Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities Staff Working Paper 2014-31 John Beirne, Christian Friedrich This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the period 1999-2009. Content Type(s): Staff research, Staff working papers Research Topic(s): Balance of payments and components, Financial markets, International topics JEL Code(s): F, F3, F5, G, G0, G01, G1, G11
June 21, 2008 Financial System Review - June 2008 Although there has been some improvement in conditions over the past several weeks, strains in global credit markets have broadened since December.FSR Highlights - June 2008 Errata: Some factual errors in the June report "Bank of Canada Oversight Activities during 2007 under the Payment Clearing and Settlement Act" have been corrected. They concern (i) clarification of the U.S. Federal Reserve as lead overseer of CLS Bank and (ii) the steps taken by CDS on 14 August 2007 to assist issuers and participants holding defaulted ABCP. Content Type(s): Publications, Financial Stability Report
Inflation and Growth: A New Keynesian Perspective Staff Working Paper 2012-23 Robert Amano, Thomas J. Carter, Kevin Moran The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage rigidities, despite the fact that these rigidities now figure prominently in workhorse macroeconomic models. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation: costs and benefits JEL Code(s): E, E3, E31, E5, E52, O, O3, O31, O4, O42
The Exchange Rate Regime and Canada's Monetary Order Staff Working Paper 1999-7 David Laidler It is a mistake to debate the merits of alternative exchange rate regimes for Canada independently of other features of the monetary order. A coherent order requires a well-defined goal for monetary policy, one that the authorities are capable of achieving, and that anchors private sector expectations. For it to be liberal, the relevant authorities […] Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Monetary policy framework JEL Code(s): E, E5, E52, F, F3, F31
Canada’s Monetary Policy Report: If Text Could Speak, What Would It Say? Staff Analytical Note 2019-5 André Binette, Dmitri Tchebotarev This note analyzes the evolution of the narrative in the Bank of Canada’s Monetary Policy Report (MPR). It presents descriptive statistics on the core text, including length, most frequently used words and readability level—the three Ls. Although each Governor of the Bank of Canada focuses on the macroeconomic events of the day and the mandate of inflation targeting, we observe that the language used in the MPR varies somewhat from one Governor’s tenure to the next. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Monetary policy JEL Code(s): E, E0, E02, E5, E52
The Exchange Rate and Canadian Inflation Targeting Staff Working Paper 2005-34 Christopher Ragan The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation targets, Monetary policy implementation JEL Code(s): E, E5, E50, E52, F, F4, F41
August 24, 2004 Bank of Canada Review - Summer 2004 Cover page Promissory Note, 1712 The note measures 28 cm x 16 cm and forms part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
Monetary Policy Independence and the Strength of the Global Financial Cycle Staff Working Paper 2020-25 Christian Friedrich, Pierre Guérin, Danilo Leiva-Leon We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of central banks' policy interest rates to exogenous changes in inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Exchange rate regimes, Financial system regulation and policies, International financial markets, Monetary policy JEL Code(s): E, E4, E5, F, F3, F32, F4, F42, G, G1, G15, G18
Foreign Exchange Fixings and Returns Around the Clock Staff Working Paper 2021-48 Ingomar Krohn, Philippe Mueller, Paul Whelan We document a new empirical finding in the foreign exchange market: currency returns show systematic reversals around the benchmark fixings. Specifically, the US dollar, on average, appreciates in the hours before fixes and depreciates after fixes. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial markets, Market structure and pricing JEL Code(s): F, F3, F31, G, G1, G15
March 30, 2005 Canada's Competitiveness: The Importance of Investing in Skills Remarks David Dodge Humber College Institute of Technology & Advanced Learning Toronto, Ontario Productivity plays a critical role when it comes to our national standard of living. Productivity growth is the main element that contributes to continued improvements in real incomes and overall prosperity. Rising productivity lets businesses pay higher wages, while keeping costs down, employment high, and profits coming in. That's why economists like me spend a lot of time thinking about ways to improve the productivity of our economy. Content Type(s): Press, Speeches and appearances, Remarks