Posts

• Uninsurable Investment Risks and Capital Income Taxation

  Staff Working Paper 2009-3 Césaire Meh, Yaz Terajima

  This paper studies the capital accumulation and welfare implications of reducing capital income taxation in a general equilibrium economy with uninsurable investment risks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): E, E2, E21, E22, E6, E62, G, G3, G32, H, H2, H24, H25

• Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting

  Staff Working Paper 2009-2 Shin-Ichi Nishiyama

  Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of monetary policy and characterize the optimal monetary policy reaction function both in the absence and in the presence of the zero lower bound on the nominal interest rate.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): C, C6, C63, E, E5, E52, E58

• The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure

  Staff Working Paper 2009-1 Zhaoxia Xu

  This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32
• December 31, 2008

  Summary of Government of Canada - Outstanding as at 31 December 2008

  Content Type(s): Publications, Historical: Securities and loans
• December 29, 2008

  Results for the 29 December 2008 Term Loan Facility

  The results of today's TLF operation are as follows:

  Content Type(s): Press, Market notices

• Financial Intermediation, Liquidity and Inflation

  Staff Working Paper 2008-49 Jonathan Chiu, Césaire Meh

  This paper develops a search-theoretic model to study the interaction between banking and monetary policy and how this interaction affects the allocation and welfare. Regarding how banking affects the welfare costs of inflation: First, we find that, with banking, inflation generates smaller welfare costs.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy framework JEL Code(s): E, E4, E40, E5, E50

• India and the Global Demand for Commodities: Is There an Elephant in the Room?

  Staff Discussion Paper 2008-18 Michael Francis, Corinne Luu

  After 10 years of impressive growth, India is now the fourth largest economy in the world. Yet, to date, India's impact on global commodity markets has been muted. The authors examine how India's domestic and trade policies have distorted and constrained its demand for commodities.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Development economics, International topics JEL Code(s): F, F1, F14, O, O1, O13, O5, O53
• December 23, 2008

  Bank of Canada Announces Details of its 28 Day Term Loan Facility

  In accordance with the schedule of Term Loan Facility (TLF) auctions announced on 28 November, the Bank of Canada announced today that it will enter into a 28-day TLF transaction as follows:

  Content Type(s): Press, Market notices
• December 22, 2008

  Quarterly Bond Schedule and Changes to the Buyback Programs

  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 Canada Mortgage and Housing Corporation's website.

  Content Type(s): Press, Market notices
• December 22, 2008

  Results for the 22 December 2008 Term Loan Facility

  The results of today's TLF operation are as follows:

  Content Type(s): Press, Market notices