E58 - Central Banks and Their Policies - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T09:02:26+00:00Monetary Policy and the Risk-Taking Channel: Insights from the Lending Behaviour of Banks
https://www.bankofcanada.ca/wp-content/uploads/2012/11/boc-review-autumn12-paligorova.pdf
The financial crisis of 2007-09 and the subsequent extended period of historically low real interest rates have revived the question of whether economic agents are willing to take on more risk when interest rates remain low for a prolonged time period. This increased appetite for risk, which causes economic agents to search for investment assets and strategies that generate higher investment returns, has been called the risk-taking channel of monetary policy. Recent academic research on banks suggests that lending policies in times of low interest rates can be consistent with the existence of a risk-taking channel of monetary policy in Europe, South America, the United States and Canada. Specifically, studies find that the terms of loans to risky borrowers become less stringent in periods of low interest rates. This risk-taking channel may amplify the effects of traditional transmission mechanisms, resulting in the creation of excessive credit.2012-11-15T07:45:39+00:00enMonetary Policy and the Risk-Taking Channel: Insights from the Lending Behaviour of Banks2012-11-15Efficiency and Bargaining Power in the Interbank Loan Market
https://www.bankofcanada.ca/2012/09/working-paper-2012-29/
Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis relies on the equilibrium concept of the core, which imposes a set of no-arbitrage conditions on trades in the market.2012-09-27T12:29:49+00:00enEfficiency and Bargaining Power in the Interbank Loan Market2012-09-27Financial institutionsPayment clearing and settlement systemsWorking Paper 2012-29https://www.bankofcanada.ca/wp-content/uploads/2012/09/wp2012-29.pdfEfficiency and Bargaining Power in the Interbank Loan MarketJason AllenJames ChapmanFederico EcheniqueMatthew ShumSeptember 2012CC7C71EE5E58GG2G21G28Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound
https://www.bankofcanada.ca/2012/07/working-paper-2012-21/
We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model.2012-07-23T07:55:26+00:00enUnconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound2012-07-23Econometric and statistical methodsInterest ratesMonetary policy frameworkMonetary policy transmissionWorking Paper 2012-21https://www.bankofcanada.ca/wp-content/uploads/2012/07/wp2012-21.pdfUnconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower BoundChristiane BaumeisterLuca BenatiJuly 2012CC1C11C3C32EE5E52E58Inflation Targeting: The Recent International Experience
https://www.bankofcanada.ca/wp-content/uploads/2012/05/boc-review-spring12-lavigne.pdf
In the years since the 2006 renewal of Canada’s inflation-control agreement, monetary policy regimes have faced significant shocks, including the global economic and financial crisis. This article reviews the recent experience with inflation targeting, including the debate about the appropriate role of monetary policy in maintaining financial stability. In the aftermath of the crisis, both […]2012-05-17T10:22:01+00:00enInflation Targeting: The Recent International Experience2012-05-17Central Bank Communication or the Media’s Interpretation: What Moves Markets?
https://www.bankofcanada.ca/2012/02/working-paper-2012-9/
The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market.2012-02-28T15:17:50+00:00enCentral Bank Communication or the Media’s Interpretation: What Moves Markets?2012-02-28Asset pricingFinancial marketsWorking Paper 2012-09https://www.bankofcanada.ca/wp-content/uploads/2012/02/wp2012-09.pdfCentral Bank Communication or the Media’s Interpretation: What Moves Markets?Scott HendryFebruary 2012EE5E58GG1G14