May 1, 2013 Monetary Policy After the Fall Remarks Mark Carney Eric J. Hanson Memorial Lecture University of Alberta Edmonton, Alberta Bank of Canada Governor Mark Carney discusses the future of monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse Staff Working Paper 2016-4 Radoslav Raykov This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21
February 19, 2015 Inflation, Expectations and Monetary Policy Remarks Agathe Côté Association québécoise des technologies Mont-Tremblant, Quebec Deputy Governor Agathe Côté discusses the importance of inflation expectations for monetary policy and a new survey the Bank of Canada created to monitor household expectations. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credibility, Inflation and prices, Inflation targets, Monetary and financial indicators, Recent economic and financial developments
Swedish Riksbank Notes and Enskilda Bank Notes: Lessons for Digital Currencies Staff Working Paper 2018-27 Ben Fung, Scott Hendry, Warren E. Weber This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and it had government notes before private bank notes. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E58
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
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
Competition in the Cryptocurrency Market Staff Working Paper 2014-33 Neil Gandal, Hanna Halaburda We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech JEL Code(s): L, L1
Firms Dynamics, Bankruptcy Laws and Total Factor Productivity Staff Working Paper 2007-17 Hajime Tomura This paper analyzes endogenous fluctuations in total factor productivity (TFP) in a dynamic general equilibrium model with heterogeneous agents, and illustrates the interaction of credit market frictions, asset prices, the entry and exit of firms, and fluctuations in TFP in response to firm-level productivity and aggregate credit-market shocks. I also analyze the effect of bankruptcy and foreclosure laws on fluctuations in TFP through their effect on credit market frictions. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Productivity JEL Code(s): D, D2, D24, E, E4, E44, G, G3, G33
Non-Parametric and Neural Network Models of Inflation Changes Staff Working Paper 2000-7 Greg Tkacz Previous studies have shown that interest rate yield spreads contain useful information about future changes in inflation. However, such studies have for the most part focused on linear models, ignoring potential non-linearities between interest rates and inflation. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices JEL Code(s): C, C5, C51, E, E3, E31
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