January 21, 2010 Release of the Monetary Policy Report Opening statement Mark Carney Ottawa, Ontario Paul and I are pleased to be here with you today to discuss the January Monetary Policy Report, which we published this morning. Content Type(s): Press, Speeches and appearances, Opening statements
February 4, 2010 Signs of Thaw in Corporate Attitudes Emerging, Says Governor Carney Media Relations Winnipeg, Manitoba With improvements in financial conditions, economic activity, commodity prices, and confidence, the Bank of Canada anticipates that there will be a relatively modest recovery this year in business fixed investment in Canada, and an acceleration of investment spending in 2011. Content Type(s): Press, Press releases
March 4, 2010 Bank of Canada to Issue New Bank Notes Media Relations Ottawa, Ontario As announced in today's federal budget, in 2011 the Bank of Canada will begin to issue a new series of bank notes printed on a polymer material. Content Type(s): Press, Press releases
March 10, 2010 Bank of Canada announces retirement of Deputy Governor Pierre Duguay Media Relations Ottawa, Ontario The Bank of Canada today announced that Pierre Duguay, Deputy Governor, will retire from the Bank on 29 July 2010. Content Type(s): Press, Press releases
March 11, 2010 Principles for Interesting Times Remarks Mark Carney Carleton University Ottawa, Ontario I would like to thank students from universities across Canada for joining me on this special day, the 75th anniversary of the Bank of Canada Content Type(s): Press, Speeches and appearances, Remarks
Canadian Short-Term Interest Rates and the BAX Futures Market: Analysis of the Impact of Volatility on Hedging Activity and the Correlation of Returns between Markets Staff Working Paper 1997-18 David Watt This paper analyses how Canadian financial firms manage short-term interest rate risk through the use of BAX futures contracts. The results show that the most effective hedging strategy is, on average, a static strategy based on linear regression that assumes constant variances, even though dynamic models allowing for time-varying variances are found to have superior explanatory power. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Interest rates JEL Code(s): E, E4, E43
Non-Linearities in the Output-Inflation Relationship: Some Empirical Results for Canada Staff Working Paper 1998-14 Chantal Dupasquier, Nicholas Ricketts This paper analyzes the short-run dynamic process of inflation in Canada and examines whether a systematic variation in the relationship between inflation and output can be detected over time. In the theoretical literature, different models of price-setting behaviour predict that the slope of the Phillips curve will be a function of macroeconomic conditions, implying a […] Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits, Productivity
November 10, 1995 Bank of Canada Review - Autumn 1995 Cover page Mauritius, 10 rupees, 1971 Slightly smaller than a Canadian silver dollar and struck in copper-nickel, the coin shown on the cover is part of of the National Currency Collection of the Bank of Canada. Photography by James Zagon. Content Type(s): Publications, Bank of Canada Review
April 7, 2009 Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts Bank of Canada Review - Spring 2009 Allan Crawford, Césaire Meh, Yaz Terajima Many central banks around the world have embraced inflation targeting as a monetary policy framework. Interest is growing, however, in price-level targeting as an alternative. The choice of frameworks has important consequences for financial contracts, most of which are not fully indexed to the price level. Changes in the price level therefore lead to changes in the real value of contracts. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation targets, Inflation: costs and benefits, Monetary policy framework
May 6, 1995 Managing the federal government's cash balances: A technical note Bank of Canada Review - Spring 1995 Daryl Merrett, Serge Boisvert, Philippe Côté In addition to its primary role as the country's central bank, the Bank of Canada also acts as the federal government's banker and financial adviser. One of the activities associated with this role as fiscal agent is managing the government's Canadian dollar balances. This function is examined in this article. The main priority is to ensure that the government has sufficient cash to meet its daily needs. This requires careful forecasting and monitoring of the government's daily receipt and expenditure flows, as well as an ongoing borrowing program to refinance maturing debt and to replenish the balances during periods when outflows, on average, exceed inflows. The cost of borrowing to raise cash balances for the government is considerably higher than the interest earned on any balances that are available "on demand." To reduce this net cost, balances in excess of those required for daily needs are invested in "term" deposits that earn a higher rate of interest than that earned on the demand balances. The net cost of holding government balances has also been reduced through the use of cash management bills, which are flexible, short-term borrowing instruments that complement the government's regular weekly issues of 3-, 6- and 12-month treasury bills. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Debt management