December 17, 2008 From Hindsight to Foresight Remarks Mark Carney Women in Capital Markets Toronto, Ontario It has been a difficult year for capital markets professionals. The turmoil has deteriorated into a full-blown financial crisis. Most financial markets have experienced historic falls in prices, and some are strained to the point of closing. Content Type(s): Press, Speeches and appearances, Remarks
September 18, 2008 Measuring Inflation: Methodology and Misconceptions Remarks John Murray Certified General Accountants of Ontario Toronto, Ontario These past few months have been busy for central bankers, to say the least, and the past few days are certainly no exception. While developments on Wall Street have garnered much attention, the cost of living has also been an issue for us all, whether we're buying gas at the pumps, booking an airline ticket, or just picking up a loaf of bread at the grocery store. Content Type(s): Press, Speeches and appearances, Remarks
Modelling Payments Systems: A Review of the Literature Staff Working Paper 2007-28 Jonathan Chiu, Alexandra Lai Payments systems play a fundamental role in an economy by providing the mechanisms through which payments arising from transactions can be settled. The existing literature on the economics of payments systems is large but loosely organized, in that each model uses a distinct set-up and sometimes a distinct equilibrium concept. Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21
Price Formation and Liquidity Provision in Short-Term Fixed Income Markets Staff Working Paper 2007-27 Chris D'Souza, Ingrid Lo, Stephen Sapp Differences in market structures may affect the manner in which fundamental information is incorporated into prices. High levels of quote and trade transparency plus substantial quoting obligations in European government securities markets ensure that prices are informationally efficient. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Interest rates, Market structure and pricing JEL Code(s): G, G1, G12, G14, G15
Corporate Balance Sheets in Developed Economies: Implications for Investment Staff Working Paper 2007-24 Denise Côté, Christopher Graham In this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position of non-financial corporations (i.e., debt-to-equity ratio) is material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of corporate financing i.e., bank-based or market-oriented financing structures. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, International topics JEL Code(s): E, E2, E22, E3, E32, E4, E44
January 25, 2007 Monetary Policy and Developments in the Global and Canadian Economies Remarks David Dodge Canadian Netherlands Business and Professional Association, and the European Union Chamber of Commerce in Toronto Toronto, Ontario The Bank of Canada has been around for over 70 years. Throughout this period, the Bank has had one over-arching mandate: to promote the economic and financial welfare of Canadians. Over the years, we have learned that the best contribution that monetary policy can make in this regard is to give Canadians confidence in the future value of their money. Content Type(s): Press, Speeches and appearances, Remarks
Endogenous Central Bank Credibility in a Small Forward-Looking Model of the U.S. Economy Staff Working Paper 2005-16 René Lalonde The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the credibility of monetary authorities. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices, Monetary policy transmission JEL Code(s): C, C3, C32, E, E5, E52
Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem? Staff Working Paper 2005-3 Michael R. King, Maksym Padalko The authors study the price - volume dynamics ahead of the first public announcement of a takeover for 420 Canadian firms from 1985 to 2002. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets JEL Code(s): G, G1, G14, G18, G3, G34
Self-Enforcing Labour Contracts and the Dynamics Puzzle Staff Working Paper 2005-1 Christian Calmès To properly account for the dynamics of key macroeconomic variables, researchers incorporate various internal-propagation mechanisms in their models. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Labour markets JEL Code(s): E, E1, E12, E4, E49, J, J3, J30, J31, J4, J41
Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data Staff Working Paper 2003-33 Rafael Gomez, Eric Santor Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers. Content Type(s): Staff research, Staff working papers Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17