December 21, 2009
Results of the 21 December 2009 Term PRA Transaction
The results of today's term PRA operations are as follows.
Posts
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December 18, 2009
Bank of Canada Announces Details of its Term PRA Operation
In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 20 October (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation. -
December 17, 2009
Quarterly Bond Schedule and Updates to the Terms of Participation in Auctions and Standard Terms
Today, the Quarterly Bond Schedule is being published on the Bank of Canada's website in conjunction with the release of the NHA MBS Auction Schedule on the website of the Canada Mortgage and Housing Corporation. -
December 16, 2009
Current Issues in Household Finances
As the holiday season approaches, our attention turns naturally to the home front. Accordingly, my comments this afternoon will focus on households. I would like to concentrate in particular on the implications of Canadian household finances for financial stability in our country. -
December 16, 2009
Household Finances Important for Financial System Stability, Bank of Canada Governor Mark Carney Says
While the Canadian economy will likely grow faster than the economies of the other G-7 countries next year, the Bank of Canada expects our recovery to be more protracted than usual – and more reliant on domestic demand, Bank of Canada Governor Mark Carney said today. -
Real and Nominal Frictions within the Firm: How Lumpy Investment Matters for Price Adjustment
Real rigidities are an important feature of modern sticky price models and are policy-relevant because of their welfare consequences, but cannot be structurally identified from time series. I evaluate the plausibility of capital specificity as a source of real rigidities using a two-dimensional generalized (s,S) model calibrated to micro evidence. -
December 15, 2009
Changes to the Terms of the Bank of Canada's Term Purchase and Resale Agreement (PRA) Facility
Given improved conditions in Canadian funding markets, the Bank of Canada is announcing that effective 19 January 2010 the following changes will apply to the Term PRA facility. -
Estimating DSGE-Model-Consistent Trends for Use in Forecasting
The workhorse DSGE model used for monetary policy evaluation is designed to capture business cycle fluctuations in an optimization-based format. It is commonplace to log-linearize models and express them with variables in deviation-from-steady-state format. -
A Consistent Test for Multivariate Conditional Distributions
We propose a new test for a multivariate parametric conditional distribution of a vector of variables yt given a conditional vector xt. -
How Changes in Oil Prices Affect the Macroeconomy
We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side effects (affecting trend growth).