The Sale of Durable Goods by a Monopolist in a Stochastic Environment Staff Working Paper 1998-18 Gabriel Srour This paper examines the sale of durable goods by a monopolist in a stochastic partil equilibrium setting. It analyzes the responses of prices and output to various types of shocks and notes the differences with non-durable goods and competitive markets. It shows that behavior in this model with constant marginal costs of production is in […] Content Type(s): Staff research, Staff working papers Topic(s): Market structure and pricing JEL Code(s): D, D4
September 29, 1998 Survey of Foreign Exchange and Derivatives Market Activity in Canada Robert Ogrodnick Ottawa, Ontario Summary results of a survey of Canadian foreign exchange and derivatives markets are now available. The survey was conducted by the Bank of Canada in April 1998 and covered activity in the foreign exchange and derivatives markets. Similar surveys were undertaken by about 40 other countries during the same month, and the central banks of many of those countries are also releasing their results today. Content Type(s): Press, Press releases
September 29, 1998 Bank Rate Lowered by ¼ Percentage Point to 5¾ Per Cent Media Relations Ottawa, Ontario The Bank of Canada today lowered its Bank Rate by ¼ of one percentage point to 5¾ per cent. Content Type(s): Press, Press releases
September 28, 1998 Changes to Government of Canada auction process to take effect 14 October 1998 Media Relations Ottawa, Ontario On behalf of the Minister of Finance, the Bank of Canada announced today that "Revised rules pertaining to auctions of Government of Canada securities and the Bank of Canada's surveillance of the auction process," released 11 August 1998, will take effect on 14 October 1998. Content Type(s): Press, Press releases
September 23, 1998 Global uncertainties and the Canadian economy Remarks Gordon Thiessen St. John's Board of Trade St. John's, Newfoundland This past year, we have had to deal with the implications for our economy and our currency of increased global uncertainty and pressures arising from the problems that originated in Southeast Asia. I am sure that the effects of these developments, especially on primary commodities, such as oil and nickel, are already very familiar to Newfoundlanders. Content Type(s): Press, Speeches and appearances, Remarks
September 23, 1998 Bank of Canada Governor Addresses St. John's Board of Trade Media Relations St. John's, Newfoundland Bank of Canada Governor Gordon Thiessen today reviewed international economic and financial developments and their implications for Canada. Content Type(s): Press, Press releases
La politique monétaire a-t-elle des effets asymétriques sur l'emploi? Staff Working Paper 1998-17 Lise Pichette Several economists, including Cover (1992), Ammer and Brunner (1995), Macklem, Paquet, and Phaneuf (1996), have worked over the past few years to determine whether monetary policy shocks have asymmetric effects on output. These authors have generally found that negative monetary shocks tend to reduce output growth significantly, and that positive shocks generally have a weaker […] Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E5
Consumer Attitudes, Uncertainty, and Consumer Spending Staff Working Paper 1998-16 Denise Côté, Marianne Johnson This study examines the link between consumer expenditures and the Conference Board's Index of Consumer Attitudes, an index highly regarded for some time as a useful leading indicator of consumer expenditures. However, the theory that identifies why it may be useful in an analysis of consumption is less well established. To explore this question, we […] Content Type(s): Staff research, Staff working papers Topic(s): Domestic demand and components, Economic models JEL Code(s): D, D1, D12, E, E2
On the Believable Benefits of Low Inflation Staff Working Paper 1998-15 Christopher Ragan This paper reviews the existing theoretical and empirical literature addressing the benefits of low inflation. The ultimate goal is to arrive at a set of benefits in which a monetary authority can have genuine confidence. I argue that the current state of economic research—both empirical and theoretical—provides little basis for believing in significant observable benefits […] Content Type(s): Staff research, Staff working papers Topic(s): Inflation: costs and benefits JEL Code(s): E, E3, E31
September 2, 1998 Renegotiation of Standby Credit Facility Media Relations Ottawa, Ontario On behalf of the Minister of Finance, it was announced today that Canada has renegotiated its existing U.S.$6.0 billion standby credit facility with international banks. Content Type(s): Press, Press releases