Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System Staff Working Paper 2002-41 Carol Ann Northcott Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21
Are Distorted Beliefs Too Good to be True? Staff Working Paper 2003-4 Miroslav Misina In a recent attempt to account for the equity-premium puzzle within a representative-agent model, Cecchetti, Lam, and Mark (2000) relax the assumption of rational expectations and in its place use the assumption of distorted beliefs. The author shows that the explanatory power of the distorted beliefs model is due to an inconsistency in the model and that an attempt to remove this inconsistency removes the model's explanatory power. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial markets JEL Code(s): D, D8, D84, G, G1, G12
March 9, 2006 Renewing the IMF: Some Lessons from Modern Central Banking Remarks Tiff Macklem Global Interdependence Center Philadelphia, Pennsylvania As economies have become more interconnected through trade and financial flows in a truly global marketplace, economic developments in one location can quickly have repercussions on the other side of the globe. In 1997, what began as a currency devaluation in Thailand became a crisis with repercussions not just in Asia, but in countries as far away as Russia, Brazil, and Canada. Content Type(s): Press, Speeches and appearances, Remarks
February 6, 2006 Global Imbalances and the Canadian Economy Remarks David Dodge Barbados International Business Association Bridgetown, Barbados Canada and Barbados may not have much in common in terms of climate, but we both have very open economies. So we both rely on good economic performance globally for good performance domestically. Content Type(s): Press, Speeches and appearances, Remarks
June 28, 2005 The International Monetary Order and the Canadian Economy Remarks David Dodge Canada-U.K. Chamber of Commerce London, United Kingdom As business people with ties to Canada and the United Kingdom, you are keenly interested in the economic prospects of both countries. When we look closely at our economies, it is striking how much they have in common in terms of policies and outlook. Content Type(s): Press, Speeches and appearances, Remarks
June 2, 2005 Monetary Policy and the Exchange Rate in Canada Remarks David Dodge Canada China Business Council Beijing, China Canada's experience is interesting and potentially insightful for two important reasons. First, Canada has more experience with a flexible exchange rate than almost any other country. Content Type(s): Press, Speeches and appearances, Remarks
March 4, 2008 Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 1/2 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 per cent. Content Type(s): Press, Press releases
Inventories and Real Rigidities in New Keynesian Business Cycle Models Staff Working Paper 2009-9 Oleksiy Kryvtsov, Virgiliu Midrigan Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E31, F, F1, F12
July 20, 2006 The Right Policies for Today's Global Economy Remarks David Dodge Brazil-Canada Chamber of Commerce São Paulo, Brazil Canada and Brazil both rely on international trade and foreign investment for economic growth, and both are major producers of commodities. Because we share these attributes, we also share a keen interest in the health of the global economy. Content Type(s): Press, Speeches and appearances, Remarks
July 13, 2006 Release of the Monetary Policy Report Update Opening statement David Dodge Overall, the Bank's outlook for growth and inflation in Canada is largely unchanged from that in its April Monetary Policy Report (MPR). Growth in the first half of 2006 appears to have been a little stronger than projected, and the Canadian dollar has traded in a higher range than was envisaged in the April MPR. Content Type(s): Press, Speeches and appearances, Opening statements