September 15, 2008
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788
result(s)
September 15, 2008
The Effects of Recent Relative Price Movements on the Canadian Economy
Although the standard of living of Canadians has improved as a result of terms-of-trade gains created by the sharp rise in real commodity prices over the past five years or so, the commodity-price increase, combined with an exchange rate appreciation and real income gain, triggered structural adjustments by altering underlying economic incentives. The frictions generated in adjusting to the relative price shock have likely contributed to hold back aggregate productivity growth. Dupuis and Marcil examine the structural adjustments that have been required-in particular, the resource reallocation among the different sectors of the economy-and its effects on employment, output, and productivity, as well as the responses of final domestic demand and external trade flows.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Productivity,
Recent economic and financial developments
September 15, 2008
The Bank of Canada's Senior Loan Officer Survey
The Bank of Canada maintains regular contact with financial institutions as part of the information-gathering process that feeds into the larger set of information used to arrive at its monetary policy decision. Since 1999, the Bank has been conducting a quarterly survey of the business-lending practices of major Canadian financial institutions. Analysis of the information collected shows that it is correlated with future growth in both credit and business investment. This article focuses on how the survey is conducted and describes the construction of the summary statistics, highlighting the key statistical relationships in the historical survey data.Are Bygones not Bygones? Modeling Price Level Targeting with an Escape Clause and Lessons from the Gold Standard
Staff Working Paper 2008-27
Paul Masson,
Malik Shukayev
Like the gold standard, price level targeting (PT) involves not letting past deviations of inflation be bygones; both regimes return the price level (or price of gold) to its target. The experience of suspension of the gold standard in World War I, resumption in the 1920s (for some countries at a different parity), and final abandonment is reviewed.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credibility,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E5,
E52
Good Policies or Good Fortune: What Drives the Compression in Emerging Market Spreads?
Staff Working Paper 2008-25
Philipp Maier,
Garima Vasishtha
Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Development economics,
Financial stability,
International topics
JEL Code(s):
E,
E4,
E43,
F,
F3,
F34,
G,
G1,
G12,
G15
A Structural VAR Approach to Core Inflation in Canada
Staff Discussion Paper 2008-10
Sylvain Martel
The author constructs a measure of core inflation using a structural vector autoregression containing oil-price growth, output growth, and inflation. This "macro-founded" measure of inflation forecasts total inflation at least as well as other, atheoretical measures.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Inflation and prices
JEL Code(s):
C,
C5,
C53,
E,
E3,
E31
The Implementation of Monetary Policy in Canada
Staff Discussion Paper 2008-9
Walter Engert,
Toni Gravelle,
Donna Howard
The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial markets,
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E5,
E52,
E58,
G,
G2,
G21
The Effect of the Sarbanes-Oxley Act on CEO Pay for Luck
Staff Working Paper 2008-20
Teodora Paligorova
According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their control – get paid for luck.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets
JEL Code(s):
G,
G3,
G38,
J,
J3,
J33,
M,
M5,
M52
June 21, 2008
Financial Market Turmoil and Central Bank Intervention
In this article, we consider central bank intervention to address financial market turmoil with a focus on the questions of why, when, and how a central bank might intervene. We set out a policy framework and identify appropriate central bank instruments to respond to extraordinary financial market turmoil, consistent with central bank policy goals and functions.
Content Type(s):
Publications,
Financial System Review articles