Exchange rates - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:40:49+00:0070 Years of Central Banking: The Bank of Canada in an International Context, 1935–2005
https://www.bankofcanada.ca/wp-content/uploads/2010/06/redish.pdf
Bordo and Redish examine the evolution of central banking over the past 70 years and identify periods where Canada was either a notable innovator with regard to central banking practices or appeared to be following a slightly different course. They note that global forces seemed to play an important role in determining inflation outcomes throughout the 70-year period, and that Canada and the United States experienced roughly similar inflation rates despite some important differences in their monetary policy regimes. Canada, for example, was comparatively late in establishing a central bank, launching the Bank of Canada long after most other industrial countries had one. Canada also operated under a flexible exchange rate through much of the Bretton Woods period, unlike any other country in the 1950s and early 1960s; adopted inflation targets well before most other central banks; and introduced a number of other innovative changes with regard to the implementation of monetary policy in the 1990s.2005-12-22T08:33:34+00:00en70 Years of Central Banking: The Bank of Canada in an International Context, 1935–20052005-12-22Order Submission: The Choice between Limit and Market Orders
https://www.bankofcanada.ca/2005/12/working-paper-2005-42/
Most financial markets allow investors to submit both limit and market orders, but it is not always clear what affects the choice of order type.2005-12-02T16:00:57+00:00enOrder Submission: The Choice between Limit and Market Orders2005-12-02Exchange ratesFinancial institutionsMarket structure and pricingWorking Paper 2005-42 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-42.pdfOrder Submission: The Choice between Limit and Market OrdersIngrid LoStephen SappDecember 2005DD4GG1The Exchange Rate and Canadian Inflation Targeting
https://www.bankofcanada.ca/2005/11/working-paper-2005-34/
The author provides a non-technical explanation of the role played by the exchange rate in Canada's inflation-targeting monetary policy.2005-11-01T13:36:43+00:00enThe Exchange Rate and Canadian Inflation Targeting2005-11-01Exchange ratesInflation targetsMonetary policy implementationWorking Paper 2005-34 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-34.pdfThe Exchange Rate and Canadian Inflation TargetingChristopher RaganNovember 2005EE5E50E52FF4F41Exports, Imports, and the Appreciation of the Canadian Dollar
https://www.bankofcanada.ca/wp-content/uploads/2010/06/dion1.pdf
An objective assessment of the effects of the appreciation of the Canadian dollar in 2003 and 2004 on exports and imports requires a detailed review of the numerous other factors which may have been at play. Dion, Laurence, and Zheng discuss the influences that have affected Canada's international trade over the past two years, including exchange rate movements, global and sector-specific shocks, constraints on the domestic supply of a few products, and competition from emerging economies, most notably, China. The analysis is complemented with econometric models developed at the Bank which provide statistically valid estimates of the contribution of the Canadian-dollar appreciation to the recent developments in exports and imports.2005-10-25T14:21:45+00:00enExports, Imports, and the Appreciation of the Canadian Dollar2005-10-25How the Appreciation of the Canadian Dollar Has Affected Canadian Firms: Evidence from the Bank of Canada Business Outlook Survey
https://www.bankofcanada.ca/wp-content/uploads/2010/06/mair.pdf
To track how firms were affected by the appreciation of the Canadian dollar in 2003 and 2004 and the steps they took in response, the Bank included supplementary questions in the quarterly Business Outlook Survey conducted by its regional offices. About half of the firms surveyed reported being adversely affected, one-quarter experienced a favourable impact, and the remainder reported no effect. Jean Mair classifies and summarizes the firms' responses, identifying the sectors that were most and least affected. Causes of the impacts are identified, as well as the actions firms took as a result of the appreciation. The article looks at these actions over time to see what they tell us about firms' adjustment process.2005-10-22T14:44:17+00:00enHow the Appreciation of the Canadian Dollar Has Affected Canadian Firms: Evidence from the Bank of Canada Business Outlook Survey2005-10-22What Drives Movements in Exchange Rates?
https://www.bankofcanada.ca/wp-content/uploads/2010/06/bailliu.pdf
Understanding what causes the exchange rate to move has been on ongoing challenge for economists. Despite extensive research, traditional macro models of exchange rate determination—with the exception of the Bank of Canada's exchange rate equation—have typically not fared well, motivating economists to explore new ways to model exchange rate movements that incorporate more complex and realistic settings. Within the context of the sharp appreciation of the Canadian dollar in 2003 and 2004, Bailliu and King review the macroeconomic models of exchange rates, as well as the micro-structure studies that highlight the importance of trading mechanisms, information asymmetry, and investor heterogeneity for explaining short-term dynamics in exchange rates. In addition to summarizing the current state of knowledge, they highlight recent advances and identify promising alternative approaches.2005-10-18T15:19:44+00:00enWhat Drives Movements in Exchange Rates?2005-10-18The Exchange Rate and Canadian Inflation Targeting
https://www.bankofcanada.ca/wp-content/uploads/2010/06/ragan1.pdf
An essential element of the Bank of Canada's inflation-targeting framework is a floating exchange rate that is free to adjust in response to shocks that affect the Canadian and world economies. This floating rate plays an important role in the transmission mechanism for monetary policy. A practical question is how the Bank of Canada incorporates currency movements into the monetary policy decision-making process. Only after determining the cause and persistence of exchange rate change, and its likely net effect on aggregate demand, can the Bank decide on the appropriate policy response to keep inflation low, stable, and predictable. Ragan reviews the need to target inflation and the transmission mechanism for monetary policy, including the role of the exchange rate, before describing two types of exchange rate movements and their implications for monetary policy.2005-10-05T15:22:31+00:00enThe Exchange Rate and Canadian Inflation Targeting2005-10-05Has Exchange Rate Pass-Through Really Declined in Canada?
https://www.bankofcanada.ca/2005/10/working-paper-2005-29/
Several empirical studies suggest that exchange rate pass-through has declined in recent years in industrialized countries.2005-10-01T12:24:53+00:00enHas Exchange Rate Pass-Through Really Declined in Canada?2005-10-01Business fluctuations and cyclesEconomic modelsExchange ratesInflation and pricesInternational topicsWorking Paper 2005-29 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-29.pdfHas Exchange Rate Pass-Through Really Declined in Canada?Hafedh BouakezNooman RebeiOctober 2005FF3F4The Effects of the Exchange Rate on Investment: Evidence from Canadian Manufacturing Industries
https://www.bankofcanada.ca/2005/08/working-paper-2005-22/
Using industry-level data for 22 Canadian manufacturing industries, the authors examine the relationship between exchange rates and investment during the period 1981–97.2005-08-01T10:48:00+00:00enThe Effects of the Exchange Rate on Investment: Evidence from Canadian Manufacturing Industries2005-08-01Domestic demand and componentsExchange ratesWorking Paper 2005-22 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-22.pdfThe Effects of the Exchange Rate on Investment: Evidence from Canadian Manufacturing IndustriesTarek HarchaouiFaouzi TarkhaniTerence YuenAugust 2005DD2D24FF4The Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian Dollar
https://www.bankofcanada.ca/2005/07/working-paper-2005-21/
The Bank of Canada is one of very few central banks that has made records of the intraday timing of its intervention operations available to researchers.2005-07-01T14:55:13+00:00enThe Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian Dollar2005-07-01Exchange ratesFinancial marketsWorking Paper 2005-21 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-21.pdfThe Effectiveness of Official Foreign Exchange Intervention in a Small Open Economy: The Case of the Canadian DollarRasmus FatumMichael R. KingJuly 2005EE5E58FF3F31GG1G14G15