An Optimal Macroprudential Policy Mix for Segmented Credit Markets Staff Working Paper 2021-31 Jelena Zivanovic How can macroprudential policy and monetary policy stabilize segmented credit markets? Is there a trade-off between financial stability and price stability? I use a theoretical model to evaluate the performance of alternative policies and find the optimal mix of macroprudential and monetary policy in response to aggregate shocks. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Credit risk management, Financial stability, Financial system regulation and policies JEL Code(s): E, E3, E30, E4, E44, E5, E50
May 19, 2011 The Changing Face of Risk in the Global Financial System Remarks Timothy Lane Canadian Pension & Benefits Institute Vancouver, British Columbia I know that risk is ever-present in your work, as you fulfill your commitments to the beneficiaries and sponsors of your pension plans. Important risks surround the investment performance of those plans, as well as the value of pension liabilities. Content Type(s): Press, Speeches and appearances, Remarks
Buying Back Government Bonds: Mechanics and Other Considerations Staff Working Paper 1998-9 Toni Gravelle With the elimination of the federal deficit, the Bank of Canada, the Department of Finance, and financial market participants are examining ways to manage the reduction in the stock of marketable debt. This paper summarizes three different methods—reverse auction, over-the-counter purchases, and conversions—that could be used to buy back Government of Canada bonds before they […] Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets JEL Code(s): G, G1
The Impact of the Global Business Cycle on Small Open Economies: A FAVAR Approach for Canada Staff Working Paper 2011-2 Garima Vasishtha, Philipp Maier Building on the growing evidence on the importance of large data sets for empirical macroeconomic modeling, we use a factor-augmented VAR (FAVAR) model with more than 260 series for 20 OECD countries to analyze how global developments affect the Canadian economy. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, International topics JEL Code(s): C, C3, C32, F, F4, F41
December 8, 2011 Financial System Review - December 2011 In this issue of the Financial System Review, the Bank of Canada’s Governing Council judges that the risks to the stability of Canada’s financial system are high and have increased markedly over the past six months, owing primarily to an escalation of the sovereign debt crisis in the euro area and a weaker global economic outlook. Erratum: The data for Chart 7 on page 8 were plotted incorrectly. See revised chart. Content Type(s): Publications, Financial Stability Report
December 10, 2007 Inflation Targeting, Price-Level Targeting, and Fluctuations in Canada's Terms of Trade Bank of Canada Review - Winter 2007-2008 Donald Coletti, René Lalonde Coletti and Lalonde compare inflation targeting and price-level targeting in the context of a small open economy subject to sizable terms-of-trade shocks. The authors summarize recent research that compares the ability of price-level targeting and inflation targeting to stabilize the macroeconomy when confronted with shocks similar to those experienced by Canada in recent years. Their preliminary results suggest that price-level targeting may represent a feasible alternative to traditional inflation targeting. Their article also provides insight into the direction of current research in this area at the Bank. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Central bank research, Inflation and prices, Monetary policy framework
June 12, 2003 Recent Economic Developments and the Conduct of Monetary Policy Remarks David Dodge Conseil du patronat du Québec Montréal, Quebec I want to talk to you about the Canadian economy - how it has evolved over the past few months and what are the prospects ahead. In doing so, I will review the economic forecast from our latest Monetary Policy Report, which we published in April. Then I will talk about what has changed since that time. Content Type(s): Press, Speeches and appearances, Remarks
April 20, 2001 The Bank of Canada's Contribution to the Economic Well-Being of Canadians Remarks David Dodge Vancouver Board of Trade Vancouver, British Columbia The Bank of Canada has a commitment to contribute to the economic well-being of Canadians. In other words, we must conduct monetary policy so that it fosters sustained economic growth. Fundamentally, this means creating conditions that favour rising employment and incomes, strong investment, and a more stable macroeconomic environment. Content Type(s): Press, Speeches and appearances, Remarks
Digitalization: Definition and Measurement Staff Discussion Paper 2023-20 Guyllaume Faucher, Stéphanie Houle This paper provides an overview of digitalization and its economic implications. We assess the scope of digitalization in Canada as well as the challenges related to its measurement. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digitalization, Potential output JEL Code(s): E, E0, E01, O, O3, O33, O5, O51
November 18, 2010 Financial Stress, Monetary Policy, and Economic Activity Bank of Canada Review - Autumn 2010 Fuchun Li, Pierre St-Amant The recent global crisis was characterized by a remarkable intensity in the negative feedback process between financial sector developments and the real economy. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Business fluctuations and cycles, Economic models, Monetary policy transmission