April 23, 2002 The Bank of Canada's Securities-Lending Program: Draft Terms and Conditions - Appendix A Related Entities "Entity" means a corporation, trust, partnership, fund, or an unincorporated association or organization. "Person" means a natural person, an entity or a personal representative. Where two or more Primary Dealers are related entities with each other, only one of those entities may participate in the Bank's securities-lending program, unless the related entities meet […]
December 1, 2000 Background Note on the Treasury Bill Program 1. Introduction This year, the average outstanding stock of treasury bills has been about $85 billion, about half of where it was (almost $165 billion) five years ago. The turnover ratio (the trading volume to the outstanding stock of bills) has declined by even more, to less than half the rate of five years ago. As part […]
September 19, 2000 Summary of Consultation Results On 19 September 2000, the Bank of Canada published details of its plan to adopt a new system of eight “fixed” or pre-specified dates each year for announcing any changes to the official interest rate that it uses to implement monetary policy. Before finalizing and implementing the specific calendar of fixed dates, including the day of the week and time of day for announcements, the Bank invited interested Canadians to provide their views on the new fixed-date system.
The Transmission of Shocks to the Chinese Economy in a Global Context: A Model-Based Approach Staff Working Paper 2010-17 Jeannine Bailliu, Patrick Blagrave To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and monetary policy in China. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Exchange rate regimes, International topics JEL Code(s): E, E3, E32, E5, E52, F, F4, F41
October 10, 2008 Business Outlook Survey - Autumn 2008 Responses to the autumn survey indicate that the combination of weak U.S. demand, volatile financial markets, and slowing momentum in the West are weighing more heavily on business activity in Canada. Content Type(s): Publications, Business Outlook Survey
December 8, 2005 Towards a Made-in-Canada Monetary Policy: Closing the Circle Bank of Canada Review - Winter 2005-2006 John Chant When the Bank of Canada was first established in 1935, it had two very different models to choose from—the Bank of England and the U.S. Federal Reserve—in terms of the instruments that it might use for implementing monetary policy. Although some aspects of the Bank's early monetary policy practices, including the role of discount facilities and moral suasion, reflect the British example, other important differences shaped a distinctly Canadian approach. Chant describes what he argues are distinctively Canadian innovations: the Bank's favoured means of managing chartered bank liquidity through transfers of government deposits, the adoption of lagged reserve requirements, and the two periods in which it decided to float the Bank Rate. He also describes the series of bold initiatives that were undertaken in the 1990s with regard to simplifying clearing and settlement procedures, reducing reserve requirements, and setting the Bank's target for the overnight rate. Chant suggests that these changes have improved market efficiency, reduced risk and uncertainty, and strengthened the Bank's influence over its short-term operating target. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy implementation
December 18, 2005 Free Banking and the Bank of Canada Bank of Canada Review - Winter 2005-2006 David Laidler Economists in the nineteenth century spent considerable time discussing the merits of a free-banking system, in which each commercial bank would be able to issue its own notes and deposits, subject to a convertibility requirement backed by its own gold reserves. Such a system, the proponents argued, would be able to deliver price-level stability yet be flexible enough to withstand the vicissitudes of the business cycle. Moreover, there would be no need for central banks. While this idea has received less attention in recent years, some economists still put it forward as a practical alternative to the current system. Laidler suggests that the centralizing tendencies in banking would inevitably undermine competition within a free-banking system, and lead to the natural emergence of one dominant bank. Other developments in the twentieth century, most notably the demise of the gold standard and widespread agreement that governments should play a determining role in setting monetary policy goals, have also limited the practicality of such a system. Laidler examines the Bank of Canada's history from the free-banking perspective and concludes that the current system of inflation targeting provides a much better anchor for orderly price-level behaviour than the free-banking system's convertibility could ever guarantee. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy framework
May 7, 2010 The New Bank of Canada Commodity Price Index (BCPI) Media Relations Ottawa, Ontario The Bank of Canada today announced the introduction of a new Bank of Canada commodity price index (BCPI). Content Type(s): Press, Press releases
January 29, 1999 Annual Report 1998 Inflation remained low for the seventh consecutive year, and the inflation target range of 1 to 3 per cent was extended to 2001. Content Type(s): Publications, Annual Report
January 29, 1998 Annual Report 1997 With inflation remaining low for the sixth consecutive year, the Canadian economy recorded a strong expansion of about 4 per cent through 1997. Content Type(s): Publications, Annual Report