November 11, 2008
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2333
result(s)
November 11, 2008
Conference Summary: International Experience with the Conduct of Monetary Policy under Inflation Targeting
Central bankers from inflation-targeting and non-inflation-targeting countries around the world and several distinguished scholars assembled at the Bank of Canada in July 2008 to review the international experience in some detail. This article highlights topics covered in the special lectures and sessions, including how inflation targeting can manage external shocks, various ways in which monetary policy decisions are taken, and the issues of transparency and communications. It also reports on the discussion in the closing panel, which considered options for the future of inflation targeting.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Inflation targets,
Monetary policy framework
The Role of Foreign Exchange Dealers in Providing Overnight Liquidity
Staff Working Paper 2008-44
Chris D'Souza
This paper illustrates that dealers in foreign exchange markets not only provide intraday liquidity, they are key participants in the provision of overnight liquidity. Dealing institutions receive compensation for holding undesired inventory balances in part from the information they receive in customer trades.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Financial markets,
Market structure and pricing
JEL Code(s):
D,
D8,
D82,
F,
F3,
F31,
G,
G2,
G21
McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates
Staff Working Paper 2008-43
Antonio Diez de los Rios
McCallum (1994a) proposes a monetary rule where policymakers have some tendency to resist rapid changes in exchange rates to explain the forward premium puzzle.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Interest rates,
Monetary policy transmission
JEL Code(s):
E,
E4,
E43,
F,
F3,
F31,
G,
G1,
G12,
G15
Which Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System
Staff Working Paper 2008-42
Morten Bech,
James Chapman,
Rodney J. Garratt
We use a method similar to Google's PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). Along the way we obtain estimates of the payment processing speeds for the individual banks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
C,
C1,
C11,
E,
E5,
E50,
G,
G2,
G20
Financial Constraints and the Cash-Holding Behaviour of Canadian Firms
Staff Discussion Paper 2008-16
Darcey McVanel,
Nikita Perevalov
The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and firm characteristics.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Sectoral balance sheet
JEL Code(s):
G,
G1,
G11,
G3,
G32
The Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?
Staff Discussion Paper 2008-15
Philipp Maier,
Brian DePratto
The authors examine the impact of the recent run-up in energy and non-energy commodity prices on the Canadian dollar. Using the Bank of Canada's exchange rate equation, they find that the differences between the actual value of the Canadian exchange rate and the simulated values observed in 2007 are not historically large. Still, given that […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31
Are There Canada-U.S. Differences in SME Financing?
Staff Working Paper 2008-41
Danny Leung,
Césaire Meh,
Yaz Terajima
Previous surveys of Canadian and U.S. business owners suggest that access to financing in Canada may be more problematic than in the United States. Using the 2003 Survey of Small Business Financing in the United States and the 2004 Survey on Financing of Small and Medium Enterprises in Canada, this paper examines whether this perception can be better quantified.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial services
JEL Code(s):
C,
C2,
C21,
G,
G2,
G21
Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
Staff Working Paper 2008-40
Ali Dib,
Caterina Mendicino,
Yahong Zhang
How important are the benefits of low price-level uncertainty? This paper explores the desirability of price-level path targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Inflation and prices,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52
Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through
Staff Working Paper 2008-39
Stephane Dees,
Matthias Burgert,
Nicolas Parent
This paper aims at showing heterogeneity in the degree of exchange rate pass-through to import prices in major advanced economies at three different levels: 1) across destination markets; 2) across types of exporters (distinguishing developed economy from emerging economy exporters); and 3) over time.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Inflation and prices
JEL Code(s):
E,
E3,
E31,
F,
F3,
F4,
F41