Uncategorized

• December 19, 2001

  Debt Strategy Consultations 2002-03

  December 2001 Overview The purpose of the consultations is to obtain market views on issues relating to the design and operation of government debt programs for fiscal year 2002-03 and beyond. Given the outlook contained in the 2001 Budget released 10 December 2001, the debt program is projected to continue to operate at current levels and no […]

• New Phillips Curve with Alternative Marginal Cost Measures for Canada, the United States, and the Euro Area

  Staff Working Paper 2001-25 Edith Gagnon, Hashmat Khan

  Recent research on the new Phillips curve (NPC) (e.g., Galí, Gertler, and López-Salido 2001a) gives marginal cost an important role in capturing pressures on inflation. In this paper we assess the case for using alternative measures of marginal cost to improve the empirical fit of the NPC.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices JEL Code(s): E, E3, E31

• A Consistent Bootstrap Test for Conditional Density Functions with Time-Dependent Data

  Staff Working Paper 2001-21 Fuchun Li, Greg Tkacz

  This paper describes a new test for evaluating conditional density functions that remains valid when the data are time-dependent and that is therefore applicable to forecasting problems. We show that the test statistic is asymptotically distributed standard normal under the null hypothesis, and diverges to infinity when the null hypothesis is false.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C12, C15, E, E3, E37
• November 29, 2001

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement David Dodge Standing Senate Committee on Banking, Trade and Commerce

  The Bank has a commitment to contribute to the economic well-being of Canadians. This means that we must conduct monetary policy so that it fosters sustained solid economic growth.

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 27, 2001

  Bank of Canada lowers key policy interest rate by 1/2 percentage point to 2 1/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is lowering its target for the overnight rate* by one-half of one percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent.

  Content Type(s): Press, Press releases
• November 7, 2001

  Monetary Policy Report – November 2001

  Two major issues dominate the analysis and policy discussion in this Monetary Policy Report: the nature and extent of the global economic slowdown that began late last year and the consequences of the terrorist attacks in the United States.

  Content Type(s): Publications, Monetary Policy Report
• November 7, 2001

  Release of the Monetary Policy Report

  Opening statement David Dodge

  Since our May 2001 Report, a further weakening of the world economy and the terrorist acts in the United States have forced a reappraisal of global economic prospects. By midsummer, evidence began to accumulate that the economic slowdown, globally and in Canada, would bedeeper and more protracted than previously anticipated. Thus, in late August, the […]

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 7, 2001

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement David Dodge House of Commons Standing Committee on Finance

  Right now, all national economies face difficulties - difficulties stemming from the further weakening of the world economy and from the terrorist acts in the United States. As businesses, governments, and individuals in Canada - and around the world - strive to come to terms with the implications of those acts, the main preoccupation is, naturally, with the near term.

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 1, 2001

  Financial Market Structure and Dynamics

  Proceedings of a conference held by the Bank of Canada, November 2001 (proceedings volume, available in electronic format only)

  Content Type(s): Conferences and workshops

• Evaluating Factor Models: An Application to Forecasting Inflation in Canada

  Staff Working Paper 2001-18 Marc-André Gosselin, Greg Tkacz

  This paper evaluates the forecasting performance of factor models for Canadian inflation. This type of model was introduced and examined by Stock and Watson (1999a), who have shown that it is quite promising for forecasting U.S. inflation.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C3, C32, E, E3, E37