The Global Effects of U.S. Fiscal Policy Staff Discussion Paper 2008-8 Kimberly Beaton The author examines the global impact of U.S. fiscal policy using the Bank of Canada's Global Economy Model (Lalonde and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in the United States and of expected increases in U.S. entitlement program expenditures. Content Type(s): Staff research, Staff discussion papers Topic(s): Fiscal policy, International topics, Regional economic developments JEL Code(s): H, H0, H2, H3
The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study Staff Discussion Paper 2008-7 Lana Embree, Kirby Millar The Large Value Transfer System (LVTS) for settling large payments, and CDSX for settling debt and equity trades, are two of the main settlement systems in Canada. They are closely linked; for example, at the end of the day the final CDSX payment obligations must settle on the Bank of Canada's books, with payments made […] Content Type(s): Staff research, Staff discussion papers Topic(s): Financial stability, Payment clearing and settlement systems JEL Code(s): E, E5, E58, G, G2, G21
Reforming the IMF: Lessons from Modern Central Banking Staff Discussion Paper 2008-6 Philipp Maier, Eric Santor The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […] Content Type(s): Staff research, Staff discussion papers Topic(s): International topics JEL Code(s): F, F3
Price Level versus Inflation Targeting under Model Uncertainty Staff Working Paper 2008-15 Gino Cateau The purpose of this paper is to make a quantitative contribution to the inflation versus price level targeting debate. It considers a policy-maker that can set policy either through an inflation targeting rule or a price level targeting rule to minimize a quadratic loss function using the actual projection model of the Bank of Canada (ToTEM). Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): D, D8, D81, E, E5, E58
May 15, 2008 Results of the 15 May 2008 Term PRA Transaction The results of today's term PRA operations are as follows: Content Type(s): Press, Market notices
May 13, 2008 Bank of Canada Announces Term PRA Transaction As part of its continuing provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into a 28-day term purchase and resale agreement (PRA) as follows: Content Type(s): Press, Market notices
Driving Forces of the Canadian Economy: An Accounting Exercise Staff Working Paper 2008-14 Simona Cociuba, Alexander Ueberfeldt This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Potential output, Productivity JEL Code(s): E, E2, E24, E6, E65, O, O4, O41, O5, O51
May 9, 2008 Bank of Canada Hosts CEMLA Meetings Media Relations Ottawa, Ontario The Centre for Latin American Monetary Studies (Centro de Estudios Monetarios Latinoamericanos or CEMLA) concluded its Governors' Meetings today, hosted by the Bank of Canada. Content Type(s): Press, Press releases
Uncertainty, Inflation, and Welfare Staff Working Paper 2008-13 Jonathan Chiu, Miguel Molico This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness. Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits, Monetary policy framework JEL Code(s): E, E4, E40, E5, E50
May 5, 2008 Some Puzzles Related to Exchange Rate Pass-Through Presentation John Murray Statistics Canada Socio-economic Conference 2008 Content Type(s): Press, Speeches and appearances, Presentations