April 7, 2006 Bank of Canada Reassures Canada Savings Bond Payroll Savings Program Clients Following Successful Fraud Investigation Media Relations Ottawa, Ontario The Bank of Canada today expressed its satisfaction with the successful investigation by the RCMP and the Ottawa Police Service of an incidence of fraudulent activity related to a small number of Canada Savings Bond Payroll Savings Program accounts. Content Type(s): Press, Press releases
Governance and Financial Fragility: Evidence from a Cross-Section of Countries Staff Working Paper 2003-34 Michael Francis The author explores the role of governance mechanisms as a means of reducing financial fragility. First, he develops a simple theoretical general-equilibrium model in which instability arises due to an agency problem resulting from a conflict of interest between the borrower and lender. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial markets JEL Code(s): G, G0
July 12, 2007 Release of the Monetary Policy Report Update Opening statement David Dodge Economic growth and inflation in Canada in the first half of this year have been stronger than was expected in the April Monetary Policy Report. The Bank judges that the economy is now operating further above its production potential than was projected in April. Content Type(s): Press, Speeches and appearances, Opening statements
June 21, 2007 Global Integration, Monetary Policy, and the International Monetary System Remarks Tiff Macklem Winnipeg CFA Society Winnipeg, Manitoba Now, Manitoba – right in the middle of our vast country – might seem an odd place to talk about globalization. But this province, like the rest of Canada, is very much affected by global economic forces. Content Type(s): Press, Speeches and appearances, Remarks
June 13, 2007 Demographics, Labour Input, and Economic Potential: Implications for Monetary Policy Remarks David Dodge St. John's Board of Trade St. John's, Newfoundland and Labrador Over the years, we at the Bank of Canada have learned that the best contribution that monetary policy can make to the economic welfare of Canadians is to keep inflation low, stable, and predictable. We try to keep the annual increase in consumer price inflation at 2 per cent, which is the middle of a 1 to 3 per cent inflation-control range. Content Type(s): Press, Speeches and appearances, Remarks
Institutional Quality, Trade, and the Changing Distribution of World Income Staff Working Paper 2006-19 Brigitte Desroches, Michael Francis Conventional wisdom holds that institutional changes and trade liberalization are two main sources of growth in per capita income around the world. Content Type(s): Staff research, Staff working papers Topic(s): Development economics, International topics JEL Code(s): F, F1, F11, F15, O, O1, O11, P, P4, P48
Benchmark Index of Risk Appetite Staff Working Paper 2006-16 Miroslav Misina Changes in investors' risk appetite have been used to explain a variety of phenomena in asset markets. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial markets JEL Code(s): G, G1, G12
Guarding Against Large Policy Errors under Model Uncertainty Staff Working Paper 2006-13 Gino Cateau How can policy-makers avoid large policy errors when they are uncertain about the true model of the economy? Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): D, D8, D81, E, E5, E58
Monetary Policy in an Estimated DSGE Model with a Financial Accelerator Staff Working Paper 2006-9 Ian Christensen, Ali Dib The authors estimate a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke, Gertler, and Gilchrist (1999), to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models JEL Code(s): E, E3, E32, E37, E4, E44
Income Trusts - Understanding the Issues Staff Working Paper 2003-25 Michael R. King An income trust is an investment vehicle that distributes cash generated by a set of operating assets in a tax-efficient manner. The market capitalization of income trusts has grown rapidly over the past two years, reaching $45 billion at year-end 2002. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets JEL Code(s): G, G1, G12, G3