A Model of Housing Boom and Bust in a Small Open Economy Staff Working Paper 2008-9 Hajime Tomura This paper considers a dynamic stochastic general equilibrium model for a small open economy and finds that an improvement in the terms of trade causes a housing boom-bust cycle if the duration of the improvement is uncertain. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates JEL Code(s): E, E4, E44, F, F4, F41
April 3, 2008 Results of the 3 April 2008 Term PRA Transaction The results of today's term PRA operations are as follows: Content Type(s): Press, Market notices
April 2, 2008 Trends and Challenges in the Global Economy and What They Mean for Canada and Ontario Remarks Paul Jenkins London Chamber of Commerce London, Ontario As is the case for so many cities and regions in Canada, London's economy and that of southwestern Ontario are directly affected by changes in the global economy. And, as with so many things in life, the better we understand the forces of change, the better equipped we are to deal with them. Content Type(s): Press, Speeches and appearances, Remarks
March 31, 2008 Eligibility Criteria and Conditions for Accepting Asset-Backed Commercial Paper (ABCP) as Collateral for the Bank of Canada's Standing Liquidity Facility (SLF) On 5 March 2008, the Bank released for comment its proposed eligibility criteria for accepting ABCP and noted that two broad policy objectives guided the Bank's assessment. First, the eligibility criteria should mitigate any risks to the Bank that might be associated with accepting ABCP securities as collateral for the SLF. Content Type(s): Press, Market notices
China's Exchange Rate Policy: A Survey of the Literature Staff Discussion Paper 2008-5 Robert Lafrance China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward. Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rate regimes JEL Code(s): F, F3, F33, F36
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks Staff Discussion Paper 2008-4 Robert Lavigne The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves. Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rate regimes, Financial stability, International topics JEL Code(s): E, E5, E52, F, F3, F31, O, O2, O24
March 20, 2008 Operational Changes to the Bond Buyback Program As announced in the Debt Management Strategy 2008-2009, minor operational changes will be made to the bond buyback program to broaden the eligible basket of securities available for buyback operations. The changes are as follows: Content Type(s): Press, Market notices
March 20, 2008 Results of the 20 March 2008 Term PRA Transaction The results of today's term PRA operations are as follows: Content Type(s): Press, Market notices
March 18, 2008 Bank of Canada Announces Recipients of Fellowship Award for 2008 Media Relations Ottawa, Ontario The Bank of Canada today announced that Professor Michael Devereux of the University of British Columbia and Professor Shouyong Shi of the University of Toronto are the recipients of the Bank's Research Fellowship for 2008. Content Type(s): Press, Press releases Source(s): Fellowship Program
March 18, 2008 Bank of Canada Announces First Recipient of Governor's Award Media Relations Ottawa, Ontario The Bank of Canada today announced that Professor Henry Siu of the University of British Columbia is the first recipient of the Governor's Award. Content Type(s): Press, Press releases Source(s): Fellowship Program