E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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Uncollateralized Overnight Loans Settled in LVTS
Loan-level data on the uncollateralized overnight loan market is generated using payment data from Canada's Large Value Transfer System (LVTS) and a modified version of the methodology proposed in Furfine (1999). There were on average just under 100 loans extended in this market each day from March 2004 to March 2006 for a total daily value of about $5 billion. -
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring
This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings. -
Monetary Policy Committees in Action: Is There Room for Improvement?
More than 80 central banks use a committee to take monetary policy decisions. The composition of the committee and the structure of the meeting can affect the quality of the decision making. -
Survey-Based Estimates of the Term Structure of Expected U.S. Inflation
Surveys provide direct information on expectations, but only short histories are available at quarterly frequencies or for long-horizon expectations. -
ToTEM: The Bank of Canada's New Quarterly Projection Model
The authors provide a detailed technical description of the Terms-of-Trade Economic Model (ToTEM), which replaced the Quarterly Projection Model (QPM) in December 2005 as the Bank's principal projection and policy-analysis model for the Canadian economy. -
An Optimized Monetary Policy Rule for ToTEM
The authors propose a monetary policy rule for the Terms-of-Trade Economic Model (ToTEM), the Bank of Canada's new projection and policy-analysis model for the Canadian economy. -
Short-Run and Long-Run Causality between Monetary Policy Variables and Stock Prices
The authors examine simultaneously the causal links connecting monetary policy variables, real activity, and stock returns. -
LVTS, the Overnight Market, and Monetary Policy
Operational events in the Large Value Transfer System (LVTS) almost always result in a disturbance of the regular flow of payments. -
Guarding Against Large Policy Errors under Model Uncertainty
How can policy-makers avoid large policy errors when they are uncertain about the true model of the economy?