May 9, 2008 Bank of Canada Hosts CEMLA Meetings Media Relations Ottawa, Ontario The Centre for Latin American Monetary Studies (Centro de Estudios Monetarios Latinoamericanos or CEMLA) concluded its Governors' Meetings today, hosted by the Bank of Canada. Content Type(s): Press, Press releases
The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus Staff Discussion Paper 2010-1 Carlos De Resende, René Lalonde, Stephen Snudden The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and international linkages. Content Type(s): Staff research, Staff discussion papers Topic(s): Business fluctuations and cycles, Fiscal policy, International topics, Recent economic and financial developments JEL Code(s): E, E5, E52, E58, E6, E61, E63, F, F4, F42
Market Timing of Long-Term Debt Issuance Staff Discussion Paper 2009-14 Jonathan Witmer The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in […] Content Type(s): Staff research, Staff discussion papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38
Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital Staff Working Paper 2004-20 Joseph Atta-Mensah The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, rather than through standard forms of financing. Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Financial markets, International topics JEL Code(s): F, F3, F30, F34, F4, F49, G, G1, G11, G13, O, O1, O16
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
Translog ou Cobb-Douglas? Le rôle des durées d'utilisation des facteurs Staff Working Paper 2004-19 Eric Heyer, Florian Pelgrin, Arnaud Sylvain Using French data on industrial firms over the period 1989-2001, the authors estimate a "flexible" Translog production function that accounts for the volumes and durations of factor utilization. Content Type(s): Staff research, Staff working papers Topic(s): Economic models JEL Code(s): C, C3, C33, D, D2, D24, J, J2, J23
The Effects of Economic News on Bond Market Liquidity Staff Working Paper 2004-16 Chris D'Souza, Charles Gaa The authors contrast the impact of two sources of information flow on the volatility of prices, trading activity, and liquidity in the brokered interdealer market for Government of Canada bonds. Content Type(s): Staff research, Staff working papers Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): G, G1, G14
Salaire réel, chocs technologiques et fluctuations économiques Staff Working Paper 2002-42 Dominique Tremblay The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): C, C3, C32, E, E2, E24, E3, E32
Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System Staff Working Paper 2002-41 Carol Ann Northcott Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21