Real Exchange Rate Persistence in Dynamic General-Equilibrium Sticky-Price Models: An Analytical Characterization Staff Working Paper 2003-35 Hafedh Bouakez This paper assesses analytically the ability of dynamic general-equilibrium sticky-price models to generate persistent real exchange rate fluctuations. It develops a tractable general-equilibrium model with Calvo-type price stickiness. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rates, International topics JEL Code(s): F, F3, F31, F4, F41
Examining the Trade-Off between Settlement Delay and Intraday Liquidity in Canada's LVTS: A Simulation Approach Staff Working Paper 2006-20 Neville Arjani The author explores a fundamental trade-off that occurs between settlement delay and intraday liquidity in the daily operation of large-value payment systems (LVPS), with specific application to Canada's Large Value Transfer System (LVTS). Content Type(s): Staff research, Staff working papers Research Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E47, G, G2, G21
May 15, 2007 Government Borrowers Forum Remarks David Dodge Government Borrowers Forum Montréal, Quebec We are all interested in seeing the continued development of international capital markets, as part of the advancement of a market-based, liberalized trade and financial regime. Let's remember that an open, market-based economic system is increasingly vital, in a world where change is driven by the development of new technologies and modes of competition; and where adjustments are occurring all the time. Content Type(s): Press, Speeches and appearances, Remarks
The New Keynesian Hybrid Phillips Curve: An Assessment of Competing Specifications for the United States Staff Working Paper 2004-31 David Dupuis Inflation forecasting is fundamental to monetary policy. In practice, however, economists are faced with competing goals: accuracy and theoretical consistency. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices JEL Code(s): E, E3, E31
November 8, 2006 The Canadian Economy and Financial Markets in Perspective Remarks David Longworth World Hedge Funds Summit Vaughan, Ontario The hedge fund industry has been growing so quickly that meetings like this one are welcome—they provide a chance to step back and look at context and trends. And that's what I propose to do this morning. Specifically, I'd like to speak about volatility in both the real economy and in financial markets and discuss how it has been affected by monetary policy and financial innovation. Content Type(s): Press, Speeches and appearances, Remarks
Some Notes on Monetary Policy Rules with Uncertainty Staff Working Paper 2003-16 Gabriel Srour The author explores the role that Taylor-type rules can play in monetary policy, given the degree of uncertainty in the economy. The optimal rule is derived from a simple infinite-horizon model of the monetary transmission mechanism, with only additive uncertainty. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy and uncertainty JEL Code(s): E, E5, E52
Regulatory Changes and Financial Structure: The Case of Canada Staff Working Paper 2004-26 Christian Calmès The author documents some stylized facts about the Canadian financial structure. He explores these empirical facts in the context of Canadian financial legislation and finds that, over the 1990s, Canadian businesses became more heavily dependent on financial markets as their primary source of external funding. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial services, Recent economic and financial developments JEL Code(s): G, G2, G20, G21
An Index of Financial Stress for Canada Staff Working Paper 2003-14 Mark Illing, Ying Liu The authors develop an index of financial stress for the Canadian financial system. Stress is defined as the force exerted on economic agents by uncertainty and changing expectations of loss in financial markets and institutions. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets JEL Code(s): E, E5, G, G1, G10
Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization Staff Working Paper 2004-23 Denise Côté, Christopher Graham Since the early 1980s, long-term government bond yields in the euro zone have declined, in line with those in other industrialized countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, International topics JEL Code(s): C, C2, C23, E, E4, E43, E44, F, F3, F36
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 Research Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): C, C3, C32, E, E2, E24, E3, E32