Are There Gains from Pooling Real-Time Oil Price Forecasts? Staff Working Paper 2014-46 Christiane Baumeister, Lutz Kilian, Thomas K. Lee The answer as to whether there are gains from pooling real-time oil price forecasts depends on the objective. The approach of combining five of the leading forecasting models with equal weights dominates the strategy of selecting one model and using it for all horizons up to two years. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, Q, Q4, Q43
On the Importance of Sales for Aggregate Price Flexibility Staff Working Paper 2014-45 Oleksiy Kryvtsov, Nicolas Vincent Macroeconomists have traditionally ignored the behavior of temporary price markdowns (“sales”) by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Inflation and prices, Market structure and pricing, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52, L, L1, L11, L2, L25, L8, L81, M, M3, M31
October 22, 2014 Notice: Senate committee appearance cancelled Bank of Canada Governor Stephen S. Poloz and Senior Deputy Governor Carolyn Wilkins will not appear on Thursday before the Senate Committee on Banking, Trade and Commerce, as previously scheduled. Content Type(s): Press, Announcements
October 22, 2014 Notice: Parliamentary Appearance Cancelled Bank of Canada Governor Stephen S. Poloz and Senior Deputy Governor Carolyn Wilkins will not appear today before the House of Commons Standing Committee on Finance, as previously scheduled. Content Type(s): Press, Announcements
October 22, 2014 Release of the Monetary Policy Report Opening statement Stephen S. Poloz Ottawa, Ontario Opening statement of Press conference that was to follow the release of the Monetary Policy Report. Content Type(s): Press, Speeches and appearances, Opening statements
October 22, 2014 Notice: Press Conference Cancelled In light of this morning’s incident in downtown Ottawa, the Bank of Canada is cancelling its press conference on the October Monetary Policy Report. The Governor’s Opening Statement will be published on the Bank’s website at 11:15 AM today. We will provide more details as soon as they become available. Content Type(s): Press, Announcements
October 22, 2014 Bank of Canada maintains overnight rate target at 1 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Content Type(s): Press, Press releases
October 22, 2014 Monetary Policy Report – October 2014 Real GDP growth is projected to average around 2 1/2 per cent over the next year before slowing to around 2 per cent in 2016. Content Type(s): Publications, Monetary Policy Report
October 21, 2014 Operational Test of Standing Central Bank Swap Arrangements As part of an exercise to test the operational readiness of existing standing swap arrangements with other central banks, the Bank of Canada will conduct a small-value Canadian-dollar operation with the European Central Bank, drawing euros against Canadian dollars. Content Type(s): Press, Market notices