Uncategorized

• April 11, 2007

  Changes in the release times for both the call for tenders for cash-management bills (CMBs) and the preliminary International Securities Identification Numbers (ISINs) for regular treasury bills

  In the Debt Management Strategy 2007/08, the government announced that the release time for call for tenders for cash-management bills (CMBs) will be moved from 10:00 (ET) to 09:45 (ET). Effective 16 April 2007, CMBs call for tenders issued on or after this date will be released at 09:45 (ET). The auction timetable can be found on the Bank of Canada website.

  Content Type(s): Press, Market notices

• Term Structure Transmission of Monetary Policy

  Staff Working Paper 2007-30 Sharon Kozicki, P. A. Tinsley

  Under bond-rate transmission of monetary policy, the authors show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of unity. This result helps explain how bond rates may exhibit stable responses to inflation, even in periods of passive policy.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, Monetary policy transmission JEL Code(s): E, E3, E5, N, N1

• Exchange Rate Regimes, Globalisation, and the Cost of Capital in Emerging Markets

  Staff Working Paper 2007-29 Antonio Diez de los Rios

  This paper presents a multifactor asset pricing model for currency, bond, and stock returns for ten emerging markets to investigate the effect of the exchange rate regime on the cost of capital and the integration of emerging financial markets. Since there is evidence that a fixed exchange rate regime reduces the currency risk premia demanded by foreign investors, the tentative conclusion is that a fixed exchange rate regime system can help reduce the cost of capital in emerging markets.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics, Exchange rate regimes JEL Code(s): F, F3, F30, F33, G, G1, G15

• Optimal Monetary Policy and Price Stability Over the Long-Run

  Staff Working Paper 2007-26 Oleksiy Kryvtsov, Malik Shukayev, Alexander Ueberfeldt

  This paper examines the role of monetary policy in an environment with aggregate risk and incomplete markets. In a two-period overlapping-generations model with aggregate uncertainty and nominal bonds, optimal monetary policy attains the ex-ante Pareto optimal allocation.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E5
• March 29, 2007

  The Bank of Canada Releases Its Annual Report for 2006

  Media Relations Ottawa, Ontario

  The Bank of Canada's Annual Report for 2006 was tabled in the House of Commons today.

  Content Type(s): Press, Press releases
• March 29, 2007

  Promoting Sound Economic Policies Globally and Locally

  Remarks David Dodge Americas Society and the Council of the Americas New York, New York

  In my opinion, much of this performance can be credited to the increasingly widespread acceptance of the need for a liberalized worldwide financial and trade order. Many countries that once closed themselves to the outside world are now actively engaged in the global economy.

  Content Type(s): Press, Speeches and appearances, Remarks
• March 22, 2007

  Spring 2007 Consultations – Views Sought on the Auction Plan for Real Return Bonds

  A consultation document relating to the auction schedule for Real Return Bonds for the fiscal year 2007/08, prepared jointly by the Department of Finance and the Bank of Canada, is being made public today.

  Content Type(s): Press, Market notices
• March 22, 2007

  Promoting Economic Flexibility: A Shared Responsibility

  Presentation Paul Jenkins The Economist Business Roundtable with the Government of Canada

  These remarks are based on a to the Vancouver Board of Trade, 13 September 2006.

  Content Type(s): Press, Speeches and appearances, Presentations
• March 22, 2007

  Spring 2007 Consultations Document

  In view of the announcement in the Debt Management Strategy for 2007/08 of an increase in the issuance of Real Return Bonds (RRBs) to slightly over $2 billion, the Department of Finance and the Bank of Canada are seeking the views of institutional investors, government securities distributors, and other interested parties regarding the RRB auction plan.
• March 19, 2007

  Summary of Comments - 2007/08 Debt Strategy Consultations

  Today, a Summary of Comments on the Debt Strategy Consultations for 2007/08 is being published on the Bank's website in conjunction with the release of the government's Debt Management Strategy for 2007/08 on the Department of Finance website.

  Content Type(s): Press, Market notices