January 17, 2005 Business Outlook Survey - Winter 2004-05 Businesses remain positive about the economic outlook but less so than in the autumn survey. The appreciation of the Canadian dollar between the survey periods has heightened uncertainty among businesses and dampened the expectations of those adversely affected by the rising dollar.Supplemental questions on the appreciation of the Canadian dollar - Winter 2004-05 Content Type(s): Publications, Business Outlook Survey
Self-Enforcing Labour Contracts and the Dynamics Puzzle Staff Working Paper 2005-1 Christian Calmès To properly account for the dynamics of key macroeconomic variables, researchers incorporate various internal-propagation mechanisms in their models. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models, Labour markets JEL Code(s): E, E1, E12, E4, E49, J, J3, J30, J31, J4, J41
December 31, 2004 Summary of Government of Canada - Outstanding as at 31 December 2004 Content Type(s): Publications, Historical: Securities and loans
December 25, 2004 The Bank of Canada as Lender of Last Resort Bank of Canada Review - Winter 2004-2005 Fred Daniel, Walter Engert, Dinah Maclean As the ultimate provider of Canadian-dollar liquidity to the financial system, the Bank of Canada has the unique capacity to create Canadian-dollar claims on the central bank and the power to make secured loans or advances to chartered banks and other members of the Canadian Payments Association. The Bank supplies overnight credit on a routine basis through the Standing Liquidity Facility (SLF) to direct participants in the Large Value Transfer System, and Emergency Lending Assistance (ELA) to solvent deposit-taking institutions that require more substantial and prolonged credit. The authors review the policy framework that guides the Bank's lender-of-last-resort function, including the key issues, terms and conditions, and eligibility criteria associated with its SLF and ELA activities. Also discussed are foreign currency ELA, the relationship between SLF and ELA, systemic risk and Bank of Canada intervention, and the potential provision of liquidity to major clearing and settlement systems. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial stability, Lender of last resort, Payment clearing and settlement systems
December 24, 2004 Government of Canada Yield-Curve Dynamics, 1986-2003 Bank of Canada Review - Winter 2004-2005 Grahame Johnson A database of historical Government of Canada zero-coupon yield curves developed at the Bank of Canada is introduced in this article, which also includes an initial statistical analysis of the behaviour and evolution of the zero-coupon interest (spot) rates over the full period and two distinct subperiods. Specific areas of interest include the evolution of the levels of key interest rates and yield-curve measures over the sample as well as daily changes in the key interest rates and the yield-curve measures; the identification of a relatively small number of factors that drove the evolution of the yield curve; and the total returns that would have been realized by holding bonds of different maturities for a given holding period. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Debt management, Econometric and statistical methods, Financial markets
December 23, 2004 A Taxonomy of Market Efficiency Financial System Review - December 2004 Gregory Bauer Content Type(s): Publications, Financial System Review articles
December 23, 2004 Portrait of the Canadian Hedge Fund Industry Financial System Review - December 2004 Miville Tremblay Content Type(s): Publications, Financial System Review articles
December 23, 2004 Basel II and Required Bank Capital Financial System Review - December 2004 Mark Illing, Graydon Paulin Content Type(s): Publications, Financial System Review articles
December 23, 2004 Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem? Financial System Review - December 2004 Michael R. King, Maksym Padalko Content Type(s): Publications, Financial System Review articles
December 23, 2004 Monetary Policy, Private Information, and International Stock Markets Financial System Review - December 2004 Gregory Bauer, Clara Vega Content Type(s): Publications, Financial System Review articles