Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy. Content Type(s): Staff research, Staff working papers Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37
The Economic Theory of Retail Pricing: A Survey Staff Working Paper 2004-8 Oana Secrieru The types of contracts that arise in a typical vertical manufacturer–retailer relationship are more sophisticated than usually assumed in standard macroeconomic models. Content Type(s): Staff research, Staff working papers Topic(s): Market structure and pricing JEL Code(s): D, D4, D40, L, L2, L22, L4, L42
The Demand for Money in a Stochastic Environment Staff Working Paper 2004-7 Joseph Atta-Mensah The author re-examines the demand-for-money theory in an intertemporal optimization model. The demand for real money balances is derived to be a function of real income and the rates of return of all financial assets traded in the economy. Content Type(s): Staff research, Staff working papers Topic(s): Monetary aggregates JEL Code(s): E, E4, E41, E5, E50, G, G1, G11
February 17, 2004 Good Policies Speed up Economic Adjustment, Says Governor Dodge Media Relations Mexico City, Mexico The right set of macroeconomic policies helps countries to adjust to changing economic circumstances, David Dodge, Governor of the Bank of Canada, told a business audience today in Mexico City. Content Type(s): Press, Press releases
February 17, 2004 Policies for Changing Times Remarks David Dodge Mexican Business Coordinating Council Mexico City, Mexico We both share borders with the United States, the most important export market for each of us. Both Canada and Mexico have recently faced setbacks in cross-border trade with the United States. These stem not only from weaker U.S. domestic demand, but also from specific trade problems and from border-crossing delays associated with tighter security. Content Type(s): Press, Speeches and appearances, Remarks
February 11, 2004 Governor Dodge Discusses Need to Adjust to Changing Economic World Media Relations Montréal, Quebec Speaking to the Board of Trade of Metropolitan Montréal today, Bank of Canada Governor David Dodge talked about the longer-term trends and the challenges facing the Canadian economy in the years ahead, and the adjustments that will be necessary to meet those challenges. Content Type(s): Press, Press releases
February 11, 2004 Adjusting to a Changing Economic World Remarks David Dodge Board of Trade of Metropolitan Montréal Montréal, Quebec These are turbulent times, not just for business people, but for all Canadians. We have come through a very difficult year, a year filled with surprises that have challenged us all. At times like these, it is easy to focus on the near-term issues and problems. Content Type(s): Press, Speeches and appearances, Remarks
February 9, 2004 Statement by Bank of Canada Governor David Dodge on the passing of former Governor, Gerald Bouey Media Relations "We are saddened by the passing on Friday of a great friend, former Bank of Canada Governor, Gerald Bouey. Gerry Bouey had a long and remarkable career at the Bank. He was a distinguished and highly respected Bank of Canada Governor, not only in this country but internationally as well. His outstanding leadership as Governor […] Content Type(s): Press, Press releases
Bank Capital, Agency Costs, and Monetary Policy Staff Working Paper 2004-6 Césaire Meh, Kevin Moran Evidence suggests that banks, like firms, face financial frictions when raising funds. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial institutions, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
Structural Change and Forecasting Long-Run Energy Prices Staff Working Paper 2004-5 Jean-Thomas Bernard, Lynda Khalaf, Maral Kichian The authors test the statistical significance of Pindyck's (1999) suggested class of econometric equations that model the behaviour of long-run real energy prices. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C2, C22, C5, C52, C53, Q, Q4, Q40