Risk, Entropy, and the Transformation of Distributions Staff Working Paper 2002-11 Mark Reesor, Don McLeish The exponential family, relative entropy, and distortion are methods of transforming probability distributions. We establish a link between those methods, focusing on the relation between relative entropy and distortion. 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, C0, C1, D, D8, G, G0
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
Une approche éclectique d'estimation du PIB potentiel pour le Royaume-Uni Staff Working Paper 2004-46 Charles St-Arnaud The author describes results obtained by using a new methodology to estimate potential output for the United Kingdom. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Potential output JEL Code(s): C, C3, C32, E, E2, E23, E3, E32
January 25, 2005 Bank of Canada Review - Winter 2004-2005 Cover page Promissory Notes The notes featured on the cover measure approximately 21 cm x 8 cm and form part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
December 13, 2021 Monetary Policy Framework Renewal (December 2021) Commentary and technical data relating to the 2021 renewal. Content Type(s): Background materials Research Topic(s): Inflation and prices, Monetary policy
Governance and Financial Fragility: Evidence from a Cross-Section of Countries Staff Working Paper 2003-34 Michael Francis The author explores the role of governance mechanisms as a means of reducing financial fragility. First, he develops a simple theoretical general-equilibrium model in which instability arises due to an agency problem resulting from a conflict of interest between the borrower and lender. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial markets JEL Code(s): G, G0
Sources of Borrowing and Fiscal Multipliers Staff Working Paper 2018-32 Romanos Priftis, Srecko Zimic This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents). Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Economic models, Fiscal policy, International financial markets JEL Code(s): E, E2, E6, E62, F, F4, F41, H, H3
The Role of Convenience and Risk in Consumers' Means of Payment Staff Discussion Paper 2009-8 Carlos Arango, Varya Taylor Using data from a 2004 survey of the Canadian public, the authors study the role of convenience and risk in consumers' use of cash relative to debit and credit cards. The authors find that consumers who perceive debit cards and credit cards to be more convenient and less risky than cash use them more frequently. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes JEL Code(s): E, E4, E41, L, L2
The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy Staff Working Paper 2006-12 Eva Ortega, Nooman Rebei The authors analyze the welfare implications of simple monetary policy rules in the context of an estimated model of a small open economy for Canada with traded and non-traded goods, and with sticky prices and wages. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Exchange rates, Inflation targets JEL Code(s): E, E3, E31, E32, E5, E52
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