Posts

• Sovereign Default Risk Premia, Fiscal Limits and Fiscal Policy

  Staff Working Paper 2011-10 Huixin Bi

  We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limits, which measure the ability and willingness of the government to service its debt, arise endogenously from a dynamic Laffer curve.

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, International topics JEL Code(s): E, E6, E62, H, H3, H30, H6, H60
• March 30, 2011

  Bank of Canada Announces Recipients of 2011 Fellowship and Governor’s Awards

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that Professors Randall K. Morck of the University of Alberta and Gregor W. Smith of Queen’s University are the recipients of the Bank’s Fellowship Award for 2011.

  Content Type(s): Press, Press releases Source(s): Fellowship Program
• March 28, 2011

  The “Great” Recession in Canada: Perception vs. Reality

  Remarks Jean Boivin Montréal CFA Society Montréal, Quebec

  Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today.

  Content Type(s): Press, Speeches and appearances, Remarks
• March 26, 2011

  Bank of Canada Governor Mark Carney discusses Challenges Posed by Globalization, Proposes Global Code of Conduct for Capital Flows

  Media Relations Calgary, Alberta

  Speaking at the Annual Meeting of the Inter-American Development Bank, Bank of Canada Governor Mark Carney called on global policymakers to work towards renewing the “rules of the game” of the international monetary system, while implementing short-term measures, such as a code of conduct for capital flows, to improve the functioning of the current system.

  Content Type(s): Press, Press releases
• March 26, 2011

  The Paradigm Shifts: Global Imbalances, Policy, and Latin America

  Remarks Mark Carney Inter-American Development Bank Calgary, Alberta

  Globalization is the opportunity and the challenge of our age. It has the potential to lift billions out of poverty, vastly expand economic prospects, and develop a more diverse and resilient global economy.

  Content Type(s): Press, Speeches and appearances, Remarks
• March 22, 2011

  Summary of Comments - 2011-12 Debt Management Strategy Consultations

  The Summary of Comments - 2011-12 Debt Management Strategy Consultations is being published on the Bank of Canada's website in conjunction with the release of the government's Debt Management Strategy for 2011-12 on the Department of Finance's website.

  Content Type(s): Press, Market notices
• March 17, 2011

  Statement of G7 Finance Ministers and Central Bank Governors

  Media Relations

  We, the G7 Finance Ministers and central bank governors, discussed the recent dramatic events in Japan and were briefed by our Japanese colleagues on the current situation and the economic and financial response put in place by the authorities.

  Content Type(s): Press, Press releases
• March 10, 2011

  Bank of Canada Announces Further Details on New Series of Polymer Bank Notes

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it will begin circulating a new $100 polymer bank note in November 2011, with a polymer $50 note to follow in March 2012. The Bank also provided further technical and background information about the new bank notes.

  Content Type(s): Press, Press releases Topic(s): Bank notes

• Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy

  Staff Working Paper 2011-9 Oleksiy Kryvtsov, Virgiliu Midrigan

  Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal rigidities and storable goods with direct evidence on inventories for the U.S.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E31, F, F1, F12

• Belief Dispersion and Order Submission Strategies in the Foreign Exchange Market

  Staff Working Paper 2011-8 Ingrid Lo, Stephen Sapp

  This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research has found that dispersion in traders beliefs regarding future macroeconomic announcements has a significant impact on both price dynamics and trading volume before the announcements in the foreign exchange and other financial markets.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Market structure and pricing JEL Code(s): D, D4, G, G1