Posts

• Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?

  Staff Working Paper 2005-3 Michael R. King, Maksym Padalko

  The authors study the price - volume dynamics ahead of the first public announcement of a takeover for 420 Canadian firms from 1985 to 2002.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): G, G1, G14, G18, G3, G34

• The Stochastic Discount Factor: Extending the Volatility Bound and a New Approach to Portfolio Selection with Higher-Order Moments

  Staff Working Paper 2005-2 Fousseni Chabi-Yo, René Garcia, Eric Renault

  The authors extend the well-known Hansen and Jagannathan (HJ) volatility bound. HJ characterize the lower bound on the volatility of any admissible stochastic discount factor (SDF) that prices correctly a set of primitive asset returns.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Market structure and pricing JEL Code(s): C, C6, C61, G, G1, G11, G12
• January 30, 2005

  Annual Report 2004

  

  The Bank of Canada has played an integral role in Canadian society for 70 years. When the Bank opened its doors in the spring of 1935, this country was struggling to define itself and to survive the economic and social turmoil of the Great Depression. Like Canada’s economy, its central bank has evolved and grown over the years. It has faced critical challenges and embraced change. But the Bank’s mandate has not changed. It is now, as it was then, to provide an effective, national monetary authority for Canada.

  Content Type(s): Publications, Annual Report
• January 27, 2005

  Bank of Canada releases Monetary Policy Report Update

  Media Relations Ottawa, Ontario

  The Bank of Canada today released its Update to the October Monetary Policy Report. The Update discusses current economic and financial trends in the context of Canada's inflation-control strategy.

  Content Type(s): Press, Press releases
• January 27, 2005

  Release of the Monetary Policy Report Update

  Opening statement David Dodge

  The outlook for the Canadian economy continues to be shaped by global developments, including the realignment of world currencies. The near-term outlook for the global economy is a touch weaker than projected in the October Report, but more solidly based because of somewhat lower oil prices and greater confidence in the momentum of the U.S. economy.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 27, 2005

  Monetary Policy Report Update – January 2005

  The adjustment of the Canadian economy to major global developments continues to shape the economic outlook.

  Content Type(s): Publications, Monetary Policy Report
• January 25, 2005

  Bank of Canada keeps target for the overnight rate at 2 1/2 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 1/2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 3/4 per cent.

  Content Type(s): Press, Press releases
• January 25, 2005

  Bank of Canada Review - Winter 2004-2005

  

  Cover page

  Promissory Notes

  The notes featured on the cover measure approximately 21 cm x 8 cm and form part of the National Currency Collection, Bank of Canada.

  Photography by Gord Carter, Ottawa

  Content Type(s): Publications, Bank of Canada Review
• January 20, 2005

  Bank of Canada to Upgrade $10 Bank Note

  Media Relations Ottawa, Ontario

  As part of its ongoing efforts to improve the security of Canadian bank notes, the Bank of Canada will issue a $10 note with upgraded security features beginning 18 May 2005.

  Content Type(s): Press, Press releases
• January 17, 2005

  Business Outlook Survey - Winter 2004-05

  Businesses remain positive about the economic outlook but less so than in the autumn survey. The appreciation of the Canadian dollar between the survey periods has heightened uncertainty among businesses and dampened the expectations of those adversely affected by the rising dollar.

  Supplemental questions on the appreciation of the Canadian dollar - Winter 2004-05

  Content Type(s): Publications, Business Outlook Survey