February 17, 2011 Conference Summary: Financial Globalization and Financial Instability Bank of Canada Review - Winter 2010-2011 Scott Hendry The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Financial markets, Financial stability, Financial system regulation and policies
Private Information Flow and Price Discovery in the U.S. Treasury Market Staff Working Paper 2011-5 George Jiang, Ingrid Lo Existing studies show that U.S. Treasury bond price changes are mainly driven by public information shocks, as manifested in macroeconomic news announcements and events. The literature also shows that heterogeneous private information contributes significantly to price discovery for U.S. Treasury securities. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G12, G14
February 15, 2011 2010 survey shows increased public familiarity with the Bank of Canada Results of a December 2010 telephone survey of public awareness and understanding of the Bank of Canada's mandate and policies.
February 10, 2011 Commodity Prices: The Long and the Short of It Remarks John Murray IPAC-Saskatchewan/Johnson/Shoyama Graduate School of Public Policy Regina, Saskatchewan Commodity prices are once again making headlines. Some commodity prices, such as those for copper and cattle, have reached record highs; others are rising quickly and approaching previous peaks. Content Type(s): Press, Speeches and appearances, Remarks
Counterfeit Quality and Verification in a Monetary Exchange Staff Working Paper 2011-4 Ben Fung, Enchuan Shao Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary equilibrium. These findings are inconsistent with the observation that counterfeiting of bank notes has been a serious problem in some countries. Content Type(s): Staff research, Staff working papers Topic(s): Bank notes JEL Code(s): D, D8, D82, D83, E, E4, E42, E5, E50
Discounting in Mortgage Markets Staff Working Paper 2011-3 Jason Allen, Robert Clark, Jean-François Houde This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average discount, along with substantial dispersion. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services JEL Code(s): D, D4, G, G2, G21, L, L0
February 2, 2011 Canada’s Competitive Imperative: Investing in Productivity Gains Remarks Tiff Macklem Productivity Alberta Calgary, Alberta Canada’s advantages were very apparent through the financial crisis. They sheltered us from the worst of the storm and put Canada at the front of the pack coming out of the recession. Content Type(s): Press, Speeches and appearances, Remarks
February 1, 2011 Canada's Competitive Imperative: Investing in Productivity Gains Remarks Tiff Macklem Productivity Alberta Edmonton, Alberta Canada’s advantages were very apparent through the financial crisis. They sheltered us from the worst of the storm and put Canada at the front of the pack coming out of the recession. Content Type(s): Press, Speeches and appearances, Remarks
The Impact of the Global Business Cycle on Small Open Economies: A FAVAR Approach for Canada Staff Working Paper 2011-2 Garima Vasishtha, Philipp Maier Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we use a factor-augmented VAR (FAVAR) model with more than 260 series for 20 OECD countries to analyze how global developments affect the Canadian economy. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, International topics JEL Code(s): C, C3, C32, F, F4, F41
Financial Spillovers Across Countries: The Case of Canada and the United States Staff Discussion Paper 2011-1 Kimberly Beaton, Brigitte Desroches The authors investigate financial spillovers across countries with an emphasis on the effect of shocks to financial conditions in the United States on financial conditions and economic activity in Canada. These questions are addressed within a global vector autoregression model. Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, Economic models, Financial stability, International topics JEL Code(s): E, E2, E27, E3, E32, F, F3, F36, F4, F40