Posts

• April 26, 2001

  Turnaround Time for Government of Canada Securities auctions to be Reduced to 15 Minutes

  The targeted turnaround time for publication of the results for Government of Canada securities auctions will be reduced to 15 minutes from 30 minutes starting 22 May 2001. The reduction in the turnaround time is the result of process and efficiency improvements.

  Content Type(s): Press, Market notices
• April 20, 2001

  Governor talks about the Bank of Canada's contribution to monetary and financial stability and about the current economic situation

  Media Relations Vancouver, British Columbia

  n a speech today to The Vancouver Board of Trade, Governor David Dodge said that the Bank of Canada contributes to the economic well-being of Canadians by preserving confidence in the value of money and by promoting the safety and soundness of Canada's financial system.

  Content Type(s): Press, Press releases
• April 20, 2001

  The Bank of Canada's Contribution to the Economic Well-Being of Canadians

  Remarks David Dodge Vancouver Board of Trade Vancouver, British Columbia

  The Bank of Canada has a commitment to contribute to the economic well-being of Canadians. In other words, we must conduct monetary policy so that it fosters sustained economic growth. Fundamentally, this means creating conditions that favour rising employment and incomes, strong investment, and a more stable macroeconomic environment.

  Content Type(s): Press, Speeches and appearances, Remarks
• April 17, 2001

  Bank of Canada lowers Bank Rate by 1/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is lowering the Bank Rate by one-quarter of one percentage point to 5 per cent. The operating band for the overnight rate* is correspondingly lowered, and the Bank's target for the overnight rate is reduced to 4 3/4 per cent.

  Content Type(s): Press, Press releases

• The Zero Bound on Nominal Interest Rates: How Important Is It?

  Staff Working Paper 2001-6 David Amirault, Brian O'Reilly

  This paper surveys the literature on the zero bound on the nominal interest rate. It addresses questions ranging from the conditions under which the zero bound on the nominal interest rate might occur to policy options to avoid or use to exit from such a situation. We discuss literature that examines historical and country evidence, and literature that uses models to generate evidence on this question.

  Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Inflation targets, Monetary policy transmission JEL Code(s): E, E3, E31, E5, E52, E58, E6, E61

• Reactions of Canadian Interest Rates to Macroeconomic Announcements: Implications for Monetary Policy Transparency

  Staff Working Paper 2001-5 Toni Gravelle, Richhild Moessner

  In this study we statistically quantify the reactions of Canadian and U.S. interest rates to macroeconomic announcements released in Canada and in the United States. We find that Canadian interest rates react very little to Canadian macroeconomic news and are significantly affected by U.S. macroeconomic news, which indicates that international influences on the Canadian fixed-income markets are important.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Interest rates, Monetary policy implementation JEL Code(s): E, E0, E4, E5

• On the Nature and the Stability of the Canadian Phillips Curve

  Staff Working Paper 2001-4 Maral Kichian

  This paper empirically determines why, during the 1990s, inflation in Canada was consistently more stable than predicted by the fixed-coefficients Phillips curve. A time-varying-coefficient model, where all the parameters adjust simultaneously, shows that the behaviour of expectations was probably a major contributing factor.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Inflation and prices JEL Code(s): E, E3, E37