Market Valuation and Risk Assessment of Canadian Banks Staff Working Paper 2004-34 Ying Liu, Mingwei Yuan, Eli Papakirykos The authors apply the asset-valuation model developed by Rabinovitch (1989) to six publicly traded Canadian banks over the period 1982–2002. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): G, G1, G12, G2, G21
Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics Staff Discussion Paper 2020-11 Oleksiy Kryvtsov, James (Jim) C. MacGee From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52
Inventories and Real Rigidities in New Keynesian Business Cycle Models Staff Working Paper 2009-9 Oleksiy Kryvtsov, Virgiliu Midrigan Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E31, F, F1, F12
The Role of Card Acceptance in the Transaction Demand for Money Staff Working Paper 2014-44 Kim Huynh, Philipp Schmidt-Dengler, Helmut Stix The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, C8, C83, E, E4, E41
Predetermined Prices and the Persistent Effects of Money on Output Staff Working Paper 2001-13 Michael Devereux, James Yetman This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy transmission JEL Code(s): E, E3, E30
Optimal Policy under Commitment and Price Level Stationarity Staff Working Paper 2009-8 Gino Cateau This paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E5, E52, E58
January 25, 2012 Bank of Canada Oversight Activities during 2006 under the Payment Clearing and Settlement Act Financial System Review - June 2007 Clyde Goodlet Content Type(s): Publications, Financial System Review articles
January 25, 2012 Collateral Portfolios and Adverse Dependence Financial System Review - December 2007 Alejandro García, Ramazan Gençay Content Type(s): Publications, Financial System Review articles
December 13, 1999 Feedback Rules for Inflation Control: An Overview of Recent Literature Bank of Canada Review - Winter 1999–2000 Agathe Côté, Jamie Armour Feedback rules are rules aimed at guiding policy-makers as they face the problem of keeping inflation close to a desired path without causing variability elsewhere in the economy. These rules link short-term interest rates, controlled by the central bank, to the rate of inflation and/or its deviation from a target rate. The authors describe the most popular types of feedback rules and review some simulation results. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Interest rates
May 17, 2012 Bank of Canada Review - Spring 2012 This issue features a summary of the Bank’s annual conference, which took place in November 2011 and dealt with payments systems, and two articles that present research by Bank staff on global current account imbalances and macrofinancial risk assessment. The fourth article in this issue reviews the recent experience with inflation targeting. Content Type(s): Publications, Bank of Canada Review