December 25, 2009 Senior Loan Officer Survey - Fourth-Quarter 2009 The survey results point to the stabilization of overall lending conditions during the fourth quarter of 2009, following a number of consecutive quarters of credit tightening for business borrowers (Chart 1). Content Type(s): Publications, Senior Loan Officer Survey
December 23, 2009 Operational Change to the Cash-Management Bond Buyback Program In light of the significant size of some specific key maturity dates and comments received during the Debt Strategy Consultations 2010 – 11, the eligibility criteria for the inclusion of Government of Canada bonds in the cash-management bond buyback operations have been changed. Content Type(s): Press, Market notices
December 21, 2009 Results of the 21 December 2009 Term PRA Transaction The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
December 18, 2009 Bank of Canada Announces Details of its Term PRA Operation In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 20 October (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation. Content Type(s): Press, Market notices
December 17, 2009 Quarterly Bond Schedule and Updates to the Terms of Participation in Auctions and Standard Terms Today, the Quarterly Bond Schedule is being published on the Bank of Canada's website in conjunction with the release of the NHA MBS Auction Schedule on the website of the Canada Mortgage and Housing Corporation. Content Type(s): Press, Market notices
December 16, 2009 Current Issues in Household Finances Remarks Mark Carney The National Forum (Canadian Club of Toronto and Empire Club of Canada) As the holiday season approaches, our attention turns naturally to the home front. Accordingly, my comments this afternoon will focus on households. I would like to concentrate in particular on the implications of Canadian household finances for financial stability in our country. Content Type(s): Press, Speeches and appearances, Remarks
December 16, 2009 Household Finances Important for Financial System Stability, Bank of Canada Governor Mark Carney Says Media Relations Toronto, Ontario While the Canadian economy will likely grow faster than the economies of the other G-7 countries next year, the Bank of Canada expects our recovery to be more protracted than usual – and more reliant on domestic demand, Bank of Canada Governor Mark Carney said today. Content Type(s): Press, Press releases
Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment Staff Working Paper 2009-36 Michael K. Johnston Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E1, E12, E2, E22, E3, E31
December 15, 2009 Changes to the Terms of the Bank of Canada's Term Purchase and Resale Agreement (PRA) Facility Given improved conditions in Canadian funding markets, the Bank of Canada is announcing that effective 19 January 2010 the following changes will apply to the Term PRA facility. Content Type(s): Press, Market notices
Estimating DSGE-Model-Consistent Trends for Use in Forecasting Staff Working Paper 2009-35 Jean-Philippe Cayen, Marc-André Gosselin, Sharon Kozicki The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C32, E, E3, E5, E52