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 Topic(s): Econometric and statistical methods, Productivity JEL Code(s): C, C4, C43, D, D3, D33, F, F1, F10, O, O4, O47
Emerging Asia's Impact on Food and Oil Prices: A Model-Based Analysis Staff Discussion Paper 2009-3 René Lalonde, Philipp Maier, Dirk Muir The authors explore the usefulness of macroeconomic models in analyzing global economic developments by examining movements in commodity prices between July 2007 and July 2008. They use the Bank of Canada's version of the Global Economy Model and investigate the longer-term outlook for commodity prices by constructing two different, globally consistent, scenarios for emerging Asia. Content Type(s): Staff research, Staff discussion papers Topic(s): International topics, Recent economic and financial developments JEL Code(s): E, E3, E30, E5, E50, E58, E6, E60
Labour Shares and the Role of Capital and Labour Market Imperfections Staff Discussion Paper 2009-2 Lena Suchanek In continental Europe, labour shares in national income have exhibited considerable variation since 1970. Empirical and theoretical research suggests that the evolution of labour markets and labour market imperfections can, in part, explain this phenomenon. Content Type(s): Staff research, Staff discussion papers Topic(s): Economic models, Financial institutions, Labour markets JEL Code(s): C, C7, C78, E, E2, E25, J, J6, J64
Canada and the IMF: Trailblazer or Prodigal Son? Staff Discussion Paper 2009-1 Michael Bordo, Lawrence L. Schembri, Tamara Gomes Canada played an important role in the postwar establishment of the International Monetary Fund (IMF), yet it was also the first major member to challenge the orthodoxy of the BrettonWoods par value system by abandoning it in 1950 in favour of a floating, market-determined exchange rate. Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rate regimes, Exchange rates, Monetary policy framework JEL Code(s): E, E5, E52, E58, F, F4, F41, F5, F55, N, N7, N72
January 27, 2009 Summary of Comments - 2009/10 Debt Strategy Consultations Today, a Summary of Comments on the Debt Strategy Consultations for 2009/10 is being published on the Bank of Canada's website in conjunction with the release of the government's Debt Management Strategy for 2009/10 on the Department of Finance's website. Content Type(s): Press, Market notices
January 27, 2009 Bank of Canada's continued focus on inflation right for current economic times: Governor Carney Media Relations Halifax, Nova Scotia Canadians can be confident that monetary policy will maintain a "relentless" focus on controlling inflation, whether it rises above or drops below the official target range, Bank of Canada Governor Mark Carney said today. Content Type(s): Press, Press releases
January 27, 2009 Inflation Targeting in a Global Recession Remarks Mark Carney Halifax Chamber of Commerce Halifax, Nova Scotia These are challenging times, indeed. We are facing a financial crisis without comparison for generations. Most financial markets have experienced historic declines in prices and unprecedented spikes in volatility. Content Type(s): Press, Speeches and appearances, Remarks
January 27, 2009 Results of the 27 January 2009 Term PRA Transaction Results of today's term PRA operations. Content Type(s): Press, Market notices
January 27, 2009 Summary of Comments - 2009/10 Debt Strategy Consultations In November 2008, officials from the Department of Finance and the Bank of Canada sought views from government securities distributors, institutional investors, and other interested parties on issues relating to the design and operation of the domestic Government of Canada debt program for the remainder of the current fiscal year, 2009/10, and over the medium term, including issuance related to the Insured Mortgage Purchase Program (IMPP).
January 26, 2009 Bank of Canada Announces Details of its 28 Day Term PRA Transaction In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 20 January, the Bank of Canada announced today that it will enter into a 28-day term PRA transaction. Content Type(s): Press, Market notices