Staff discussion papers - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T22:43:58+00:00Reputational Risk Management in Central Banks
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-16/
This paper discusses reputational risk in the context of central banking and explains why it matters to central banks. It begins with a general discussion of reputational risk within the broader framework of risk management.2015-11-17T09:42:54+00:00enReputational Risk Management in Central Banks2015-11-17CredibilityInternational topicsMonetary policy implementationStaff Discussion Paper 2015-16https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-16.pdfReputational Risk Management in Central BanksJill VardyNovember 2015EE5E52E58Forward Guidance at the Effective Lower Bound: International Experience
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-15/
Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis.2015-11-13T07:20:17+00:00enForward Guidance at the Effective Lower Bound: International Experience2015-11-13Monetary policy and uncertaintyMonetary policy communicationsMonetary policy frameworkMonetary policy implementationMonetary policy transmissionStaff Discussion Paper 2015-15https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-15.pdfForward Guidance at the Effective Lower Bound: International ExperienceKaryne B. CharbonneauLori RennisonNovember 2015EE4E43E5E52E58E6Quantitative Easing as a Policy Tool Under the Effective Lower Bound
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-14/
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.2015-11-12T15:21:58+00:00enQuantitative Easing as a Policy Tool Under the Effective Lower Bound2015-11-12Central bank researchInternational topicsMonetary policy frameworkMonetary policy transmissionStaff Discussion Paper 2015-14https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-14.pdfQuantitative Easing as a Policy Tool Under the Effective Lower BoundAbeer RezaEric SantorLena SuchanekNovember 2015EE5E52E58E6E61E65NN1N10The International Experience with Negative Policy Rates
https://www.bankofcanada.ca/2015/11/staff-discussion-paper-2015-13/
A key issue in the renewal of the inflation-control agreement is the question of the appropriate level of the inflation target. Many observers have raised concerns that with the reduction in the neutral rate, and the experience of the recent financial crisis, the effective lower bound (ELB) is more likely to be binding in the future if inflation targets remain at 2 per cent.2015-11-12T13:05:13+00:00enThe International Experience with Negative Policy Rates2015-11-12Central bank researchFinancial marketsInternational topicsMonetary policy frameworkStaff Discussion Paper 2015-13 https://www.bankofcanada.ca/wp-content/uploads/2015/11/dp2015-13.pdfThe International Experience with Negative Policy RatesHarriet JacksonNovember 2015EE5E52E58E6E65A Comprehensive Evaluation of Measures of Core Inflation for Canada
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-12/
This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter unanticipated transitory shocks.2015-10-27T09:54:20+00:00enA Comprehensive Evaluation of Measures of Core Inflation for Canada2015-10-27Inflation and pricesMonetary policy frameworkDiscussion Paper 2015-12https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-12.pdfA Comprehensive Evaluation of Measures of Core Inflation for CanadaMikael KhanLouis MorelPatrick SabourinOctober 2015EE3E31E5E52Trends in Firm Entry and New Entrepreneurship in Canada
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-11/
Recently released data show downward trends for both the firm entry rate and the rate of new entrepreneurship since the early 1980s in Canada. This paper documents these trends and discusses potential explanations.2015-10-22T12:15:12+00:00enTrends in Firm Entry and New Entrepreneurship in Canada2015-10-22Firm dynamicsMarket structure and pricingProductivityDiscussion Paper 2015-11https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-11.pdfTrends in Firm Entry and New Entrepreneurship in CanadaShutao CaoMohanad SalamehMai SekiPierre St-AmantOctober 2015LL1L11MM1M13An Update - Canadian Non-Energy Exports: Past Performance and Future Prospects
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-10/
In light of the fact that Canada was continuing to lose market share in the United States, Binette, de Munnik and Gouin-Bonenfant (2014) studied 31 Canadian non-energy export (NEX) categories to assess their individual performance.2015-10-20T14:11:37+00:00enAn Update - Canadian Non-Energy Exports: Past Performance and Future Prospects2015-10-20Balance of payments and componentsExchange ratesInternational topicsDiscussion Paper 2015-10https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-101.pdfAn Update - Canadian Non-Energy Exports: Past Performance and Future ProspectsAndré BinetteDaniel de MunnikJulie MelansonOctober 2015FF1F10F14F4F43Exchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-9/
In an open economy such as Canada’s, exchange rate movements can have a material impact on consumer prices. This is particularly important in the current context, with the significant depreciation of the Canadian dollar vis-a-vis the U.S. dollar since late 2012.2015-10-20T14:11:21+00:00enExchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence2015-10-20Exchange ratesInflation and pricesDiscussion Paper 2015-9https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-91.pdfExchange Rate Pass-Through to Consumer Prices: Theory and Recent EvidenceLaurence Savoie-ChabotMikael KhanOctober 2015EE3E31E5E52FF3F31The Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues
https://www.bankofcanada.ca/2015/10/discussion-paper-2015-8/
Bank of Canada research done prior to the most recent renewal of the inflation-control agreement in 2011 concluded that the benefits associated with a target below 2 per cent were insufficient to justify the increased risk of being constrained by the zero lower bound (ZLB) on nominal interest rates.2015-10-01T10:48:49+00:00enThe Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues2015-10-01Inflation targetsInflation: costs and benefitsMonetary policy frameworkDiscussion Paper 2015-8https://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-8.pdfThe Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding IssuesOleksiy KryvtsovRhys R. MendesOctober 2015EE5E52E58On the Nexus of Monetary Policy and Financial Stability: Recent Developments and Research
https://www.bankofcanada.ca/2015/09/discussion-paper-2015-7/
Because financial and macroeconomic conditions are tightly interconnected, financial stability considerations are an important element of any monetary policy framework. Yet, the circumstances under which it would be appropriate for the Bank to use monetary policy to lean against financial risks need to be more fully specified (Côté 2014).2015-09-28T15:24:52+00:00enOn the Nexus of Monetary Policy and Financial Stability: Recent Developments and Research2015-09-28Financial stabilityMonetary policy frameworkDiscussion Paper 2015-7 https://www.bankofcanada.ca/wp-content/uploads/2015/09/dp2015-7.pdfOn the Nexus of Monetary Policy and Financial Stability: Recent Developments and ResearchOleksiy KryvtsovMiguel MolicoBen TomlinSeptember 2015EE0E4E44E5E52E58GG1G18