October 20, 2009 Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010 Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. Content Type(s): Press, Press releases
October 20, 2009 Results of the 20 October 2009 Term PRA Transaction for Private Sector Instruments The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
October 20, 2009 Bank of Canada Announces the New Schedule for Bank of Canada Term PRA Liquidity Operations Commencing the Week of 26 October 2009 As indicated in the 22 September announcement, the Bank of Canada today releases the new schedule for Bank of Canada Term PRA liquidity operations commencing the week of 26 October 2009 and running through to the January 2010 Fixed Announcement Date. Content Type(s): Press, Market notices
October 19, 2009 Results of the 19 October 2009 Term PRA Transaction The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
October 16, 2009 Bank of Canada Announces Details of its Final Term Loan Facility Operations In accordance with the 22 September Bank of Canada announcement that the Term Loan Facility (TLF) auctions will expire at the end of October, the Bank announced today the details of the final two TLF operations. Content Type(s): Press, Market notices
October 16, 2009 Bank of Canada Announces Details of its Final Term PRA for Private Sector Instruments Operations In accordance with the 22 September Bank of Canada announcement that the term purchase and resale agreement (PRA) auctions for private sector instruments will expire at the end of October, the Bank announced today the details of the final two term PRA operations for private sector instruments. Content Type(s): Press, Market notices
October 16, 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
Cross-border Mergers and Hollowing-out Staff Working Paper 2009-30 Oana Secrieru, Marianne Vigneault The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign acquirer. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Market structure and pricing JEL Code(s): D, D4, D43, G, G3, G34, L, L1, L13, L4, L41
Exchange Rate Pass-through and Monetary Policy: How Strong is the Link? Staff Working Paper 2009-29 Stephen Murchison Several authors have presented reduced-form evidence suggesting that the degree of exchange rate pass-through to the consumer price index has declined in Canada since the early 1980s and is currently close to zero. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Monetary policy transmission JEL Code(s): E, E5, E52, F, F3, F31, F4, F41
Bond Liquidity Premia Staff Working Paper 2009-28 Jean-Sébastien Fontaine, René Garcia Recent asset pricing models of limits to arbitrage emphasize the role of funding conditions faced by financial intermediaries. In the US, the repo market is the key funding market. Then, the premium of on-the-run U.S. Treasury bonds should share a common component with risk premia in other markets. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Financial stability JEL Code(s): E, E4, E43, H, H1, H12