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284
result(s)
Monetary Policy Under Uncertainty: Practice Versus Theory
Staff Discussion Paper 2017-13
Rhys R. Mendes,
Stephen Murchison,
Carolyn A. Wilkins
For central banks, conducting policy in an environment of uncertainty is a daily fact of life. This uncertainty can take many forms, ranging from incomplete knowledge of the correct economic model and data to future economic and geopolitical events whose precise magnitudes and effects cannot be known with certainty.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Monetary policy,
Monetary policy and uncertainty
JEL Code(s):
E,
E5,
E52,
E58,
E6,
E61,
E65
Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices
Staff Discussion Paper 2017-12
Rose Cunningham,
Min Jae Kim,
Christian Friedrich,
Kristina Hess
In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates,
Inflation and prices,
International topics,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
F,
F3,
F31,
F4,
F41
What’s Up with Unit Non-Response in the Bank of Canada’s Business Outlook Survey? The Effect of Staff Tenure
Staff Discussion Paper 2017-11
Sarah Miller,
David Amirault,
Laurent Martin
Since 1997, the Bank of Canada’s regional offices have been conducting the Business Outlook Survey (BOS), a quarterly survey of business conditions. Survey responses are gathered through face-to-face, confidential consultations with a sample of private sector firms representative of the various sectors, firm sizes and regions across Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Econometric and statistical methods,
Firm dynamics,
Regional economic developments
JEL Code(s):
C,
C2,
C21,
C8,
C81,
D,
D2,
D22
Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks
Staff Discussion Paper 2017-10
Meyer Aaron,
Francisco Rivadeneyra,
Samantha Sohal
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Digital currencies and fintech,
Financial institutions,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G1,
G2,
L,
L1
What Explains Month-End Funding Pressure in Canada?
Staff Discussion Paper 2017-9
Christopher S. Sutherland
The Canadian overnight repo market persistently shows signs of latent funding pressure around month-end periods. Both the overnight repo rate and Bank of Canada liquidity provision tend to rise in these windows. This paper proposes three non-mutually exclusive hypotheses to explain this phenomenon.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
Interest rates,
Monetary policy framework,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E4,
E41,
E43,
E5,
E52,
E58,
F,
F3,
F36,
G,
G1,
G14,
G15,
G2,
G21
A Three‐Frequency Dynamic Factor Model for Nowcasting Canadian Provincial GDP Growth
Staff Discussion Paper 2017-8
Tony Chernis,
Gabriella Velasco,
Calista Cheung
This paper estimates a three‐frequency dynamic factor model for nowcasting Canadian provincial gross domestic product (GDP). Canadian provincial GDP is released by Statistics Canada on an annual basis only, with a significant lag (11 months).
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Econometric and statistical methods,
Regional economic developments
JEL Code(s):
C,
C5,
C53,
E,
E3,
E32,
E37,
R,
R1,
R11
Methodology for Assigning Credit Ratings to Sovereigns
Staff Discussion Paper 2017-7
Philippe Muller,
Jérôme Bourque
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of investment counterparties. Traditionally, foreign exchange reserve and asset managers have relied on credit rating agencies (CRAs) as the main source for credit assessments.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credit risk management,
Foreign reserves management
JEL Code(s):
F,
F3,
F31,
G,
G2,
G24,
G28,
G3,
G32
Multilateral Development Bank Credit Rating Methodology: Overcoming the Challenges in Assessing Relative Credit Risk in Highly Rated Institutions Based on Public Data
Staff Discussion Paper 2017-6
David Xiao Chen,
Philippe Muller,
Hawa Wagué
The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of counterparties. Traditionally, foreign exchange reserve managers and other investors have relied on credit rating agencies (CRAs) as the main source for credit assessments.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credit risk management,
Foreign reserves management
JEL Code(s):
F,
F3,
F31,
G,
G2,
G24,
G28,
G3,
G32
Assessing the Business Outlook Survey Indicator Using Real-Time Data
Staff Discussion Paper 2017-5
Lise Pichette,
Marie-Noëlle Robitaille
Every quarter, the Bank of Canada conducts quarterly consultations with businesses across Canada, referred to as the Business Outlook Survey (BOS). A principal-component analysis conducted by Pichette and Rennison (2011) led to the development of the BOS indicator, which summarizes survey results and is used by the Bank as a gauge of overall business sentiment.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Business fluctuations and cycles,
Regional economic developments
JEL Code(s):
C,
C5,
C53,
C8,
C82,
E,
E3,
E37