Research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T15:39:42+00:00Policy Coordination in an International Payment System
https://www.bankofcanada.ca/2008/05/working-paper-2008-17/
Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital question is what form should optimal policy take when there are two connected payment systems with separate regulators.2008-05-28T16:09:50+00:00enPolicy Coordination in an International Payment System2008-05-28Exchange rate regimesPayment clearing and settlement systemsWorking Paper 2008-17 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-17.pdfPolicy Coordination in an International Payment SystemJames ChapmanMay 2008EE4E42E5E58FF3F31F33On Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards Risk
https://www.bankofcanada.ca/2008/05/working-paper-2008-16/
The early work of Tobin (1958) showed that portfolio allocation decisions can be reduced to a two stage process: first decide the relative allocation of assets across the risky assets, and second decide how to divide total wealth between the risky assets and the safe asset. This so called twofund separation relies on special assumptions on either returns or preferences.2008-05-22T15:31:14+00:00enOn Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards Risk2008-05-22Financial marketsMarket structure and pricingWorking Paper 2008-16 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-16.pdfOn Portfolio Separation Theorems with Heterogeneous Beliefs and Attitudes towards RiskFousseni Chabi-YoEric GhyselsEric RenaultMay 2008CC5C52DD5D58GG1G11G12The Global Effects of U.S. Fiscal Policy
https://www.bankofcanada.ca/2008/05/discussion-paper-2008-8/
The author examines the global impact of U.S. fiscal policy using the Bank of Canada's Global Economy Model (Lalonde and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in the United States and of expected increases in U.S. entitlement program expenditures.2008-05-21T14:35:25+00:00enThe Global Effects of U.S. Fiscal Policy2008-05-21Fiscal policyInternational topicsRegional economic developmentsDiscussion Paper 2008-8https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-8.pdfThe Global Effects of U.S. Fiscal PolicyKimberly BeatonMay 2008HH0H2H3The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study
https://www.bankofcanada.ca/2008/05/discussion-paper-2008-7/
The Large Value Transfer System (LVTS) for settling large payments, and CDSX for settling debt and equity trades, are two of the main settlement systems in Canada. They are closely linked; for example, at the end of the day the final CDSX payment obligations must settle on the Bank of Canada's books, with payments made […]2008-05-21T14:26:54+00:00enThe Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study2008-05-21Financial stabilityPayment clearing and settlement systemsDiscussion Paper 2008-7https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-7.pdfThe Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation StudyLana EmbreeKirby MillarMay 2008EE5E58GG2G21Reforming the IMF: Lessons from Modern Central Banking
https://www.bankofcanada.ca/2008/05/discussion-paper-2008-6/
The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […]2008-05-21T14:14:33+00:00enReforming the IMF: Lessons from Modern Central Banking2008-05-21International topicsDiscussion Paper 2008-6https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-6.pdfReforming the IMF: Lessons from Modern Central BankingPhilipp MaierEric SantorMay 2008FF3Price Level versus Inflation Targeting under Model Uncertainty
https://www.bankofcanada.ca/2008/05/working-paper-2008-15/
The purpose of this paper is to make a quantitative contribution to the inflation versus price level targeting debate. It considers a policy-maker that can set policy either through an inflation targeting rule or a price level targeting rule to minimize a quadratic loss function using the actual projection model of the Bank of Canada (ToTEM).2008-05-18T15:04:08+00:00enPrice Level versus Inflation Targeting under Model Uncertainty2008-05-18Monetary policy and uncertaintyWorking Paper 2008-15 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-15.pdfPrice Level versus Inflation Targeting under Model UncertaintyGino CateauMay 2008DD8D81EE5E58Driving Forces of the Canadian Economy: An Accounting Exercise
https://www.bankofcanada.ca/2008/05/working-paper-2008-14/
This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed in the data.2008-05-12T12:23:45+00:00enDriving Forces of the Canadian Economy: An Accounting Exercise2008-05-12Labour marketsPotential outputProductivityWorking Paper 2008-14 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-14.pdfDriving Forces of the Canadian Economy: An Accounting ExerciseSimona CociubaAlexander UeberfeldtMay 2008EE2E24E6E65OO4O41O5O51Uncertainty, Inflation, and Welfare
https://www.bankofcanada.ca/2008/05/working-paper-2008-13/
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness.2008-05-08T12:19:21+00:00enUncertainty, Inflation, and Welfare2008-05-08Inflation: costs and benefitsMonetary policy frameworkWorking Paper 2008-13 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-13.pdfUncertainty, Inflation, and WelfareJonathan ChiuMiguel MolicoMay 2008EE4E40E5E50A Model of Tiered Settlement Networks
https://www.bankofcanada.ca/2008/05/working-paper-2008-12/
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure.2008-05-04T12:14:42+00:00enA Model of Tiered Settlement Networks2008-05-04Payment clearing and settlement systemsWorking Paper 2008-12 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-12.pdfA Model of Tiered Settlement NetworksJames ChapmanJonathan ChiuMiguel MolicoMay 2008EE4E42E5E58GG2G21