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3046 Results

Perceived Inflation Persistence

Staff Working Paper 2013-43 Monica Jain
The Survey of Professional Forecasters (SPF) has had vast influence on research related to better understanding expectation formation and the behaviour of macroeconomic agents. Inflation expectations, in particular, have received a great deal of attention, since they play a crucial role in determining real interest rates, the expectations-augmented Phillips curve and monetary policy.
May 23, 2004

Bank of Canada Review - Spring 2004

BoC Review - Spring 2004

Cover page

The Millennial Celebrations in Ancient Rome

The coins pictured on the cover range from approximately 20 to 35 mm in diameter and form part of the National Currency Collection, Bank of Canada.

Photography by Gord Carter, Ottawa

COVID-19 and Financial Stability: Practice Ahead of Theory

Staff Discussion Paper 2022-18 Jing Yang, Hélène Desgagnés, Grzegorz Halaj, Yaz Terajima
The COVID-19 pandemic uncovered policy challenges related to the economic measures that were taken to support the economy. Two years later, we attempt to identify the broader impact of these measures and research that needs to follow.

The Resolution of International Financial Crises: Private Finance and Public Funds

Staff Working Paper 2001-20 Andy Haldane, Mark Kruger
Over the past year and a half, the Bank of England and the Bank of Canada have been developing a framework for the resolution of international financial crises that aligns incentives for all parties to deal with a crisis and preserve the integrity of the international financial system. The framework is built on principles, not rules.
Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): F, F3, F34, F4, F42

The Stochastic Discount Factor: Extending the Volatility Bound and a New Approach to Portfolio Selection with Higher-Order Moments

Staff Working Paper 2005-2 Fousseni Chabi-Yo, René Garcia, Eric Renault
The authors extend the well-known Hansen and Jagannathan (HJ) volatility bound. HJ characterize the lower bound on the volatility of any admissible stochastic discount factor (SDF) that prices correctly a set of primitive asset returns.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Market structure and pricing JEL Code(s): C, C6, C61, G, G1, G11, G12
August 21, 2002

Monetary Policy and Uncertainty

Central banks must cope with considerable uncertainty about what will happen in the economy when formulating monetary policy. This article describes the different types of uncertainty that arise and looks at examples of uncertainty that the Bank has recently encountered. It then reviews the strategies employed by the Bank to deal with this problem. The other articles in this special issue focus on three of these major strategies.

Monetary Policy in an Estimated DSGE Model with a Financial Accelerator

Staff Working Paper 2006-9 Ian Christensen, Ali Dib
The authors estimate a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke, Gertler, and Gilchrist (1999), to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks.

Unanticipated Defaults and Losses in Canada's Large-Value Payments System, Revisited

Staff Discussion Paper 2007-5 Devin Ball, Walter Engert
Recent work at the Bank of Canada studied the impact of default in Canada’s large-value payments system, and concluded that participants could readily manage their potential losses (McVanel 2005). In an extension of that work, the authors use a much larger set of daily payments data – with three times as many observations – to […]
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