July 29, 2008 Bank of Canada announces the appointment of Mark E. Caplan as Senior Representative and Director of its Toronto Office (Financial Markets) Media Relations Ottawa, Ontario The Bank of Canada is pleased to announce the appointment of Mark E. Caplan as Senior Representative and Director, Toronto Office (Financial Markets), effective September 2008. Mr. Caplan will replace Ross MacKinnon, who is retiring. Content Type(s): Press, Press releases
Liquidity Efficiency and Distribution in the LVTS: Non-Neutrality of System Changes under Network Asymmetry Staff Discussion Paper 2008-11 Sean O'Connor, James Chapman, Kirby Millar The authors consider the liquidity efficiency of Tranche 2 of the Large Value Transfer System (LVTS T2) by examining, through an empirical analysis, some plausible strategic reactions of individual participants to a systemwide shock to available liquidity in the system. Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial services, Payment clearing and settlement systems JEL Code(s): G, G2, G21, L, L1, L13, L14
A Structural VAR Approach to Core Inflation in Canada Staff Discussion Paper 2008-10 Sylvain Martel The author constructs a measure of core inflation using a structural vector autoregression containing oil-price growth, output growth, and inflation. This "macro-founded" measure of inflation forecasts total inflation at least as well as other, atheoretical measures. Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices JEL Code(s): C, C5, C53, E, E3, E31
July 22, 2008 International Experience with the Conduct of Monetary Policy under Inflation Targeting Conference held on 22 and 23 July 2008 (papers in unedited, electronic format only) Content Type(s): Conferences and workshops
The Implementation of Monetary Policy in Canada Staff Discussion Paper 2008-9 Walter Engert, Toni Gravelle, Donna Howard The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial markets, Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E5, E52, E58, G, G2, G21
On the Amplification Role of Collateral Constraints Staff Working Paper 2008-23 Caterina Mendicino Following the seminal contribution of Kiyotaki and Moore (1997), the role of collateral constraints for business cycle fluctuations has been highlighted by several authors and collateralized debt is becoming a popular feature of business cycle models. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates JEL Code(s): E, E2, E20, E3, E32
July 17, 2008 Release of the Monetary Policy Report Update Opening statement Mark Carney In the Update, the Bank described three major developments affecting the Canadian economy: protracted weakness in the U.S. economy, ongoing turbulence in global financial markets, and sharp increases in certain commodity prices, particularly energy. Content Type(s): Press, Speeches and appearances, Opening statements
July 17, 2008 Bank of Canada releases Monetary Policy Report Update Media Relations Ottawa, Ontario The Bank of Canada today released its July Monetary Policy Report Update. In it, the Bank described three major developments affecting the Canadian economy: protracted weakness in the U.S. economy, ongoing turbulence in global financial markets, and sharp increases in the prices of certain commodities, particularly energy. Content Type(s): Press, Press releases
July 17, 2008 Monetary Policy Report Update – July 2008 Three major developments are affecting the Canadian economy: the protracted weakness in the U.S. economy; ongoing turbulence in global financial markets; and sharp increases in the prices of certain commodities — particularly energy. The first two developments are evolving roughly in line with expectations outlined in the April Monetary Policy Report. Content Type(s): Publications, Monetary Policy Report
July 15, 2008 Bank of Canada keeps overnight rate target at 3 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. Content Type(s): Press, Press releases