Research - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T06:23:52+00:00McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates
https://www.bankofcanada.ca/2008/10/working-paper-2008-43/
McCallum (1994a) proposes a monetary rule where policymakers have some tendency to resist rapid changes in exchange rates to explain the forward premium puzzle.2008-10-28T16:20:31+00:00enMcCallum Rules, Exchange Rates, and the Term Structure of Interest Rates2008-10-28Exchange ratesInterest ratesMonetary policy transmissionWorking Paper 2008-43 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-43.pdfMcCallum Rules, Exchange Rates, and the Term Structure of Interest RatesAntonio Diez de los RiosOctober 2008EE4E43FF3F31GG1G12G15Which Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System
https://www.bankofcanada.ca/2008/10/working-paper-2008-42/
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.2008-10-26T16:11:24+00:00enWhich Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System2008-10-26Payment clearing and settlement systemsWorking Paper 2008-42 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-42.pdfWhich Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer SystemMorten BechJames ChapmanRodney J. GarrattOctober 2008CC1C11EE5E50GG2G20Financial Constraints and the Cash-Holding Behaviour of Canadian Firms
https://www.bankofcanada.ca/2008/10/discussion-paper-2008-16/
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.2008-10-25T14:56:14+00:00enFinancial Constraints and the Cash-Holding Behaviour of Canadian Firms2008-10-25Sectoral balance sheetDiscussion Paper 2008-16https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-16.pdfFinancial Constraints and the Cash-Holding Behaviour of Canadian FirmsDarcey McVanelNikita PerevalovOctober 2008GG1G11G3G32The Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?
https://www.bankofcanada.ca/2008/10/discussion-paper-2008-15/
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 […]2008-10-25T14:45:12+00:00enThe Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?2008-10-25Exchange ratesDiscussion Paper 2008-15https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp08-15.pdfThe Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?Philipp MaierBrian DePrattoOctober 2008FF3F31Are There Canada-U.S. Differences in SME Financing?
https://www.bankofcanada.ca/2008/10/working-paper-2008-41/
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.2008-10-20T16:04:57+00:00enAre There Canada-U.S. Differences in SME Financing?2008-10-20Financial servicesWorking Paper 2008-41https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-41.pdfAre There Canada-U.S. Differences in SME Financing?Danny LeungCésaire MehYaz TerajimaOctober 2008CC2C21GG2G21Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
https://www.bankofcanada.ca/2008/10/working-paper-2008-40/
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.2008-10-18T13:54:27+00:00enPrice Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis2008-10-18Financial stabilityInflation and pricesMonetary policy frameworkWorking Paper 2008-40 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-40.pdfPrice Level Targeting in a Small Open Economy with Financial Frictions: Welfare AnalysisAli DibCaterina MendicinoYahong ZhangOctober 2008EE3E31E32E5E52Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through
https://www.bankofcanada.ca/2008/10/working-paper-2008-39/
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.2008-10-16T12:07:20+00:00enImport Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through2008-10-16Exchange ratesInflation and pricesWorking Paper 2008-39 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-39.pdfImport Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-ThroughStephane DeesMatthias BurgertNicolas ParentOctober 2008EE3E31FF3F4F41A Model of Costly Capital Reallocation and Aggregate Productivity
https://www.bankofcanada.ca/2008/10/working-paper-2008-38/
The author studies the effects of capital reallocation (the flow of productive capital across firms and establishments mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the United States: on average, its total value is 3–4 per cent of U.S. GDP.2008-10-05T16:29:31+00:00enA Model of Costly Capital Reallocation and Aggregate Productivity2008-10-05Economic modelsProductivityWorking Paper 2008-38https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-38.pdfA Model of Costly Capital Reallocation and Aggregate ProductivityShutao CaoOctober 2008EE2E22LL1L16Adopting Price-Level Targeting under Imperfect Credibility: An Update
https://www.bankofcanada.ca/2008/10/working-paper-2008-37/
This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect credibility. Vestin (2006) shows that when the monetary authority cannot commit to future policy, price-level targeting yields higher welfare than inflation targeting.2008-10-03T16:16:08+00:00enAdopting Price-Level Targeting under Imperfect Credibility: An Update2008-10-03CredibilityMonetary policy frameworkWorking Paper 2008-37 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-37.pdfAdopting Price-Level Targeting under Imperfect Credibility: An UpdateOleksiy KryvtsovMalik ShukayevAlexander UeberfeldtOctober 2008EE3E31E5E52The Role of Bank Capital in the Propagation of Shocks
https://www.bankofcanada.ca/2008/10/working-paper-2008-36/
Recent events in financial markets have underlined the importance of analyzing the link between the financial health of banks and real economic activity. This paper contributes to this analysis by constructing a dynamic general equilibrium model in which the balance sheet of banks affects the propagation of shocks.2008-10-02T14:41:35+00:00enThe Role of Bank Capital in the Propagation of Shocks2008-10-02Economic modelsFinancial institutionsFinancial system regulation and policiesMonetary policy transmissionWorking Paper 2008-36 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-36.pdfThe Role of Bank Capital in the Propagation of ShocksCésaire MehKevin MoranOctober 2008EE4E44E5E52GG2G21