Information, Amplification and Financial Crisis Staff Working Paper 2014-30 Ali Kakhbod, Toni Ahnert We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial stability JEL Code(s): D, D8, D83, G, G0, G01
July 7, 2014 Senior Loan Officer Survey - Second-Quarter 2014 The survey results point to a further easing in overall business-lending conditions during the second quarter of 2014. Content Type(s): Publications, Senior Loan Officer Survey
June 26, 2014 Banking and Financial Statistics - June 2014 Content Type(s): Publications, Historical: Banking and Financial Statistics
Filling in the Blanks: Network Structure and Interbank Contagion Staff Working Paper 2014-26 Kartik Anand, Ben Craig, Goetz von Peter The network pattern of financial linkages is important in many areas of banking and finance. Yet bilateral linkages are often unobserved, and maximum entropy serves as the leading method for estimating counterparty exposures. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial institutions, Financial stability JEL Code(s): C, C6, C63, D, D8, D85, G, G2, G21, L, L1, L14
Consumer Attitudes and the Epidemiology of Inflation Expectations Staff Working Paper 2014-28 Michael Ehrmann, Damjan Pfajfar, Emiliano Santoro This paper studies the formation of consumers’ inflation expectations using micro-level data from the Michigan Survey. It shows that beyond the well-established socio-economic determinants of inflation expectations such as gender, income or education, other characteristics such as the households’ financial situation and their purchasing attitudes also matter. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices JEL Code(s): C, C5, C53, D, D8, D84, E, E3, E31
June 12, 2014 Stress Testing the Canadian Banking System: A System-Wide Approach Financial System Review - June 2014 Kartik Anand, Guillaume Bédard-Pagé, Virginie Traclet Stress testing is an important tool used by financial authorities and entities around the world to evaluate potential risks to the financial system. Kartik Anand, Guillaume Bédard-Pagé and Virginie Traclet discuss different stress-testing approaches, with emphasis on the innovative and analytically rigorous model developed by the Bank of Canada: the MacroFinancial Risk Assessment Framework (MFRAF). They also present the stress-test results obtained in the context of the 2013 Canada Financial Sector Assessment Program led by the International Monetary Fund, including the important contributions made by the use of MFRAF in the exercise. Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial stability JEL Code(s): C, C6, C63, G, G0, G01, G2, G21
May 1, 2001 Release of the Monetary Policy Report Opening statement David Dodge This morning, we released our spring 2001 Monetary Policy Report. In the six months since the November 2000 Report, the pace of economic expansion in Canada has slackened, primarily because the economic slowdown in the United States has been more pronounced than anticipated. The extent of the easing in economic activity in Canada is the […] Content Type(s): Press, Speeches and appearances, Opening statements
November 9, 2000 Release of the Monetary Policy Report Opening statement Gordon Thiessen This morning we released our latest Monetary Policy Report. In the six months since the May Report, our economy has outperformed expectations, spurred by strong domestic and foreign demand for Canadian products. We now expect that growth will average 5 per cent in 2000 and 3 to 4 per cent in 2001. Despite this stronger-than-anticipated […] Content Type(s): Press, Speeches and appearances, Opening statements
October 4, 2013 Weekly Financial Statistics - 4 October 2013 Content Type(s): Publications, Historical: Weekly Financial Statistics
The Common Component of CPI: An Alternative Measure of Underlying Inflation for Canada Staff Working Paper 2013-35 Mikael Khan, Louis Morel, Patrick Sabourin In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly factor model on individual components of the CPI. This measure, labelled the common component of CPI, has intuitive appeal and a number of interesting features. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Inflation and prices, Monetary policy framework JEL Code(s): C, C1, E, E3, E31, E32, E5, E52, E58