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December 18, 2006

A Summary of the Bank of Canada Conference on Fixed-Income Markets, 3–4 May 2006

The Bank of Canada's interest in fixed-income markets spans several of its functional areas of responsibility, including monetary policy, funds management, and financial system stability and efficiency. For that reason, the 2006 conference brought together top academics and central bankers from around the world to discuss leading-edge work in the field of fixed-income research. The papers and discussions cover such topics as the efficiency of fixed-income markets, price formation, the determinants of the yield curve, and volatility modelling. This article provides a short summary of each conference paper and the ensuing discussion.

More Money for Some: The Redistributive Effects of Open Market Operations

Staff working paper 2021-46 Christian Bustamante
I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations.

How changes in the share of constrained households affect the effectiveness of monetary policy

Staff analytical note 2024-3 Felipe Alves, Sushant Acharya
We measure how the change in the share of constrained households in Canada following the COVID-19 recession has impacted the effectiveness of monetary policy.

No Double Standards: Quantifying the Impact of Standard Harmonization on Trade

Staff working paper 2019-36 Julia Schmidt, Walter Steingress
Product standards are omnipresent in industrialized societies. Though standardization can be beneficial for domestic producers, divergent product standards have been categorized as a major obstacle to international trade. This paper quantifies the effect of standard harmonization on trade flows and characterizes the extent to which it changes the cost and demand structure of exporting.

Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data

Staff working paper 2024-20 Patrick Alexander, Lu Han, Oleksiy Kryvtsov, Ben Tomlin
We study how the interaction of market power and nominal price rigidity influences inflation dynamics. We find that pass-through declines with price stickiness when markets are concentrated, which implies a lower slope of the New Keynesian Phillips curve.
December 10, 2005

A History of the Canadian Dollar - by James Powell

The history of Canada's money provides a unique perspective from which to view the growth and development of the Canadian economy and Canada as a nation. Author James Powell traces the evolution of Canadian money form its pre-colonial origins to the present day, highlighting the currency chaos of the colonial period, as well as the effects of two world wars and the Great Depression.

The New Benchmark for Forecasts of the Real Price of Crude Oil

How can we assess the quality of a forecast? We propose a new benchmark to evaluate forecasts of temporally aggregated series and show that the real price of oil is more difficult to predict than we thought.
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