Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Receive notification by email whenever new research is added to the website.
2338
result(s)
China's Exchange Rate Policy: A Survey of the Literature
Staff Discussion Paper 2008-5
Robert Lafrance
China's integration into the world economy has benefited its people by reducing poverty and raising living standards, and it has benefited the industrialized world by producing manufactured goods at lower cost. It has also raised geopolitical concerns as China's power grows, economic concerns as the manufacturing base in many industrialized countries erodes, and polemics as proposals of protectionist measures to counter China's export growth are put forward.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes
JEL Code(s):
F,
F3,
F33,
F36
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
Staff Discussion Paper 2008-4
Robert Lavigne
The author examines recent trends in sterilized intervention among emerging-market economies, to determine the size and extent of this policy in relation to earlier periods of heavy reserve accumulation. He then analyzes whether the domestic costs and risks of substantial and prolonged sterilization are beginning to manifest themselves.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rate regimes,
Financial stability,
International topics
JEL Code(s):
E,
E5,
E52,
F,
F3,
F31,
O,
O2,
O24
March 18, 2008
Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned
Schembri studies Canada's post-World War II experience in introducing a floating exchange rate, including its effects on the Canadian economy and its influence on the development of macroeconomic theory. In particular, Canada's flexible exchange rate and high degree of capital mobility with the United States provided an unprecedented experiment for macroeconomic policy. The successes and difficulties encountered by Canadian authorities in managing monetary and fiscal policy under this regime drew the interest of researchers at the International Monetary Fund and elsewhere and had a significant impact on the development of the Mundell-Fleming model, the path-breaking innovation in modern open-economy macroeconomics.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Exchange rate regimes,
Monetary policy framework
Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model
Staff Working Paper 2008-8
Ali Dib
This paper develops a multi-sector New Keynesian model of a small open economy that includes commodity, manufacturing, non-tradable, and import sectors. Price and wage rigidities are sector specific, modelled à la Calvo-Yun style contracts.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Exchange rate regimes,
International topics
JEL Code(s):
E,
E4,
E5,
E52,
F,
F3,
F4
March 17, 2008
Price Discovery Across Geographic Locations in the Foreign Exchange Market
The ongoing process of price discovery in foreign exchange markets provides valuable information to certain market participants. Recent empirical findings suggest that aggregate measures of order flow convey information about the fundamental value of the exchange rate. Using a market microstructure approach, D'Souza reports on a two-year study of completed transactions within the Canadian and Australian exchange rate markets to examine the relationship between exchange rate returns and trades initiated in different locations. Based on the information content of the trades, he finds that geographic location and hours of operation are two of the factors driving informed interdealer trading.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Exchange rates,
Financial markets,
Market structure and pricing
March 16, 2008
Developing a Framework to Assess Financial Stability: Conference Highlights and Lessons
Central banks are still defining their approach to financial stability and are at an early stage in the development of useful models. The Bank of Canada's 2007 economic conference was organized to stimulate progress in the development of financial-stability frameworks. Among the highlights reported here are the discussions centred around three proposed frameworks: a contingent-claims-analysis framework, a semi-structural framework, and structural financial-stability models. Participants also reported on their experiences with stress-testing under the International Monetary Fund's Financial Sector Assessment Program and discussed the implications for financial stability of linkages among payment, clearing, and settlement systems.Markups in Canada: Have They Changed and Why?
Staff Working Paper 2008-7
Danny Leung
Many empirical studies have examined the cyclical nature of the markup ratio. Until recently, few have attempted to ascertain the changes in the markup over a longer time horizon.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods
JEL Code(s):
E,
E3,
E31,
F,
F4,
F41,
L,
L1,
L11
Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations
Staff Working Paper 2008-6
Donald Coletti,
René Lalonde,
Dirk Muir
This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to stabilize the macroeconomy, in response to a series of shocks, similar to those seen in Canada and the United States over the 1983 to 2004 period.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Inflation and prices,
Inflation: costs and benefits,
Monetary policy framework
JEL Code(s):
C,
C5,
C51,
C52,
E,
E1,
E17,
E3,
E31,
E5,
E52
Understanding Productivity: A Review of Recent Technical Research
Staff Discussion Paper 2008-3
Richard Dion,
Robert Fay
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Productivity
JEL Code(s):
D,
D2,
D24,
O,
O3,
O31,
O4,
O40,
O47