E51 - Money Supply; Credit; Money Multipliers

• The Construction of Continuity-Adjusted Monetary Aggregate Components

  Staff Working Paper 2003-22 Jeannie Kottaras

  Changes in the financial industry result in new data that are inconsistent with the former presentation, and therefore adjustments are required to "adjust" or smooth out these breaks to establish continuity.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary aggregates JEL Code(s): E, E5, E51

• Dynamic Factor Analysis for Measuring Money

  Staff Working Paper 2003-21 Paul Gilbert, Lise Pichette

  Technological innovations in the financial industry pose major problems for the measurement of monetary aggregates. The authors describe work on a new measure of money that has a more satisfactory means of identifying and removing the effects of financial innovations.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Monetary aggregates, Monetary and financial indicators JEL Code(s): C, C4, C43, C8, C82, E, E5, E51

• Collateral and Credit Supply

  Staff Working Paper 2003-11 Joseph Atta-Mensah

  The author examines the role of collateral in an environment where lenders and borrowers possess identical information and similar beliefs about its future value. Using option-pricing techniques, he shows that a secured loan contract is equivalent to a regular bond and an embedded option to the borrower to default.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Economic models JEL Code(s): E, E5, E51, G, G1, G11, G12, G13

• Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy

  Staff Working Paper 2003-9 Joseph Atta-Mensah, Ali Dib

  The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E3, E32, E4, E5, E51

• Money in the Bank (of Canada)

  Technical Report No. 93 David Longworth

  With the demise of monetary targeting over the past 20 years in many major countries, the question has arisen as to whether central banks should look at money at all when formulating and conducting monetary policy.

  Content Type(s): Staff research, Technical reports Topic(s): Monetary aggregates, Monetary policy transmission JEL Code(s): E, E5, E50, E51, E52