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2400
result(s)
May 17, 2012
On the Adjustment of the Global Economy
Bank of Canada Review - Spring 2012
Carlos De Resende,
Claudia Godbout,
René Lalonde,
Eric Morin,
Nikita Perevalov
This article discusses three scenarios for the adjustment of the global economy. In a “baseline” scenario—which encompasses fiscal consolidation in major advanced economies, growth-friendly structural reforms in Europe and Japan, and greater exchange rate flexibility and reforms in the emerging-market economies of Asia to induce rotation of demand away from net exports—global current account imbalances […]
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Balance of payments and components,
Exchange rates,
Fiscal policy,
International topics,
Recent economic and financial developments
JEL Code(s):
F,
F3,
F32,
F37,
F4,
F42
May 17, 2012
Inflation Targeting: The Recent International Experience
In the years since the 2006 renewal of Canada’s inflation-control agreement, monetary policy regimes have faced significant shocks, including the global economic and financial crisis. This article reviews the recent experience with inflation targeting, including the debate about the appropriate role of monetary policy in maintaining financial stability. In the aftermath of the crisis, both […]
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Credibility,
Financial stability,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52,
E58
May 17, 2012
Understanding Systemic Risk in the Banking Sector: A MacroFinancial Risk Assessment Framework
The MacroFinancial Risk Assessment Framework (MFRAF) models the interconnections between liquidity and solvency in a financial system, with multiple institutions linked through an interbank network. The MFRAF integrates funding liquidity risk as an endogenous outcome of the interactions between solvency risk and the liquidity profiles of banks, which is a complementary approach to the new […]
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial stability,
Financial system regulation and policies
JEL Code(s):
E,
E4,
E44,
G,
G0,
G01,
G2,
G21
May 17, 2012
Conference Summary: New Developments in Payments and Settlement
The Bank of Canada’s annual conference, held in November 2011, brought together leading researchers from universities, central banks and other institutions from around the world. Divided into four sessions plus two keynote addresses, the conference covered such topics as the use of cash and other means of payment in retail transactions, large-value payments systems, and […]
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Bank notes,
Central bank research,
Financial system regulation and policies,
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G2,
G28,
L,
L8,
L81
The Impact of Retail Payment Innovations on Cash Usage
Staff Working Paper 2012-14
Ben Fung,
Kim Huynh,
Leonard Sabetti
Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
C,
C3,
C35,
C8,
C83,
E,
E4,
E41
Changes in the Effects of Monetary Policy on Disaggregate Price Dynamics
Staff Working Paper 2012-13
Christiane Baumeister,
Philip Liu,
Haroon Mumtaz
We examine the evolution of the effects of monetary policy shocks on the distribution of disaggregate prices and quantities of personal consumption expenditures to assess the contribution of monetary policy to changes in U.S. inflation dynamics.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Monetary policy transmission
JEL Code(s):
E,
E3,
E30,
E32
House Price Dynamics: Fundamentals and Expectations
Staff Working Paper 2012-12
Eleonora Granziera,
Sharon Kozicki
We investigate whether expectations that are not fully rational have the potential to explain the evolution of house prices and the price-to-rent ratio in the United States.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Domestic demand and components,
Economic models
JEL Code(s):
E,
E3,
E6,
E65,
R,
R2,
R21
Risk Premium, Variance Premium and the Maturity Structure of Uncertainty
Staff Working Paper 2012-11
Bruno Feunou,
Jean-Sébastien Fontaine,
Abderrahim Taamouti,
Roméo Tedongap
Expected returns vary when investors face time-varying investment opportunities. Long-run risk models (Bansal and Yaron 2004) and no-arbitrage affine models (Duffie, Pan, and Singleton 2000) emphasize sources of risk that are not observable to the econometrician.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial services
JEL Code(s):
G,
G1,
G12,
G13
A Note on Central Counterparties in Repo Markets
Staff Discussion Paper 2012-4
Hajime Tomura
The author introduces a central counterparty (CCP) into a model of a repo market. Without the CCP, there exist multiple equilibria in the model. In one of the equilibria, a repo market emerges as bond dealers and cash investors choose to arrange repos in an over-the-counter bond market.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
Financial stability,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
G24