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2095 Results

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.

Understanding Inflation Dynamics: The Role of Government Expenditures

Staff working paper 2023-30 Chang Liu, Yinxi Xie
We study the impact government expenditure has on inflation. We find that changes in government expenditure account for a substantial portion of inflation variations. We also find that inflation and inflation expectations respond negatively to fiscal spending shocks, reaffirming the supply-side channel through which inflation responds to fiscal expansions.

Relationships in the Interbank Market

Staff working paper 2016-33 Jonathan Chiu, Cyril Monnet
In the interbank market, banks will sometimes trade below the central bank's deposit rate. We explain this anomaly using a theory based on market frictions and relationship lending.

What Consistent Responses on Future Inflation by Consumers Can Reveal

Staff discussion paper 2023-7 Sarah Miller, Patrick Sabourin
We analyze factors that may explain consistent answers to questions about inflation expectations in the Canadian Survey of Consumer Expectations. We also compare the inflation forecasts of consumers with consistent responses with those of professional forecasters.
November 21, 2004

Summary of the G-20 Workshop on Developing Strong Domestic Financial Markets, 26-27 April 2004

G-20 representatives, academics, market participants, and members of international financial institutions were brought together in Ottawa to explore the connection between robust financial markets and economic growth and development, share experiences, and to develop policy recommendations, where possible. Participants identified several areas they deemed critical for fostering strong domestic financial markets and reducing external vulnerability: sound macroeconomics policies, strengthened financial infrastructures and banking systems, and exchange rate flexibility for countries with widely open capital accounts. Papers presented in the six sessions and keynote address highlighted a number of issues, including currency mismatches, the sequence of financial liberalization and supervisory reforms, the development of local financial markets, infrastructure building and governance, and appropriate incentives.

On-the-run Premia, Settlement Fails, and Central Bank Access

Staff working paper 2025-19 Fabienne Schneider
The premium on “on-the-run” Treasuries is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. I use the model to analyze the effects of granting access to central bank facilities.
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