

• Inflation Changes, Yield Spreads, and Threshold Effects

  Staff Working Paper 2002-40 Greg Tkacz

  Using interest rate yield spreads to explain changes in inflation, we investigate whether such relationships can be modelled using two-regime threshold models.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Interest rates JEL Code(s): C, C5, C51, E, E3, E31

• An Empirical Analysis of Dynamic Interrelationships Among Inflation, Inflation Uncertainty, Relative Price Dispersion, and Output Growth

  Staff Working Paper 2002-39 Francis Vitek

  Within a unified framework, the author conducts an empirical investigation of dynamic interrelationships among inflation, inflation uncertainty, relative price dispersion, and output growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices JEL Code(s): E, E3, E31

• Oil-Price Shocks and Retail Energy Prices in Canada

  Staff Working Paper 2002-38 Marwan Chacra

  The effects of global energy-price shocks on retail energy prices in Canada are examined. More specifically, the author looks at the response of the consumer price indexes for gasoline, heating oil, natural gas, and electricity in Canada to movements in world crude oil prices.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices, Market structure and pricing JEL Code(s): C, C2, C22, C5, C51, C53, Q, Q4, Q40

• The Performance and Robustness of Simple Monetary Policy Rules in Models of the Canadian Economy

  Technical Report No. 92 Denise Côté, John Kuszczak, Jean-Paul Lam, Ying Liu, Pierre St-Amant

  In this report, we evaluate several simple monetary policy rules in twelve private and public sector models of the Canadian economy. Our results indicate that none of the simple policy rules we examined is robust to model uncertainty, in that no single rule performs well in all models.

  Content Type(s): Staff research, Technical reports Topic(s): Monetary policy and uncertainty JEL Code(s): E, E5, E52, E58
• November 25, 2002

  Debt-Strategy Consultations 2003/04 - Views Sought on Issues Relating to the Design and Operation of Government Debt Programs in 2003/04 and Beyond

  A consultation document on issues relating to the design and operation of government debt programs for fiscal year 2003/04 and beyond, prepared jointly by the Department of Finance and the Bank of Canada, was published today. Debt-strategy planning is based on the fiscal outlook in the 2002 Economic and Fiscal Update released 30 October 2002, which projects that government borrowing in financial markets will remain near current levels.

  Content Type(s): Press, Market notices
• November 25, 2002

  Debt-Strategy 2003/04 Consultation Document

  The purpose of the consultations is to obtain the views of market participants on issues relating to the design and operation of government debt programs for fiscal year 2003/04 and beyond.
• November 25, 2002

  Turnaround Time and Timing for Government of Canada Securities Auctions and Repurchase Operations

  Effective 9 December 2002, the turnaround time for Government of Canada securities auctions will be reduced from 15 minutes to 10 minutes, and the turnaround time for repurchase operations will be reduced from 30 minutes to 15 minutes. Coincident with these changes, the submission deadline for buybacks on a cash basis will be advanced from 1:15 p.m to 1:00 p.m.

  Content Type(s): Press, Market notices
• November 22, 2002

  Bank of Canada Announces Retirement of Deputy Governor Charles Freedman

  Media Relations Ottawa, Ontario

  Today, the Bank of Canada announced that Deputy Governor Charles (Chuck) Freedman will retire from the Bank effective 5 September 2003.

  Content Type(s): Press, Press releases
• November 21, 2002

  Is Canada Dollarized?

  Bank of Canada Review - Autumn 2002 John Murray, James Powell

  The sharp depreciation of the Canadian dollar and the successful launch of the euro have sparked a lively debate in Canada about the possible benefits of formally adopting the U.S. dollar as our national currency. Some observers have suggested that this debate is largely irrelevant, since Canada is already highly "dollarized." Canadian businesses and households, they assert, often use the U.S. dollar to perform standard money functions in preference to their own currency. Very little evidence has been provided, however, to support these claims. The authors review the available data with a view to drawing some tentative conclusions about the extent to which Canada has already been informally dollarized. The evidence suggests that many of the concerns that have been expressed about the imminent demise of the Canadian dollar have been misplaced. The Canadian dollar continues to be used as the principal unit of account, medium of exchange, and store of value within our borders. Moreover, there is no indication that dollarization is likely to take hold in the foreseeable future. Indeed, in many respects, the Canadian economy is less dollarized now than it was 20 years ago.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Exchange rate regimes