The Zero Bound on Nominal Interest Rates: How Important Is It? Staff Working Paper 2001-6 David Amirault, Brian O'Reilly This paper surveys the literature on the zero bound on the nominal interest rate. It addresses questions ranging from the conditions under which the zero bound on the nominal interest rate might occur to policy options to avoid or use to exit from such a situation. We discuss literature that examines historical and country evidence, and literature that uses models to generate evidence on this question. Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Inflation targets, Monetary policy transmission JEL Code(s): E, E3, E31, E5, E52, E58, E6, E61
December 12, 2005 Our Approach to Monetary Policy: Inflation Targeting Remarks David Dodge Regina Chamber of Commerce Regina, Saskatchewan This year also marks the 70th anniversary of the creation of the Bank of Canada, and we too have taken the time to celebrate our contributions to Canada. At such times, while it is appropriate to look back and celebrate history and accomplishments, it is also a good opportunity to look forward and think about where we are headed. In this spirit, I'd like to talk to you today about one of our main responsibilities; that is, the conduct of monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
November 9, 2005 Economic and Financial Efficiency: The Importance of Pension Plans Remarks David Dodge Association des MBA du Québec (AMBAQ) Montréal, Quebec Over the past year, I have spoken a number of times on the topic of efficiency, and why it is so important for Canadian policy-makers to keep in mind the goal of an efficient financial system. Today, I want to talk about Canada's system of pension plans and how they contribute to the efficiency of financial markets and of the economy as a whole. Content Type(s): Press, Speeches and appearances, Remarks
October 26, 2005 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement David Dodge Standing Senate Committee on Banking, Trade and Commerce When Paul and I appeared before this Committee last April, we said that the economy appeared to be operating slightly below its production capacity, and that we expected it to move back to full capacity in the second half of 2006. In our October Monetary Policy Report, which we published last Thursday, we said that economic growth in the first half of the year was somewhat stronger than we had previously expected. Indeed, the global and Canadian economies have continued to grow at a solid pace, and our economy now appears to be operating at full production capacity. Content Type(s): Press, Speeches and appearances, Opening statements
Real Effects of Price Stability with Endogenous Nominal Indexation Staff Working Paper 2009-16 Césaire Meh, Vincenzo Quadrini, Yaz Terajima We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial markets, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E2, E21, E3, E31, E4, E44, E5, E52
Alternative Trading Systems: Does One Shoe Fit All? Staff Working Paper 2002-33 Nicolas Audet, Toni Gravelle, Jing Yang This paper examines the factors that lead liquidity-motivated investors to choose the type of market structure they prefer. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): G, G1, G10, G14, G18
Filtering for Current Analysis Staff Working Paper 2002-28 Simon van Norden This paper shows how existing band-pass filtering techniques and their extension can be applied to the common current-analysis problem of estimating current trends or cycles. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Potential output JEL Code(s): C, C1
Household Debt, Assets, and Income in Canada: A Microdata Study Staff Discussion Paper 2009-7 Césaire Meh, Yaz Terajima, David Xiao Chen, Thomas J. Carter The authors use microdata from the 1999 and 2005 Surveys of Financial Security to identify changes in household debt, and discuss their potential implications for monetary policy and financial stability. They document an increase in the debt-income ratio, which rose from 0.75 to 0.95, on average. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Credit and credit aggregates, Financial stability, Productivity, Sectoral balance sheet JEL Code(s): E, E2, E21, E24
Relative Prices, Trading Gains, and Real GDI: The Case of Canada Staff Discussion Paper 2009-4 Yi Zheng Treating imports as intermediate inputs to domestic production, the author adopts the translog function approach to model real gross domestic income (GDI) in Canada over the 1961–2006 period. She explores the role of price ratios, such as terms of trade and the real effective exchange rate, in explaining changes in real GDI, trade openness, trade […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Econometric and statistical methods, Productivity JEL Code(s): C, C4, C43, D, D3, D33, F, F1, F10, O, O4, O47
October 13, 2004 Famous 5 Foundation Remarks David Dodge Nation Builders Dinner Calgary, Alberta As you know, one of the events and themes commemorated on the new $50 bank note is the Persons Case. I am especially pleased to be here tonight, helping to celebrate the 75th anniversary of that historic case, and honouring the Famous Five, who helped to enshrine the rights of all individuals, in Canada and other countries around the world, to participate on equal terms in political life. Content Type(s): Press, Speeches and appearances, Remarks