January 23, 2004 Bank of Canada Review - Winter 2003-2004 Cover page Brass Cash Register, 1910 The register is part of the National Currency Collection, Bank of Canada. Photographed by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
February 17, 2011 Conference Summary: Financial Globalization and Financial Instability Bank of Canada Review - Winter 2010-2011 Scott Hendry The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Central bank research, Financial markets, Financial stability, Financial system regulation and policies
June 14, 2007 Bank of Canada Review - Summer 2007 Cover page Decimalization in Great Britain The Victorian florin on the cover is part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
June 14, 2007 Efficiency and Competition in Canadian Banking Bank of Canada Review - Summer 2007 Jason Allen, Walter Engert Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Central bank research, Financial institutions, Financial system regulation and policies
November 14, 2013 Assessing Financial System Vulnerabilities: An Early Warning Approach Bank of Canada Review - Autumn 2013 Gurnain Pasricha, Tom Roberts, Ian Christensen, Brad Howell This article focuses on a quantitative method to identify financial system vulnerabilities, specifically, an imbalance indicator model (IIM) and its application to Canada. An IIM identifies potential vulnerabilities in a financial system by comparing current economic and financial data with data from periods leading up to past episodes of financial stress. It complements other sources of information - including market intelligence and regular monitoring of the economy - that policy-makers use to assess vulnerabilities. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Econometric and statistical methods, Financial stability, Monetary and financial indicators JEL Code(s): E, E6, E66, G, G0, G01
The Effect of the Federal Reserve’s Tapering Announcements on Emerging Markets Staff Working Paper 2014-50 Vikram Rai, Lena Suchanek The Federal Reserve’s quantitative easing (QE) program has been accompanied by a flow of funds into emerging-market economies (EMEs) in search of higher returns. Content Type(s): Staff research, Staff working papers Research Topic(s): International financial markets, International topics, Monetary policy transmission JEL Code(s): C, C3, C33, E, E5, E58, F, F3, F32, G, G1, G14
Uncertainty and Monetary Policy Experimentation: Empirical Challenges and Insights from Academic Literature Staff Discussion Paper 2022-9 Matteo Cacciatore, Dmitry Matveev, Rodrigo Sekkel Central banks face considerable uncertainty when conducting monetary policy. The COVID-19 pandemic brought this issue back to the forefront of policy discussions. We draw from academic literature to review key sources of uncertainty and how they affect the conduct of monetary policy. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Monetary policy and uncertainty, Potential output JEL Code(s): E, E3, E5
The Microstructure of Multiple-Dealer Equity and Government Securities Markets: How They Differ Staff Working Paper 2002-9 Toni Gravelle Although dealership government and equity securities have, on the surface, similar market structures, the author demonstrates that some subtle differences exist between them that are likely to significantly affect the way market-makers trade, and as such have an impact on the liquidity that they provide. Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): G, G1, G10, G15, G18
A Small Dynamic Hybrid Model for the Euro Area Staff Working Paper 2003-19 Ramdane Djoudad, Céline Gauthier The authors estimate and solve a small structural model for the euro area over the 1983–2000 period. Given the assumption of rational expectations, the model implies a set of orthogonality conditions that provide the basis for estimating the model's parameter by generalized method of moments. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy transmission JEL Code(s): E, E3, E31
Indebtedness and the Household Financial Health: An Examination of the Canadian Debt Service Ratio Distribution Staff Working Paper 2008-46 Umar Faruqui The household debt-to-disposable income ratio in Canada increased from 110 per cent in 1999 to 127 per cent in 2007. This increase has raised questions about the ability of households to service their increased debt if faced with a negative economic or socio-economic shock. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Monetary and financial indicators JEL Code(s): D, D1, D11, D14, D3, D39