Discounting in Mortgage Markets Staff Working Paper 2011-3 Jason Allen, Robert Clark, Jean-François Houde This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there's been an increase in the average discount, along with substantial dispersion. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services JEL Code(s): D, D4, G, G2, G21, L, L0
February 1, 2011 Canada's Competitive Imperative: Investing in Productivity Gains Remarks Tiff Macklem Productivity Alberta Edmonton, Alberta Canada’s advantages were very apparent through the financial crisis. They sheltered us from the worst of the storm and put Canada at the front of the pack coming out of the recession. Content Type(s): Press, Speeches and appearances, Remarks
January 19, 2011 Release of the Monetary Policy Report Opening statement Mark Carney Ottawa, Ontario The global economic recovery is proceeding at a somewhat faster pace than the Bank had anticipated, although risks remain elevated. Private domestic demand in the United States has picked up and will be reinforced by recently announced monetary and fiscal stimulus. Content Type(s): Press, Speeches and appearances, Opening statements
May 19, 2011 Bank of Canada Review - Spring 2011 This special issue of the Review, “Lessons from the Financial Crisis,” examines the recent research on the role of liquidity in the financial system and on the public policy responses that aimed to restore stability to the financial system during the crisis and to foster economic recovery. Content Type(s): Publications, Bank of Canada Review
Bank Loans for Private and Public Firms in a Credit Crunch Staff Working Paper 2011-13 Jason Allen, Teodora Paligorova Banks reliance on short-term funding has increased over time. While an effective source of financing in good times, the 2007 financial crisis has exposed the vulnerability of banks and ultimately firms to such a liability structure. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G0, G01, G2, G20
May 16, 2011 Canada in a Multi-Polar World Remarks Mark Carney Canadian Club of Ottawa Ottawa, Ontario Governor Mark Carney discusses the forces that are transforming the global economic landscape and their implications for the Canadian economy. Content Type(s): Press, Speeches and appearances, Remarks
January 10, 2011 Business Outlook Survey - Winter 2010-11 Overall, businesses continue to be positive about the outlook for the next 12 months. While survey responses generally still indicate modest growth, with many firms citing headwinds from strong competition and moderate demand, the strength in commodity prices has led to increased optimism among those firms tied to commodity-related activity. Content Type(s): Publications, Business Outlook Survey
January 18, 2011 Bank of Canada maintains overnight rate target at 1 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
Testing Linear Factor Pricing Models with Large Cross-Sections: A Distribution-Free Approach Staff Working Paper 2010-36 Sermin Gungor, Richard Luger We develop a finite-sample procedure to test the beta-pricing representation of linear factor pricing models that is applicable even if the number of test assets is greater than the length of the time series. Our distribution-free framework leaves open the possibility of unknown forms of non-normalities, heteroskedasticity, time-varying correlations, and even outliers in the asset returns. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets JEL Code(s): C, C1, C12, C14, C3, C33, G, G1, G11, G12
Semi-Structural Models for Inflation Forecasting Staff Working Paper 2010-34 Maral Kichian, Rumler Fabio, Paul Corrigan We propose alternative single-equation semi-structural models for forecasting inflation in Canada, whereby structural New Keynesian models are combined with time-series features in the data. Several marginal cost measures are used, including one that in addition to unit labour cost also integrates relative price shocks known to play an important role in open-economies. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C53, E, E3, E31