December 31, 2011 Summary of Government of Canada - Outstanding as at 31 December 2011 Content Type(s): Publications, Historical: Securities and loans
A Model of the EFA Liabilities Staff Discussion Paper 2011-11 Francisco Rivadeneyra, Oumar Dissou The authors describe the liabilities model of the Exchange Fund Account (EFA). The EFA is managed using an asset-liability matching framework that requires currency and duration matching of both sides of the balance sheet. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Foreign reserves management JEL Code(s): G, G1, G12, G3, G32
Bank Leverage Regulation and Macroeconomic Dynamics Staff Working Paper 2011-32 Ian Christensen, Césaire Meh, Kevin Moran This paper assesses the merits of countercyclical bank balance sheet regulation for the stabilization of financial and economic cycles and examines its interaction with monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial institutions, Financial system regulation and policies, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
December 22, 2011 Results of the 22 December 2011 Term Repo Operation for Balance Sheet Management Purposes Results of today's term repo for balance sheet management purposes operation. Content Type(s): Press, Market notices
December 21, 2011 Bank of Canada Announces Details of its Term Repo for Balance Sheet Management Purposes Operation The Bank of Canada announced today that it will conduct a Term Repo Operation for Balance Sheet Management Purposes operation. Content Type(s): Press, Market notices
Do Low Interest Rates Sow the Seeds of Financial Crises? Staff Working Paper 2011-31 Simona Cociuba, Malik Shukayev, Alexander Ueberfeldt A view advanced in the aftermath of the late-2000s financial crisis is that lower than optimal interest rates lead to excessive risk taking by financial intermediaries. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial system regulation and policies, Monetary policy transmission JEL Code(s): D, D5, D53, E, E4, E44, E5, E52, G, G2, G28
December 16, 2011 Bank of Canada Announces Appointment of Special Adviser Media Relations Ottawa, Ontario The Bank of Canada today announced the appointment of Evan W. Siddall as Special Adviser to the Governor. Content Type(s): Press, Press releases
Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery Staff Working Paper 2011-30 Jonathan Chiu, Thorsten Koeppl We study the trading dynamics in an asset market where the quality of assets is private information of the owner and finding a counterparty takes time. When trading of a financial asset ceases in equilibrium as a response to an adverse shock to asset quality, a large player can resurrect the market by buying up lemons which involves assuming financial losses. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Financial stability JEL Code(s): E, E6, G, G1
Financial Frictions, Financial Shocks and Labour Market Fluctuations in Canada Staff Discussion Paper 2011-10 Yahong Zhang What are the effects of financial market imperfections on unemployment and vacancies in Canada? The author estimates the model of Zhang (2011) – a standard monetary dynamic stochastic general-equilibrium model augmented with explicit financial and labour market frictions – with Canadian data for the period 1984Q2–2010Q4, and uses it to examine the importance of financial shocks on labour market fluctuations in Canada. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Financial markets, Labour markets JEL Code(s): E, E3, E32, E4, E44, J, J6
December 12, 2011 Growth in the Age of Deleveraging Remarks Mark Carney Empire Club of Canada / Canadian Club of Toronto Toronto, Ontario Governor Mark Carney discusses the factors driving global deleveraging and the implications for economic growth in Canada. Content Type(s): Press, Speeches and appearances, Remarks