7 November 2016 6th Public Investors ConferenceConference to be held on 7-8 November 2016. Co-sponsored by the BIS, World Bank and Bank of Canada.
Conference to be held on 27-28 October 2016.
21 October 2016 2nd Annual Conference on the Chinese EconomyThe submission deadline is July 15, 2016. Conference to be held on 21-22 October 2016. Co-sponsored by the Bank of Canada and the University of Toronto-Rotman.
Output Comovement and Inflation Dynamics in a Two-Sector Model with Durable Goods: The Role of Sticky Information and Heterogeneous Factor MarketsIn a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to generate positive output comovement.
26 July 2016 Bank of Canada publishes 2017 schedule for policy interest rate announcements and release of the Monetary Policy ReportThe Bank of Canada today published its 2017 schedule of the key dates for policy interest rate announcements and release of the quarterly Monetary Policy Report, and it reconfirmed the scheduled announcement dates for the remainder of this year.
We estimate a continuous-time model with stochastic volatility and dynamic crash probability for the S&P 500 index and find that market illiquidity dominates other factors in explaining the stock market crash risk. While the crash probability is time-varying, its dynamic depends only weakly on return variance once we include market illiquidity as an economic variable in the model.
We study how changes in prudential requirements affect cross-border lending of Canadian banks by utilizing an index that aggregates adjustments in key regulatory instruments across jurisdictions.
The market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This paper develops a model of relationship lending in the unsecured interbank market. In equilibrium, a tiered lending network arises endogenously as banks choose to build relationships to insure against liquidity shocks and to economize on the cost to trade in the interbank market.
The 2007–09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures.