January 23, 2001 Bank of Canada lowers Bank Rate to 5 3/4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering the Bank Rate by one-quarter of one percentage point to 5 3/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank's target for the overnight rate is reduced to 5 1/2 per cent. Content Type(s): Press, Press releases
January 22, 2001 Bank of Canada Governor says Canada's economy faces the future with sound foundations Media Relations Toronto, Ontario In a speech to the Canadian Club of Toronto, Bank of Canada Governor Gordon Thiessen reviewed Canada's economic performance during the 1990s, focusing on the changes that have taken place in our economy and what these changes mean for the future. Content Type(s): Press, Press releases
The Development of Financial Derivatives Markets: The Canadian Experience Technical Report No. 62 Sean O'Connor In response to an intense demand for risk management services since the early 1980s, the over-the-counter (OTC) markets for financial derivatives in Canada have developed more vigorously than those for exchange-traded (EXT) derivative securities. This is particularly evident for interest rate derivatives. The objectives of this paper are to examine why Canadian interest rate derivatives […] Content Type(s): Staff research, Technical reports Topic(s): Financial markets JEL Code(s): G, G1, G10
A Simple Multivariate Filter for the Measurement of Potential Output Technical Report No. 59 Douglas Laxton, Robert Tetlow This paper examines techniques that have been used to estimate potential output and finds them wanting. We suggest a simple multivariate-filtering technique that is a generalization of the Hodrick-Prescott univariate filter. In univariate filters, only information about a variable itself is used in eliminating noise in order to obtain an estimate of the underlying trend. […] Content Type(s): Staff research, Technical reports Topic(s): Potential output JEL Code(s): C, C1, C15, E, E2
Government Debt in an Open Economy Technical Report No. 58 Douglas Laxton, Robert Tetlow This paper introduces the CORE model, a prototype for a new quarterly model of the Canadian economy, designed for projections and policy analysis with focus beyond the very short run. The model has a clearly defined equilibrium and explicit adjustment mechanisms, primarily through relative prices, that are dynamically stable. Overlaid on a neo-classical growth model […] Content Type(s): Staff research, Technical reports Topic(s): Fiscal policy JEL Code(s): C, C5, C53, F, F3, F32, H, H3, H30, H6, H60
Regulation of Financial Institutions: A Functional Analysis Technical Report No. 45 John Chant This study has three main objectives: First, to examine the reasons for the existence of financial institutions that simultaneously lend to one group and borrow from another; second, to analyze the reasons for the special treatment of these institutions in terms of the regulation that governs their activities; and third, to assess the types of […] Content Type(s): Staff research, Technical reports Topic(s): Financial institutions JEL Code(s): G, G2, G28
October 17, 2000 Can a Bank Change? The Evolution of Monetary Policy at the Bank of Canada 1935–2000 Lecture Gordon Thiessen Faculty of Social Science, University of Western Ontario Over this period, there has been a fundamental transformation in the way monetary policy is conducted in Canada and in most other industrial countries. While globalization and technological change have played an important role in this area, as in so many others, they have not, to my mind, been the principal driving force behind this transformation. Far more important has been the interaction of experience and economic theory. Content Type(s): Press, Speeches and appearances, Lectures
January 27, 2000 Accountability and Transparency in Canada's Monetary Policy Remarks Gordon Thiessen Metropolitan Halifax Chamber of Commerce Halifax, Nova Scotia Public sector institutions have been undergoing significant changes over the past decade. One of the most important changes has been the move to greater accountability. Public institutions are now required to be more open and to provide more information about their operations. Or, to use the word currently in vogue, to be more “transparent.” Content Type(s): Press, Speeches and appearances, Remarks
April 24, 2002 Release of the Monetary Policy Report Opening statement David Dodge The level of production in the Canadian economy should return to full capacity in the second half of 2003. We also said that inflation should be at the Bank's 2 per cent target by about the end of next year. Content Type(s): Press, Speeches and appearances, Opening statements
September 8, 2004 Bank of Canada raises target for the overnight rate by 1/4 percentage point to 2 1/4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 1/2 per cent. Content Type(s): Press, Press releases