Uncategorized

• December 8, 2015

  Framework for Conducting Monetary Policy at Low Interest Rates

  This document outlines a series of monetary policy measures that could be deployed in a very low interest rate environment.

  Content Type(s): Background materials Research Topic(s): Monetary policy

• Estimating Canada’s Effective Lower Bound

  Staff Analytical Note 2015-2 Jonathan Witmer, Jing Yang

  In 2009, the Bank of Canada set its effective lower bound (ELB) at 25 basis points (bps). Given the recent experience of Sweden, Denmark, Switzerland and the euro area with negative interest rates, we examine the economics of negative interest rates and suggest that cash storage costs are the source of a negative lower bound on interest rates.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Monetary policy framework, Monetary policy implementation JEL Code(s): D, D5, D53, E, E4, E41, E43, E5, E58
• December 8, 2015

  Results of the 28-day 8 December 2015 Term Repo Operation

  Results of today's term repo operation.

  Content Type(s): Press, Market notices
• December 8, 2015

  Bank of Canada Announces the Minimum Bid Rate for Today's Term Repo Operation

  Bank of Canada Announces the Minimum Bid Rate for today's Term Repo Operation.

  Content Type(s): Press, Market notices
• December 7, 2015

  Bank of Canada Announces Details of its Term Repo Operation

  The Bank of Canada announced today that it will conduct a term repo operation.

  Content Type(s): Press, Market notices
• December 4, 2015

  Weekly Financial Statistics - 4 December 2015

  Content Type(s): Publications, Historical: Weekly Financial Statistics
• December 4, 2015

  Bank of Canada introduces The Governor’s Challenge, a new student competition

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced a new student competition—The Governor’s Challenge—where teams simulate the role of monetary policy advisor to the Bank's Governing Council. Over 100 undergraduates from 22 universities across Canada are taking part in 2015–16, the competition’s inaugural year.

  Content Type(s): Press, Press releases Source(s): The Governor's Challenge

• Exchange Rate Fluctuations and Labour Market Adjustments in Canadian Manufacturing Industries

  Staff Working Paper 2015-45 Gabriel Bruneau, Kevin Moran

  We estimate the link between exchange rate fluctuations and the labour input of Canadian manufacturing industries. The analysis is based on a dynamic model of labour demand, and the econometric strategy employs a panel two-step approach for cointegrating regressions.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Exchange rate regimes, Exchange rates, Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, F, F1, F14, F16, F3, F31, F4, F41, J, J2, J23
• December 3, 2015

  Bank of Canada Publishes Updated Framework for Financial Market Operations and Liquidity Provision

  Today, the Bank of Canada published its updated framework for financial market operations and liquidity provision.

  Content Type(s): Press, Announcements

• Emergency Liquidity Facilities, Signalling and Funding Costs

  Staff Working Paper 2015-44 Céline Gauthier, Alfred Lehar, Héctor Pérez Saiz, Moez Souissi

  In the months preceding the failure of Lehman Brothers in September 2008, banks were willing to pay a premium over the Federal Reserve’s discount window (DW) rate to participate in the much less flexible Term Auction Facility (TAF). We empirically test the predictions of a new signalling model that offers a rationale for offering two different liquidity facilities.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability, Lender of last resort JEL Code(s): G, G0, G01, G2, G21, G28