April 9, 2012 Senior Loan Officer Survey - First-Quarter 2012 The survey results point to an overall easing in business-lending conditions during the first quarter of 2012, following virtually unchanged lending conditions in the last quarter of 2011. Content Type(s): Publications, Senior Loan Officer Survey
April 9, 2012 Business Outlook Survey - Spring 2012 The results of the spring survey point to more optimism among firms than in the winter survey, as some of the uncertainty dampening the economic outlook has dissipated. Content Type(s): Publications, Business Outlook Survey
April 5, 2012 The Bank of Canada Releases Its Annual Report for 2011 Media Relations Ottawa, Ontario The Bank of Canada’s Annual Report for 2011 was tabled in the House of Commons today. Content Type(s): Press, Press releases
Price-Level Targeting and Inflation Expectations: Experimental Evidence Staff Working Paper 2011-18 Robert Amano, Jim Engle-Warnick, Malik Shukayev In this paper, we use an economics decision-making experiment to test a key assumption underpinning the efficacy of price-level targeting relative to inflation targeting for business cycle stabilization and mitigating the effects of the zero lower bound on nominal interest rates. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework JEL Code(s): E, E3, E32, E5, E52
August 23, 2011 How People Think and How It Matters Remarks Jean Boivin Canadian Association for Business Economics Kingston, Ontario In his speech entitled “How People Think and How it Matters,” delivered to the Canadian Association for Business Economics, Deputy Governor Jean Boivin reviews various ways people form expectations and how these affect monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
August 18, 2011 The BoC-GEM-Fin: Banking in the Global Economy Bank of Canada Review - Summer 2011 Carlos De Resende, René Lalonde This article describes the Bank of Canada’s version of the Global Economy Model structured to incorporate an active banking system that features an interbank market and cross-border lending. After describing the new model, the authors use it to examine the responses of selected U.S. and Canadian macroeconomic variables to a “credit crunch” in the United States and also to study the impact of changes in the regulatory limits to bank leverage in Canada. They also discuss the relative merits of a monetary policy framework based on inflation targeting and one based on price-level targeting in the presence of shocks to the U.S. and Canadian banking sectors. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Economic models, Financial institutions, Financial system regulation and policies, Monetary policy framework
August 18, 2011 Mortgage Debt and Procyclicality in the Housing Market Bank of Canada Review - Summer 2011 Ian Christensen This article focuses on the role that loans backed by housing collateral play in amplifying housing booms and, more generally, procyclicality in the housing market. The author uses a model developed to include borrower and lender households, as well as a housing market, to examine the impact that altering the loan-to-value ratio (either permanently or countercyclically) might have on the volatility of house prices and mortgage debt. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Economic models, Financial system regulation and policies, Market structure and pricing
The Impact of Operational Events on the Network Structure of the LVTS Staff Discussion Paper 2011-7 Tom Roberts The author uses a quantitative network analysis approach to assess how participants in the Large Value Transfer System (LVTS) respond to partial outages at other banks. Content Type(s): Staff research, Staff discussion papers Topic(s): Payment clearing and settlement systems JEL Code(s): C, C4, C49, G, G1, G14, G2, G21
July 22, 2011 Global Financial Reform: Maintaining the Momentum Remarks Tiff Macklem G-20 Workshop on 7 July 2011 Paris, France In his remarks entitled Global Financial Reform: Maintaining the Momentum, delivered to the G-20 workshop organized by the Australian Treasury in Paris on 7 July 2011, Senior Deputy Governor Tiff Macklem reviews the achievements toward a more resilient financial system and the challenges related to oversight and regulation, and reducing contagion and harmful spillovers. Content Type(s): Press, Speeches and appearances, Remarks
The Role of Financial Speculation in Driving the Price of Crude Oil Staff Discussion Paper 2011-6 Ron Alquist, Olivier Gervais Over the past 10 years, financial firms have increased the size of their positions in the oil futures market. At the same time, oil prices have increased dramatically. Content Type(s): Staff research, Staff discussion papers Topic(s): International topics JEL Code(s): G, G1, G12, Q, Q4, Q41