December 11, 2012 Guidance Remarks Mark Carney CFA Society Toronto Toronto, Ontario Bank of Canada Governor Mark Carney speaks about central bank policy guidance. Content Type(s): Press, Speeches and appearances, Remarks
June 12, 2014 Financial System Review - June 2014 The Reports section of the Financial System Review examines selected issues of relevance to the Canadian and global financial systems. The June 2014 issue features three reports on financial system initiatives: making financial benchmarks more robust; implementing the stronger Basel III capital and liquidity framework for banks; and using stress tests to assess financial system risks. Content Type(s): Publications, Financial Stability Report
Securitization under Asymmetric Information over the Business Cycle Staff Working Paper 2015-9 Martin Kuncl This paper studies the efficiency of financial intermediation through securitization in a model with heterogeneous investment projects and asymmetric information about the quality of securitized assets. I show that when retaining part of the risk, the issuer of securitized assets may credibly signal its quality. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Economic models, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): E, E3, E32, E4, E44, G, G0, G01, G2, G20
Relative Prices, Trading Gains, and Real GDI: The Case of Canada Staff Discussion Paper 2009-4 Yi Zheng Treating imports as intermediate inputs to domestic production, the author adopts the translog function approach to model real gross domestic income (GDI) in Canada over the 1961–2006 period. She explores the role of price ratios, such as terms of trade and the real effective exchange rate, in explaining changes in real GDI, trade openness, trade […] Content Type(s): Staff research, Staff discussion papers Research Topic(s): Econometric and statistical methods, Productivity JEL Code(s): C, C4, C43, D, D3, D33, F, F1, F10, O, O4, O47
Forecasting Canadian GDP: Region-Specific versus Countrywide Information Staff Working Paper 2005-31 Frédérick Demers, David Dupuis The authors investigate whether the aggregation of region-specific forecasts improves upon the direct forecasting of Canadian GDP growth. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C3, C32, C5, C53, E, E1, E17
Subordinated Debt and Market Discipline in Canada Staff Working Paper 2005-40 Greg Caldwell The author documents the use by Canadian banks of subordinated debt (SD) as a capital instrument. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions JEL Code(s): G, G2, G21, G28
Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data Staff Working Paper 2024-20 Patrick Alexander, Lu Han, Oleksiy Kryvtsov, Ben Tomlin We study how the interaction of market power and nominal price rigidity influences inflation dynamics. We find that pass-through declines with price stickiness when markets are concentrated, which implies a lower slope of the New Keynesian Phillips curve. Content Type(s): Staff research, Staff working papers Research Topic(s): Firm dynamics, Inflation and prices, Market structure and pricing, Monetary policy transmission JEL Code(s): D, D4, D43, E, E3, E31, L, L1, L13, L8, L81
Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy? Staff Working Paper 2014-58 Sami Alpanda, Sarah Zubairy In this paper, we build a dynamic stochastic general-equilibrium model with housing and household debt, and compare the effectiveness of monetary policy, housing-related fiscal policy, and macroprudential regulations in reducing household indebtedness. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial system regulation and policies, Housing, Monetary policy transmission JEL Code(s): E, E5, E52, E6, E62, R, R3, R38
Why Do Central Banks Make Public Announcements of Open Market Operations? Staff Working Paper 2020-35 Narayan Bulusu Central banks communicate the results of open market operations. This helps participants in financial markets more accurately estimate the prevailing demand and supply conditions in the market for overnight loans. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Monetary policy implementation JEL Code(s): D, D5, D52, E, E5, E58, G, G2, G21
Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins Staff Working Paper 2017-47 Heng Chen, Kim Huynh, Oz Shy Cash is the preferred method of payment for small value transactions generally less than $25. We provide insight to this finding with a new theoretical model that characterizes and compares consumers’ costs of paying with cash to paying with cards for each transaction. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): D, D0, D03, E, E4, E42