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3046 Results

(Optimal) Monetary Policy with and without Debt

How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.

Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913

Staff Working Paper 2018-42 Ian Keay, Patrick Alexander
In this paper we document Canada’s trade policy response to late-nineteenth- and earlytwentieth-century globalization. We link newly digitized annual product-specific data on the value of Canadian imports and duties paid from 1870–1913 to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census.
Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, International topics, Trade integration JEL Code(s): F, F1, F13, F14, F4, F42, F6, F60, N, N7, N71
August 19, 2010

Price-Level Targeting and Relative-Price Shocks

Stephen Murchison reviews the findings of recent Bank of Canada research on the relative merits of inflation targeting and price-level targeting (PLT) for a small open economy, such as Canada's, that is susceptible to large and persistent terms-of-trade shocks.

Measuring Uncertainty in Monetary Policy Using Implied Volatility and Realized Volatility

Staff Working Paper 2013-37 Bo Young Chang, Bruno Feunou
We measure uncertainty surrounding the central bank’s future policy rates using implied volatility computed from interest rate option prices and realized volatility computed from intraday prices of interest rate futures.

Asset Encumbrance, Bank Funding and Financial Fragility

Staff Working Paper 2016-16 Kartik Anand, Prasanna Gai, James Chapman, Toni Ahnert
In this piece we show that a limit on the level of asset encumbrance and minimum capital requirements are effective tools for minimizing the incentive for banks to take excessive risk.

Demand-Driven Risk Premia in Foreign Exchange and Bond Markets

Staff Working Paper 2025-29 Ingomar Krohn, Andreas Uthemann, Rishi Vala, Jun Yang
We show how Treasury demand shocks transmit to foreign exchange and bond markets globally. Higher Treasury demand weakens the U.S. dollar and raises foreign bond prices, with effects persisting for two weeks. The transmission varies predictably across countries based on their monetary policy alignment with the United States.

Climate-Related Flood Risk to Residential Lending Portfolios in Canada

We assess the potential financial risks of current and projected flooding caused by extreme weather events in Canada. We focus on the residential real estate secured lending (RESL) portfolios of Canadian financial institutions (FIs) because RESL portfolios are an important component of FIs’ balance sheets and because the assets used to secure such loans are immobile and susceptible to climate-related extreme weather events.
August 25, 2015

The Long-Term Evolution of House Prices: An International Perspective

Remarks Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario
Deputy Governor Lawrence Schembri discusses the international evidence of underlying determinants of long-term movements in house prices.
August 13, 1999

Recent Initiatives in the Canadian Market for Government of Canada Securities

The initiatives reviewed by the author were undertaken to ensure a liquid and well-functioning market for Government of Canada securities in light of the significant shift in the government's financial position. They include changes made in 1998 by the Bank of Canada and the government to the rules governing auctions and to the Bank's surveillance of the auction process, changes to the treasury bill and bond programs, and implementation of a pilot buyback program for Government of Canada marketable bonds. In addition, the Investment Dealers Association of Canada adopted a code of conduct for the secondary market. These initiatives were well received by the market and appear to have had a positive impact. The Bank and the government are, however, continuing their search for ways to maintain and enhance the efficiency of this market.
Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial markets
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