Posts

• October 23, 2002

  Release of the Monetary Policy Report

  Opening statement David Dodge

  Today, we released our October Monetary Policy Report, in which we discuss economic and financial trends in the context of Canada's inflation-control strategy.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 17, 2002

  Governor Discusses Role of Productivity in Canada's Prosperity

  Media Relations Québec, Québec

  In this context, he focused on the critical role that higher productivity plays in supporting real income growth and improved standards of living over time.

  Content Type(s): Press, Press releases
• October 17, 2002

  The Search for Higher Productivity

  Remarks David Dodge Chambre de commerce de Québec Québec, Québec

  Given the extent of uncertainty in the world today, we are all naturally preoccupied with near-term issues and prospects. That's understandable. But, at the same time, it's critical that we look past the short-term to the longer-term trends and potential of our economy.

  Content Type(s): Press, Speeches and appearances, Remarks
• October 16, 2002

  Bank of Canada keeps target for the overnight rate at 2 3/4 per cent

  Media Relations Ottawa, Ontario

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

  Content Type(s): Press, Press releases
• October 5, 2002

  Dollarization and North American Integration

  Remarks David Dodge Chambre de commerce du Québec Sherbrooke, Quebec

  The question before us sounds straightforward: "Should Canada adopt the U.S. dollar?" But the issues are complicated. I will not pretend that I can cover all the nuances of this topic in my allotted time. So I am running the risk that I may oversimplify matters.

  Content Type(s): Press, Speeches and appearances, Remarks

• Inflation Expectations and Learning about Monetary Policy

  Staff Working Paper 2002-30 David Andolfatto, Scott Hendry, Kevin Moran

  Various measures indicate that inflation expectations evolve sluggishly relative to actual inflation. In addition, they often fail conventional tests of unbiasedness.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models JEL Code(s): E, E4, E47, E5, E52, E58

• Exponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of Canada

  Staff Working Paper 2002-29 David Bolder, Scott Gusba

  This paper continues the work started by Bolder and Stréliski (1999) and considers two alternative classes of models for extracting zero-coupon and forward rates from a set of observed Government of Canada bond and treasury-bill prices.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial markets, Interest rates JEL Code(s): C, C0, C6, E, E4, G, G1

• Filtering for Current Analysis

  Staff Working Paper 2002-28 Simon van Norden

  This paper shows how existing band-pass filtering techniques and their extension can be applied to the common current-analysis problem of estimating current trends or cycles.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Potential output JEL Code(s): C, C1

• Habit Formation and the Persistence of Monetary Shocks

  Staff Working Paper 2002-27 Hafedh Bouakez, Emanuela Cardia, Francisco Ruge-Murcia

  This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Monetary policy transmission JEL Code(s): E, E3, E4, E5
• September 20, 2002

  The Bank of Canada Securities-Lending Program

  On 23 April 2002, the Bank of Canada announced its intention to implement a securities-lending program to support the liquidity of Government of Canada securities by providing a secondary and temporary source of securities to the market. The Bank intends to implement this program on 30 September 2002.

  Content Type(s): Press, Market notices