Posts

• September 18, 2002

  Bank of Canada Announces Economic Research Fellowship Program

  Media Relations Vancouver, British Columbia

  The Bank of Canada is launching a Fellowship Program to encourage economic research at Canadian universities, Governor David Dodge announced today during a speech at the University of British Columbia. The Governor said the program is a natural extension of the Bank of Canada's commitment to promoting high-quality research.

  Content Type(s): Press, Press releases Source(s): Fellowship Program
• September 4, 2002

  The New Investment Framework for Receiver General Cash Balances

  The Department of Finance and the Bank of Canada are releasing final terms and conditions for participating in morning auctions of Receiver General balances. These auctions are the primary means by which the government invests its short-term Canadian-dollar cash balances.

  Content Type(s): Press, Market notices
• September 4, 2002

  Bank of Canada keeps target for the overnight rate at 2 3/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 per cent.

  Content Type(s): Press, Press releases

• Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence

  Staff Working Paper 2002-26 Hafedh Bouakez

  This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Market structure and pricing, Monetary policy transmission JEL Code(s): F, F3, F31, F4, F41

• Nominal Rigidities and Monetary Policy in Canada Since 1981

  Staff Working Paper 2002-25 Ali Dib

  This paper develops and estimates a dynamic, stochastic, general-equilibrium model with price and wage stickiness to analyze monetary policy in Canada.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E31, E32, E5, E52

• Financial Structure and Economic Growth: A Non-Technical Survey

  Staff Working Paper 2002-24 Veronika Dolar, Césaire Meh

  There is a large body of literature that studies the relationship between financial structure (that is, the degree to which the financial system is either market- or intermediary-based) and long-run economic growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Economic models, Financial institutions, Financial markets, Financial services JEL Code(s): F, F3, F36, G, G0, G00, G1, G14, G2, G21, K, K2, K22, O, O1, O16

• How to Improve Inflation Targeting at the Bank of Canada

  Staff Working Paper 2002-23 Nicholas Rowe

  This paper shows that if the Bank of Canada is optimally adjusting its monetary policy instrument in response to inflation indicators to target 2 per cent inflation at a two-year horizon, then deviations of inflation from 2 per cent represent the Bank's forecast errors, and should be uncorrelated with its information set, which includes two-year lagged values of the instrument and the indicators. Positive or negative correlations are evidence of systematic errors in monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary and financial indicators, Monetary policy implementation JEL Code(s): E, E5
• August 31, 2002

  Macroeconomic Stabilization Policy in Canada

  Remarks David Dodge Symposium sponsored by the Federal Reserve Bank of Kansas City Jackson Hole, Wyoming

  What I propose to do on this panel today is to talk about stabilization policy and policy co-operation from the viewpoint of an industrial country that has a floating exchange rate and both an explicit inflation target for monetary policy and a clear objective for fiscal policy.

  Content Type(s): Press, Speeches and appearances, Remarks
• August 29, 2002

  Bank of Canada releases 2003 schedule of dates for policy interest rate announcements

  Media Relations Ottawa, Ontario

  The Bank of Canada today released its 2003 schedule of eight dates for announcing decisions on its key policy interest rate and, at the same time, confirmed the announcement dates for the remainder of this year.

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

  Monetary Policy and Uncertainty

  Bank of Canada Review - Summer 2002 Paul Jenkins, David Longworth

  Central banks must cope with considerable uncertainty about what will happen in the economy when formulating monetary policy. This article describes the different types of uncertainty that arise and looks at examples of uncertainty that the Bank has recently encountered. It then reviews the strategies employed by the Bank to deal with this problem. The other articles in this special issue focus on three of these major strategies.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy and uncertainty, Monetary policy framework