Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Receive notification by email whenever new research is added to the website.
2380
result(s)
Vulnerabilities in Defined-Benefit Pension Plans
Staff Discussion Paper 2007-3
Jack Selody
An effective pension system enhances economic and financial efficiency. A majority of pension plans in Canada are defined-benefit (DB) plans, but DB plans are under stress from increasing longevity, low long-term interest rates, and the shrinking equity premium. DB plans are vulnerable to such shocks because they are complex financial vehicles, with interdependencies not fully […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions
JEL Code(s):
G,
G2,
G23
Implications of New Accounting Standards for the Bank of Canada's Balance Sheet
Staff Discussion Paper 2007-2
Mark Zelmer,
Grahame Johnson
The Canadian Institute of Chartered Accountants (CICA) has implemented new accounting standards for the valuation and reporting of financial instruments. They are effective for the Bank of Canada in 2007. As a result of these changes, the Bank has begun valuing its holdings of Government of Canada treasury bills on a fair value basis and […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Monetary policy framework
JEL Code(s):
E,
E5,
E58,
M,
M4
Oil Price Movements and the Global Economy: A Model-Based Assessment
Staff Working Paper 2007-34
Selim Elekdag,
René Lalonde,
Douglas Laxton,
Dirk Muir,
Paolo Pesenti
We develop a five-region version (Canada, an oil exporter, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks that drive oil prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Inflation and prices,
International topics
JEL Code(s):
E,
E6,
E66,
F,
F3,
F32,
F4,
F47
Domestic versus External Borrowing and Fiscal Policy in Emerging Markets
Staff Working Paper 2007-33
Garima Vasishtha
Domestic public debt issued by emerging markets has risen significantly relative to international debt in recent years. Some recent empirical evidence also suggests that sovereigns have defaulted differentially on debt held by domestic and external creditors.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
International topics
JEL Code(s):
F,
F3,
F30,
H,
H2,
H21,
H6,
H63
Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy
Staff Working Paper 2007-32
Michel Juillard,
Florian Pelgrin
Since the contribution of Kydland and Prescott (1977), it is well known that the optimal Ramsey policy is time inconsistent. In a series of recent contributions, Woodford (2003) proposes a new methodology to circumvent this problem, namely the timeless perspective solution.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy framework
JEL Code(s):
C,
C6,
E,
E5,
E6
Micro Foundations of Price-Setting Behaviour: Evidence from Canadian Firms
Staff Working Paper 2007-31
Daniel de Munnik,
Kuan Xu
How do firms adjust prices in the marketplace? Do they tend to adjust prices infrequently in response to changes in market conditions? If so, why? These remain key questions in macroeconomics, particularly for central banks that work to keep inflation low and stable.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy transmission
JEL Code(s):
D,
D4,
D40,
E,
E3,
E30,
L,
L1,
L11
April 15, 2007
Renewing the International Monetary Fund: A Review of the Issues
Given the rapid and ongoing integration of the global economy, the International Monetary Fund needs to renew its role, governance structure, and functions if it is to maintain its relevance as the institution charged with promoting global financial stability. Lecavalier and Santor examine the areas of possible reform, including quota, voice, and representation; internal governance; surveillance; lending instruments; finances; and the Fund's role in low-income countries. They also review current Bank of Canada research that supports these reform efforts, including an integrated framework for IMF surveillance recently developed at the Bank.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
International topics
April 14, 2007
The Canadian Overnight Market: Recent Evolution and Structural Changes
Since 1997 when the Bank of Canada last published a review of the Canadian overnight market, several important changes have affected the market's structure and dynamics. Reid provides a current overview of the market, examining the financial instruments, market transparency and flows, and the collateralized overnight rate as it has evolved since the introduction of the Large Value Transfer System and the fixed announcement dates. Other significant influences include changes in market practices regarding risk management, the rise of securities lending, the increased demand for collateral, and the Bank of Canada's measures to reinforce the target for the overnight rate.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Market structure and pricing,
Monetary policy framework,
Monetary policy implementation
April 13, 2007
The Large-Value Payments System: Insights from Selected Bank of Canada Research
Given the Bank of Canada's strong interest in the safe and efficient operation of major clearing and settlement systems, the Bank maintains a rigorous research agenda as a means of informing payments system policy and oversight. In this article, Arjani and Engert review recent research undertaken by Bank staff concerning the risk and efficiency of the Large Value Transfer System (LVTS). Based on the findings from this research, the authors conclude that the design of the LVTS strikes an effective balance between risk and efficiency. The article also demonstrates the increased use of simulation analysis as a tool for conducting payments system research. A brief summary of the Bank's oversight strategy for systemically important payments systems is also provided. Goals for future research are noted as well, including modelling of participant behaviour and continued external collaboration with other researchers.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial institutions,
Payment clearing and settlement systems