Les sources des fluctuations des taux de change en Europe et leurs implications pour l'union monétaire Technical Report No. 66 Alain DeSerres, René Lalonde The objective of this paper is to provide an empirical evaluation of the degree of shock asymmetry between eight European countries that would form the core of a monetary union. Given that the relevant measure is the degree of real shock asymmetry, our approach is to use the observed movement in real exchange rates as […] Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): F, F1, F15, F3, F31
May 1, 2001 Bank of Canada releases semi-annual Monetary Policy Report Media Relations The Bank of Canada today released its thirteenth semi-annual Monetary Policy Report in which it discusses economic and financial trends in the context of Canada's inflation-control strategy. The Monetary Policy Report is published every May and November. Content Type(s): Press, Press releases
A Note on Contestability in the Canadian Banking Industry Staff Discussion Paper 2007-7 Jason Allen, Ying Liu The authors examine the degree of contestability in the Canadian banking system using the H-statistic proposed by Panzar and Rosse (1987) and modified by Bikker, Spierdijk, and Finnie (2006). A modification is necessary because the standard approach of controlling for size using total assets leads to an upward bias in the H-statistic. The authors propose […] Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, L, L1, L11
Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence Technical Report No. 53 John Murray, Mark Zelmer, Shane Williamson When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […] Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): F, F3, F31, G, G1, G14
The NAIRU in Canada: Concepts, Determinants and Estimates Technical Report No. 50 David Rose An important question that faces macroeconomic policy makers is whether the economy can absorb increases in aggregate demand without generating inflationary pressures. Many economists have found it useful to approach this issue by asking whether the economy is operating at a rate of unemployment consistent with inflation neither accelerating nor decelerating, all else being equal. […] Content Type(s): Staff research, Technical reports Topic(s): Labour markets JEL Code(s): E, E2, E24
An Analysis of the Information Content of Alternative Monetary Aggregates Technical Report No. 48 Doug Hostland, Stephen S. Poloz, Paul Storer In this study the authors compare the information content of alternative monetary aggregates with respect to total spending in the economy, using data for Canada. The analysis considers 46 monetary measures, about half of which constitute conventional summation aggregates, while the remainder are superlative indices of monetary services based on the Fisher Ideal formula. The […] Content Type(s): Staff research, Technical reports Topic(s): Monetary aggregates JEL Code(s): E, E5, E51
Long-Term Determinants of the Personal Savings Rate: Literature Review and Some Empirical Results for Canada Staff Working Paper 2000-3 Gilles Bérubé, Denise Côté This paper examines the structural determinants of the personal savings rate in Canada over the last 30 years, using cointegration techniques. The main finding is that the real interest rate, expected inflation, the ratio of the all-government fiscal balances to nominal GDP, and the ratio of household net worth to personal disposable income are the most […] Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components JEL Code(s): C, C2, C22, E, E2, E21
March 9, 2000 The Conduct of Monetary Policy When You Live Next Door to a Large Neighbour Remarks Gordon Thiessen Canadian Society of New York New York, New York Both in Canada and elsewhere, much ink has been spilled over the past year on the pros and cons of different exchange rate regimes and the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
December 12, 2023 Case scenarios about point-of-sale terminals The following fictional case scenarios provide details about the payment functions: initiation of an electronic funds transfer at the request of an end user; the authorization of an electronic funds transfer; and the transmission, reception or facilitation of an instruction in relation to an electronic funds transfer.
December 12, 2023 Registration application fee This supervisory policy explains the one-time fee applicants must pay when submitting an application to register as a payment service provider with the Bank.