June 12, 2003 Recent Economic Developments and the Conduct of Monetary Policy Remarks David Dodge Conseil du patronat du Québec Montréal, Quebec I want to talk to you about the Canadian economy - how it has evolved over the past few months and what are the prospects ahead. In doing so, I will review the economic forecast from our latest Monetary Policy Report, which we published in April. Then I will talk about what has changed since that time. Content Type(s): Press, Speeches and appearances, Remarks
June 11, 2003 It All Starts with the Data Remarks David Dodge Conference of European Statisticians Geneva, Switzerland Our statistical needs are fundamentally shaped by what we are expected to do under our mandate. The primary goal of most central banks today is to conduct monetary policy so as to achieve and maintain price stability. Low, stable, and predictable inflation is the means to our ultimate objective of solid economic performance over time. Content Type(s): Press, Speeches and appearances, Remarks
June 5, 2003 How Sound Economic Policies Help During Uncertain Times Remarks David Dodge German-Canadian Business Club of Berlin-Brandenburg Berlin, Germany It is an honour and a privilege to address the German-Canadian Business Club of Berlin-Brandenburg at its inaugural meeting. Groups such as this one serve many important purposes, not the least of which is the development of trading links that help to strengthen the economies of both our countries. Content Type(s): Press, Speeches and appearances, Remarks
June 3, 2003 Bank of Canada keeps target for the overnight rate at 3 1/4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 1/4 per cent. Content Type(s): Press, Press releases
June 1, 2003 Macroeconomics, Monetary Policy, and Financial Stability Proceedings of a conference held by the Bank of Canada, June 2003 (proceedings volume, available in electronic format only) (A Festschrift in Honour of Charles Freedman) Content Type(s): Conferences and workshops
Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico Staff Working Paper 2003-17 Jeannine Bailliu, Daniel Garcés, Mark Kruger, Miguel Messmacher The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E37
Some Notes on Monetary Policy Rules with Uncertainty Staff Working Paper 2003-16 Gabriel Srour The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): E, E5, E52
The Syndicated Loan Market: Developments in the North American Context Staff Working Paper 2003-15 Jim Armstrong The author describes the rapid development of the syndicated corporate loan market in the 1990s. He explores the historical forces that led to the development of the contemporary U.S. syndicated loan market, which is effectively a hybrid of the investment banking and commercial banking worlds. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial markets JEL Code(s): G, G1, G10, G2, G21
An Index of Financial Stress for Canada Staff Working Paper 2003-14 Mark Illing, Ying Liu The authors develop an index of financial stress for the Canadian financial system. Stress is defined as the force exerted on economic agents by uncertainty and changing expectations of loss in financial markets and institutions. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial markets JEL Code(s): E, E5, G, G1, G10
May 23, 2003 The Bank of Canada: Moving Towards Transparency Bank of Canada Review - Spring 2003 John Chant During the 1990s the Bank of Canada made several changes that transformed its conduct of monetary policy. In the 1960s and 1970s, policy decisions were made in an environment characterized by instrument opaqueness and goal opaqueness, which tended to shield the Bank's operations from scrutiny and accountability. Since the 1970s the Bank has moved towards transparency and openness by rejecting multiple policy instruments and adopting a single, well-defined goal of inflation control. A recent survey has shown that the Bank of Canada is in the middle range of central banks with regard to its transparency and has lost points for not publishing the forecasts that shape its policy or the minutes and voting records of its governing body. Chant suggests that the public has benefited significantly from the changes the Bank has made, but that it should continue to support research on the benefits of low and stable inflation and continually inform other policy-makers and the public of the results. Content Type(s): Publications, Bank of Canada Review articles