January 15, 2002 Bank of Canada lowers key policy interest rate by 1/4 percentage point to 2 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/4 per cent. Content Type(s): Press, Press releases
January 5, 2002 Inflation Targeting in Canada: Experience and Lessons Remarks David Dodge Central Bank Governor's Panel on Inflation Targeting at a joint session of The American Economic Association and the North American Economics and Finance Association Atlanta, Georgia In the 1970s and 1980s we found - in common with many other countries - that high and variable rates of inflation created a lot of economic damage. And it took a long time and a lot of work with various monetary policy frameworks before we got back on track. Content Type(s): Press, Speeches and appearances, Remarks
An Introduction to Wavelets for Economists Staff Working Paper 2002-3 Christoph Schleicher Wavelets are mathematical expansions that transform data from the time domain into different layers of frequency levels. Compared to standard Fourier analysis, they have the advantage of being localized both in time and in the frequency domain, and enable the researcher to observe and analyze data at different scales. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C1
Asset Allocation Using Extreme Value Theory Staff Working Paper 2002-2 Younes Bensalah This paper examines asset allocation strategies in an extreme value at risk (VaR) framework in which the risk measure is the p-quantile from the extreme value distribution. The main focus is on the allocation problem faced by an extremely risk-averse institution, such as a central bank. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets JEL Code(s): C, C0, C4, C5, G, G1
Taylor Rules in the Quarterly Projection Model Staff Working Paper 2002-1 Ben Fung, Dinah Maclean, Jamie Armour In recent years, there has been a lot of interest in Taylor-type rules. Evidence in the literature suggests that Taylor-type rules are optimal in a number of models and are fairly robust across different models. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Monetary policy and uncertainty, Monetary policy framework JEL Code(s): E, E5, E52
December 31, 2001 Summary of Government of Canada - Outstanding as at 31 December 2001 Content Type(s): Publications, Historical: Securities and loans
December 19, 2001 Debt Strategy Consultations 2002-03 - Market Views Sought on Issues Relating to the Design and Operation of Government Debt Programs over 2002-03 and Beyond A consultation document on issues relating to the design and operation of government debt programs for fiscal year 2002-2003 and beyond, prepared jointly by the Department of Finance and the Bank of Canada, is being made public today. Content Type(s): Press, Market notices
December 19, 2001 Debt Strategy Consultations 2002-03 December 2001 Overview The purpose of the consultations is to obtain market views on issues relating to the design and operation of government debt programs for fiscal year 2002-03 and beyond. Given the outlook contained in the 2001 Budget released 10 December 2001, the debt program is projected to continue to operate at current levels and no […]
December 18, 2001 Government of Canada Pilot Bond Switch Program Launch: Operational Framework On behalf of the Minister of Finance, the Bank of Canada announced today the operational framework for a pilot bond switch program. The program is designed to support the maintenance of a liquid Government of Canada new issue bond market through the exchange of less liquid outstanding bonds (repurchase bonds) into a benchmark bond (replacement bond). Content Type(s): Press, Market notices
December 18, 2001 The Resolution of International Financial Crises: Private Finance and Public Funds Bank of Canada Review - Winter 2001–2002 Andy Haldane, Mark Kruger Over the past year and a half, authors Andy Haldane of the Bank of England and Mark Kruger of the Bank of Canada have been developing a framework for the resolution of international financial crises that aligns incentives for all parties in a way that deals with the crisis and preserves the integrity of the international financial system. The framework is built on principles, not rules. It attempts to be clear about the respective roles and responsibilities of the public and private sectors. A central element in shaping private sector expectations is knowledge that the official sector will behave predictably. Constraints on lending by the International Monetary Fund are a key step in that direction. They ensure that private sector involvement is a crucial part of crisis resolution, and they help encourage debtors and creditors to seek co-operative solutions to a crisis. Characterized by constraints, clarity, and orderliness, the framework has the potential to reduce the incidence and cost of financial crises. Content Type(s): Publications, Bank of Canada Review articles Topic(s): International topics