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3046 Results

Targeting Inflation from Below - How Do Inflation Expectations Behave?

Staff Working Paper 2014-52 Michael Ehrmann
Inflation targeting (IT) had originally been introduced as a device to bring inflation down and stabilize it at low levels. Given the current environment of persistently weak inflation in many advanced economies, IT central banks must now bring inflation up to target.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Inflation targets JEL Code(s): C, C5, C53, E, E3, E31, E5, E52, E58

Credit in a Tiered Payments System

Staff Working Paper 2006-36 Alexandra Lai, Nikil Chande, Sean O'Connor
Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing settlement accounts to downstream institutions that wish to clear and settle payments indirectly in these systems (indirect clearers).

The Evolution of the Chinese Housing Market and Its Impact on Base Metal Prices

Staff Discussion Paper 2016-7 Mark Kruger, Kun Mo, Benjamin Sawatzky
The Chinese housing market has grown rapidly following its liberalization in the 1990s, generating significant economic activity and demand for base metals. In this paper, we discuss the evolution of the Chinese housing market and quantify its importance for the overall Chinese economy and its linkages to base metal prices.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): International topics JEL Code(s): Q, Q3, Q31, R, R3, R31

Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?

Staff Working Paper 2015-40 John Muellbauer, Pierre St-Amant, David Williams
There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channels in Canada would have important implications for monetary policy transmission.

Trends in Firm Entry and New Entrepreneurship in Canada

Staff Discussion Paper 2015-11 Shutao Cao, Mohanad Salameh, Mai Seki, Pierre St-Amant
Recently released data show downward trends for both the firm entry rate and the rate of new entrepreneurship since the early 1980s in Canada. This paper documents these trends and discusses potential explanations.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Firm dynamics, Market structure and pricing, Productivity JEL Code(s): L, L1, L11, M, M1, M13

Steps in Applying Extreme Value Theory to Finance: A Review

Staff Working Paper 2000-20 Younes Bensalah
Extreme value theory (EVT) has been applied in fields such as hydrology and insurance. It is a tool used to consider probabilities associated with extreme and thus rare events. EVT is useful in modelling the impact of crashes or situations of extreme stress on investor portfolios.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): C, C0, C4, C5, G, G1

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Using a novel data set on capital control actions in 17 emerging-market economies (EMEs) over the period 2001–11, we provide new evidence on domestic and multilateral (or spillover) effects of capital controls.
November 13, 2015

Innovation, Central-Bank Style

Remarks Carolyn A. Wilkins Rotman School of Management and Munk School of Global Affairs Toronto, Ontario
Senior Deputy Governor Wilkins discusses how the Bank is tackling the most important strategic challenges facing central banks today and how innovative thinking is critical to its success.
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