The Exchange Rate and Canadian Inflation Targeting Staff Working Paper 2005-34 Christopher Ragan The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation targets, Monetary policy implementation JEL Code(s): E, E5, E50, E52, F, F4, F41
Assessing Global Potential Output Growth Staff Analytical Note 2017-3 Patrick Alexander, Michael Francis, Christopher Hajzler, Patrick Kirby, Louis Poirier, Sri Thanabalasingam, Kristina Hess This note estimates potential output growth for the global economy through 2019. While there is considerable uncertainty surrounding our estimates, overall we expect global potential output growth to rise modestly, from 3.1 per cent in 2016 to 3.4 per cent in 2019. Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4
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. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Economic models JEL Code(s): E, E3, E32, E37, E4, E44
Security Transaction Taxes and Market Quality Staff Working Paper 2011-26 Anna Pomeranets, Daniel G. Weaver We examine nine changes in the New York State Security Transaction Taxes (STT) between 1932 and 1981. We find that imposing or increasing an STT results in wider bidask spreads, lower volume, and increased price impact of trades. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial markets, Market structure and pricing JEL Code(s): C, C4, C43, G, G1, G10, G12
The Syndicated Loan Market: Developments in the North American Context Staff Working Paper 2003-15 Jim Armstrong The author describes the rapid development of the syndicated corporate loan market in the 1990s. He explores the historical forces that led to the development of the contemporary U.S. syndicated loan market, which is effectively a hybrid of the investment banking and commercial banking worlds. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial markets JEL Code(s): G, G1, G10, G2, G21
August 24, 2004 Bank of Canada Review - Summer 2004 Cover page Promissory Note, 1712 The note measures 28 cm x 16 cm and forms part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies Staff Discussion Paper 2011-5 Olivier Gervais, Lawrence L. Schembri, Lena Suchanek In emerging-market economies, real exchange rate adjustment is critical for maintaining a sustainable current account position and thereby for helping to reduce macroeconomic and financial instability. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Development economics, Exchange rate regimes, International topics JEL Code(s): F, F3, F31, F32, F4, F41
February 1, 2012 Recent Developments in Markets for Credit-Risk Transfer Financial System Review - June 2003 John Kiff Content Type(s): Publications, Financial System Review articles
The Safety of Government Debt Staff Working Paper 2013-34 Kartik Anand, Prasanna Gai We examine the safety of government bonds in the presence of Knightian uncertainty amongst financial market participants. In our model, the information insensitivity of government bonds is driven by strategic complementarities across counterparties and the structure of trading relationships. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial stability, International financial markets JEL Code(s): D, D8, D81, E, E4, E44, F, F0, F02, F4, F41, G, G1, G15
November 19, 2010 Has Exchange Rate Pass-Through Really Declined? Some Recent Insights from the Literature Bank of Canada Review - Autumn 2010 Jeannine Bailliu, Wei Dong, John Murray Building on an earlier Review article, the authors critically reassess the premise that exchange rate pass-through (ERPT) has declined in light of recent studies of the issue in the context of a dynamic stochastic general-equilibrium framework. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Economic models, Exchange rates, Inflation and prices, Monetary policy framework