Joseph Atta-Mensah - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T08:03:56+00:00Money Demand and Economic Uncertainty
https://www.bankofcanada.ca/2004/07/working-paper-2004-25/
The author examines the impact of economic uncertainty on the demand for money.2004-07-01T11:23:14+00:00enMoney Demand and Economic Uncertainty2004-07-01Monetary aggregatesWorking Paper 2004-25 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp04-25.pdfMoney Demand and Economic UncertaintyJoseph Atta-MensahJuly 2004EE4E41E5E50Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital
https://www.bankofcanada.ca/2004/06/working-paper-2004-20/
The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, rather than through standard forms of financing.2004-06-01T14:34:45+00:00enCommodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital2004-06-01Development economicsFinancial marketsInternational topicsWorking Paper 2004-20 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp04-20.pdfCommodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign CapitalJoseph Atta-MensahJune 2004FF3F30F34F4F49GG1G11G13OO1O16The Demand for Money in a Stochastic Environment
https://www.bankofcanada.ca/2004/03/working-paper-2004-7/
The author re-examines the demand-for-money theory in an intertemporal optimization model. The demand for real money balances is derived to be a function of real income and the rates of return of all financial assets traded in the economy.2004-03-01T10:00:24+00:00enThe Demand for Money in a Stochastic Environment2004-03-01Monetary aggregatesWorking Paper 2004-7 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp04-7.pdfThe Demand for Money in a Stochastic EnvironmentJoseph Atta-MensahMarch 2004EE4E41E5E50GG1G11Collateral and Credit Supply
https://www.bankofcanada.ca/2003/04/working-paper-2003-11/
The author examines the role of collateral in an environment where lenders and borrowers possess identical information and similar beliefs about its future value. Using option-pricing techniques, he shows that a secured loan contract is equivalent to a regular bond and an embedded option to the borrower to default.2003-04-01T12:40:59+00:00enCollateral and Credit Supply2003-04-01Credit and credit aggregatesEconomic modelsWorking Paper 2003-11https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-11.pdfCollateral and Credit SupplyJoseph Atta-MensahApril 2003EE5E51GG1G11G12G13Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy
https://www.bankofcanada.ca/2003/04/working-paper-2003-9/
The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks.2003-04-01T11:27:17+00:00enBank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy2003-04-01Financial institutionsMonetary policy frameworkMonetary policy transmissionWorking Paper 2003-9 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-9.pdfBank Lending, Credit Shocks, and the Transmission of Canadian Monetary PolicyJoseph Atta-MensahAli DibApril 2003EE3E32E4E5E51Recent Developments in the Monetary Aggregates and Their Implications
https://www.bankofcanada.ca/wp-content/uploads/2010/06/r002a-e.pdf
Narrow Money—Transactions Money
The growth rate of the narrow monetary aggregates picked up in 1999, reflecting the expansion in economic activity and the stabilization of interest rates.
The sharp acceleration of the narrow aggregates in recent months suggests buoyant growth in GDP in coming quarters. Signs of a possible rise in inflation are also emerging. Over the longer run, for inflation to remain in the Bank's 1 to 3 per cent target range, the growth of narrow money would have to slow down from its current pace.
In 1999, the growth rate of M1 also began to converge with that of the other narrow aggregates, M1+ and M1++. This suggests that the influence of the special factors that have been affecting the growth rate of M1 has diminished.
Broad Money—"Store of Value"
Household savings represent deferred consumption, and therefore the broad monetary aggregate provides information about future spending and, hence, inflation. In 1999, the very broad measure of money, M2++, grew at much the same rate as it did in 1998. This outcome is in line with inflation remaining in the inflation-control target range over the next couple of years.2000-05-16T11:30:59+00:00enRecent Developments in the Monetary Aggregates and Their Implications2000-05-16Recent developments in the monetary aggregates and their implications
https://www.bankofcanada.ca/wp-content/uploads/2010/06/r992a.pdf
In its conduct of monetary policy, the Bank of Canada carefully monitors the pace of monetary expansion for indications about the outlook for inflation and economic activity. In recent years, a number of factors have distorted the growth of the traditional broad and narrow aggregates.
In this article, the authors discuss the uncertainty surrounding the classification of deposit instruments that has resulted from the elimination of reserve requirements and from other financial innovations. They introduce two new measures of transactions balances, M1+ and M1++ (described more fully in a technical note in this issue of the Review), that internalize some of the substitutions that have occurred.
They attribute the deceleration in M1 growth in 1998 partly to the declining influence of special factors, partly to a lagged response to interest rate increases in 1997 and early 1998, and partly to some temporary tightening in credit conditions in the autumn of 1998.
The broad monetary aggregate M2++, which includes all personal savings deposits, life insurance annuities, and mutual funds, grew at a steady pace in 1998, presaging growth of about 4 to 5 per cent in total dollar spending and inflation inside the target range.1999-05-15T14:16:10+00:00enRecent developments in the monetary aggregates and their implications1999-05-15Predicting Canadian Recessions Using Financial Variables: A Probit Approach
https://www.bankofcanada.ca/1998/04/working-paper-1998-5/
This paper examines the ability of a number of financial variables to predict Canadian recessions. Regarding methodology, we follow closely the technique employed by Estrella and Mishkin (1998), who use a probit model to predict U.S. recessions up to eight quarters in advance. Our main finding is that the spread between the yield on Canadian […]1998-04-05T08:41:35+00:00enPredicting Canadian Recessions Using Financial Variables: A Probit Approach1998-04-05Business fluctuations and cyclesInterest ratesWorking Paper 1998-5 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp98-5.pdfPredicting Canadian Recessions Using Financial Variables: A Probit ApproachJoseph Atta-MensahGreg TkaczApril 1998EE3E32E4E43A Modified P*-Model of Inflation Based on M1
https://www.bankofcanada.ca/1996/11/working-paper-1996-15/
This paper examines the performance of M1 in an indicator-model of inflation over time horizons as long as 16 quarters into the future.1996-11-01T09:46:41+00:00enA Modified P*-Model of Inflation Based on M11996-11-01Economic modelsWorking Paper 1996-15 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp96-15.pdfA Modified P*-Model of Inflation Based on M1Joseph Atta-MensahNovember 1996EE3E37A Distant-Early-Warning Model of Inflation Based on M1 Disequilibria
https://www.bankofcanada.ca/1996/04/working-paper-1996-5/
A vector error-correction model (VECM) that forecasts inflation between the current quarter and eight quarters ahead is found to provide significant leading information about inflation. The model focusses on the effects of deviations of M1 from its long-run demand but also includes, among other things, the influence of the exchange rate, a simple measure of the output gap and past prices.1996-04-01T15:11:56+00:00enA Distant-Early-Warning Model of Inflation Based on M1 Disequilibria1996-04-01Economic modelsMonetary aggregatesMonetary policy transmissionWorking Paper 1996-5 https://www.bankofcanada.ca/wp-content/uploads/2010/05/wp96-5.pdfA Distant-Early-Warning Model of Inflation Based on M1 DisequilibriaJoseph Atta-MensahWalter EngertScott HendryJamie ArmourApril 1996EE3E37E5E52