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3035 Results

The Structure of Interest Rates in Canada: Information Content about Medium-Term Inflation

Staff Working Paper 1997-10 Jim Day, Ron Lange
This paper examines the relationship between the term structure of interest rates and future changes in inflation for Canada using a newly constructed par-value yield series. The main conclusion of the empirical work is that the slope of the nominal term structure from 1- to 5-year maturities is a reasonably good predictor of future changes in inflation over these horizons.
Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, Monetary and financial indicators JEL Code(s): E, E4, E43

The “Too Big to Fail” Subsidy in Canada: Some Estimates

Staff Working Paper 2018-9 Patricia Palhau Mora
Implicit government guarantees of banking-sector liabilities reduce market discipline by private sector stakeholders and temper the risk sensitivity of funding costs. This potentially increases the likelihood of bailouts from taxpayers, especially in the absence of effective resolution frameworks.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): G, G1, G13, G2, G21, G28

The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area

Staff Working Paper 2002-35 Liliane Karlinger
This paper reviews both the theoretical and empirical literature on the impact of common currencies on financial markets and evaluates the first three years of experience with Economic and Monetary Union (EMU).
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rate regimes, Financial markets JEL Code(s): E, E4, E44, F, F2, F21, F3, F36, G, G1, G15

Assessing the Impact of Demand Shocks on the US Term Premium

Staff Discussion Paper 2018-7 Russell Barnett, Konrad Zmitrowicz
During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus.

A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate

Staff Working Paper 2007-21 Fousseni Chabi-Yo, Jun Yang
We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries on their yield curves and the exchange rate.

Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers

Staff Discussion Paper 2019-1 James Chapman, Carolyn A. Wilkins
The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries.
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