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2976 Results

June 8, 2015

Panel remarks for round table discussion at the 21st Conference of Montréal

Remarks Carolyn A. Wilkins 21st Conference of Montréal: International Economic Forum of the Americas Montréal, Quebec
Introduction Thank you for the invitation to be here today. I’m honoured to be part of this panel. It’s been more than seven years since the global financial crisis began, and we’re still coping with its aftermath. One of the consequences of the crisis has been a disruption of financial globalization. Global capital flows—to give […]

Price Formation and Liquidity Provision in Short-Term Fixed Income Markets

Staff Working Paper 2007-27 Chris D'Souza, Ingrid Lo, Stephen Sapp
Differences in market structures may affect the manner in which fundamental information is incorporated into prices. High levels of quote and trade transparency plus substantial quoting obligations in European government securities markets ensure that prices are informationally efficient.

Lagging Productivity Growth in the Service Sector: Mismeasurement, Mismanagement or Misinformation?

Staff Working Paper 1997-6 Dinah Maclean
While the service sector has been growing rapidly as a share of total output, aggregate productivity growth has generally lagged behind that of the goods sector. In this report, the author assesses a range of explanations for lagging service sector productivity growth.
Content Type(s): Staff research, Staff working papers Research Topic(s): Productivity, Recent economic and financial developments JEL Code(s): L, L8, L80, O, O4, O47

Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads

Staff Working Paper 2012-27 Hui Chen, Yu Xu, Jun Yang
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity raises the costs of financing.
Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Debt management JEL Code(s): G, G3, G32, G33

Search-for-Yield in Canadian Fixed-Income Mutual Funds and Monetary Policy

Staff Working Paper 2014-3 Sermin Gungor, Jesus Sierra
This paper investigates the effects of monetary policy on the risk-taking behavior of fixed-income mutual funds in Canada. We consider different measures of the stance of monetary policy and investigate active variation in mutual funds’ risk exposure in response to monetary policy.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Monetary policy transmission JEL Code(s): E, E5, E52, G, G2, G23

Financial Stress, Monetary Policy, and Economic Activity

Staff Working Paper 2010-12 Fuchun Li, Pierre St-Amant
This paper examines empirically the impact of financial stress on the transmission of monetary policy shocks in Canada. The model used is a threshold vector autoregression in which a regime change occurs if financial stress conditions cross a critical threshold.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Monetary policy and uncertainty JEL Code(s): C, C0, C01, E, E5, E50, G, G0, G01

Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada

Staff Discussion Paper 2018-18 Thomas J. Carter, Rhys R. Mendes, Lawrence L. Schembri
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks.
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