Risk Premium Shocks and the Zero Bound on Nominal Interest Rates Staff Working Paper 2009-27 Robert Amano, Malik Shukayev There appears to be a disconnect between the importance of the zero bound on nominal interest rates in the real-world and predictions from quantitative DSGE models. Recent economic events have reinforced the relevance of the zero bound for monetary policy whereas quantitative models suggest that the zero bound does not constrain (optimal) monetary policy. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
Consumption, Housing Collateral, and the Canadian Business Cycle Staff Working Paper 2009-26 Ian Christensen, Paul Corrigan, Caterina Mendicino, Shin-Ichi Nishiyama Using Bayesian methods, we estimate a small open economy model in which consumers face limits to credit determined by the value of their housing stock. The purpose of this paper is to quantify the role of collateralized household debt in the Canadian business cycle. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Monetary policy transmission JEL Code(s): E, E2, E21, E3, E32, E4, E44, E5, E52, R, R2, R21
October 15, 2009 Results for the 15 October 2009 Term Loan Facility The results of today's TLF operation are as follows. Content Type(s): Press, Market notices
October 14, 2009 Results of the 14 October 2009 Term PRA Transaction for Private Sector Instruments Results of today's term PRA operations. Content Type(s): Press, Market notices
October 13, 2009 Results of the 13 October 2009 Term PRA Transaction The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
October 9, 2009 Bank of Canada Announces Details of its Term Loan Facility Operation In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a TLF operation as follows. Content Type(s): Press, Market notices
October 9, 2009 Bank of Canada Announces Details of its Term PRA for Private Sector Instruments Operation In accordance with the schedule of term purchase and resale agreement (PRA) auctions for private sector instruments announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation for private sector instruments as follows. Content Type(s): Press, Market notices
October 9, 2009 Bank of Canada Announces Details of its Term PRA Operation In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 21 July (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation as follows. Content Type(s): Press, Market notices
October 9, 2009 Business Outlook Survey - Autumn 2009 Responses to the autumn survey suggest that the Canadian economy is recovering, as all indicators of business activity have increased since the summer survey. However, because firms continue to expect activity to pick up only gradually, they remain cautious regarding investment. Content Type(s): Publications, Business Outlook Survey
October 8, 2009 Central Banking in Canada: Meeting Today's and Tomorrow's Challenges Remarks Paul Jenkins Vancouver Board of Trade Vancouver, British Columbia Indeed, the global financial crisis of the past two years has presented unique, stressful challenges that have forced us all to assess what has worked well and what needs to change. Today, I would like to review some of the critical thinking around these issues, primarily from the perspective of our work at the Bank of Canada. Content Type(s): Press, Speeches and appearances, Remarks