October 17, 2002 Governor Discusses Role of Productivity in Canada's Prosperity Media Relations Québec, Québec In this context, he focused on the critical role that higher productivity plays in supporting real income growth and improved standards of living over time. Content Type(s): Press, Press releases
October 17, 2002 The Search for Higher Productivity Remarks David Dodge Chambre de commerce de Québec Québec, Québec Given the extent of uncertainty in the world today, we are all naturally preoccupied with near-term issues and prospects. That's understandable. But, at the same time, it's critical that we look past the short-term to the longer-term trends and potential of our economy. Content Type(s): Press, Speeches and appearances, Remarks
October 16, 2002 Bank of Canada keeps target for the overnight rate at 2 3/4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 per cent. Content Type(s): Press, Press releases
October 5, 2002 Dollarization and North American Integration Remarks David Dodge Chambre de commerce du Québec Sherbrooke, Quebec The question before us sounds straightforward: "Should Canada adopt the U.S. dollar?" But the issues are complicated. I will not pretend that I can cover all the nuances of this topic in my allotted time. So I am running the risk that I may oversimplify matters. Content Type(s): Press, Speeches and appearances, Remarks
Inflation Expectations and Learning about Monetary Policy Staff Working Paper 2002-30 David Andolfatto, Scott Hendry, Kevin Moran Various measures indicate that inflation expectations evolve sluggishly relative to actual inflation. In addition, they often fail conventional tests of unbiasedness. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E4, E47, E5, E52, E58
Exponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of Canada Staff Working Paper 2002-29 David Bolder, Scott Gusba This paper continues the work started by Bolder and Stréliski (1999) and considers two alternative classes of models for extracting zero-coupon and forward rates from a set of observed Government of Canada bond and treasury-bill prices. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets, Interest rates JEL Code(s): C, C0, C6, E, E4, G, G1
Filtering for Current Analysis Staff Working Paper 2002-28 Simon van Norden This paper shows how existing band-pass filtering techniques and their extension can be applied to the common current-analysis problem of estimating current trends or cycles. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Potential output JEL Code(s): C, C1
Habit Formation and the Persistence of Monetary Shocks Staff Working Paper 2002-27 Hafedh Bouakez, Emanuela Cardia, Francisco Ruge-Murcia This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E4, E5
September 20, 2002 The Bank of Canada Securities-Lending Program On 23 April 2002, the Bank of Canada announced its intention to implement a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. The Bank intends to implement this program on 30 September 2002. Content Type(s): Press, Market notices
September 18, 2002 Canada's Economic Performance After an Eventful Year Remarks David Dodge University of British Columbia Vancouver, British Columbia Indeed, a strong research environment has long been a hallmark of the Bank. We also want to encourage research relevant to our business, especially with respect to monetary policy and financial system stability, at universities all across Canada. Content Type(s): Press, Speeches and appearances, Remarks