Reforming the IMF: Lessons from Modern Central Banking Staff Discussion Paper 2008-6 Philipp Maier, Eric Santor The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […] Content Type(s): Staff research, Staff discussion papers Topic(s): International topics JEL Code(s): F, F3
Price Level versus Inflation Targeting under Model Uncertainty Staff Working Paper 2008-15 Gino Cateau The purpose of this paper is to make a quantitative contribution to the inflation versus price level targeting debate. It considers a policy-maker that can set policy either through an inflation targeting rule or a price level targeting rule to minimize a quadratic loss function using the actual projection model of the Bank of Canada (ToTEM). Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy and uncertainty JEL Code(s): D, D8, D81, E, E5, E58
May 15, 2008 Results of the 15 May 2008 Term PRA Transaction The results of today's term PRA operations are as follows: Content Type(s): Press, Market notices
May 13, 2008 Bank of Canada Announces Term PRA Transaction As part of its continuing provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into a 28-day term purchase and resale agreement (PRA) as follows: Content Type(s): Press, Market notices
Driving Forces of the Canadian Economy: An Accounting Exercise Staff Working Paper 2008-14 Simona Cociuba, Alexander Ueberfeldt This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Potential output, Productivity JEL Code(s): E, E2, E24, E6, E65, O, O4, O41, O5, O51
May 9, 2008 Bank of Canada Hosts CEMLA Meetings Media Relations Ottawa, Ontario The Centre for Latin American Monetary Studies (Centro de Estudios Monetarios Latinoamericanos or CEMLA) concluded its Governors' Meetings today, hosted by the Bank of Canada. Content Type(s): Press, Press releases
Uncertainty, Inflation, and Welfare Staff Working Paper 2008-13 Jonathan Chiu, Miguel Molico This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness. Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits, Monetary policy framework JEL Code(s): E, E4, E40, E5, E50
May 5, 2008 Some Puzzles Related to Exchange Rate Pass-Through Presentation John Murray Statistics Canada Socio-economic Conference 2008 Content Type(s): Press, Speeches and appearances, Presentations
A Model of Tiered Settlement Networks Staff Working Paper 2008-12 James Chapman, Jonathan Chiu, Miguel Molico This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure. Content Type(s): Staff research, Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, G, G2, G21
May 1, 2008 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Mark Carney Standing Senate Committee on Banking, Trade and Commerce In it, we noted that growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated. Buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by a fall in net exports. Content Type(s): Press, Speeches and appearances, Opening statements