Mark Zelmer

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Staff Discussion Papers

Implications of New Accounting Standards for the Bank of Canada's Balance Sheet

Staff Discussion Paper 2007-2 Mark Zelmer, Grahame Johnson
The Canadian Institute of Chartered Accountants (CICA) has implemented new accounting standards for the valuation and reporting of financial instruments. They are effective for the Bank of Canada in 2007. As a result of these changes, the Bank has begun valuing its holdings of Government of Canada treasury bills on a fair value basis and […]

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Technical Reports

International Financial Crises and Flexible Exchange Rates: Some Policy Lessons from Canada

Technical Report No. 88 John Murray, Mark Zelmer, Zahir Antia
This paper examines the behaviour of the Canadian dollar from 1997 to 1999 to see if there is any evidence of excess volatility or significant overshooting. A small econometric model of the exchange rate, based on market fundamentals, is presented and used to make tentative judgments about the extent to which the currency might have been systematically over- or undervalued.
Content Type(s): Staff research, Technical reports Topic(s): Exchange rate regimes, Exchange rates JEL Code(s): F, F3, F31

Greater Transparency in Monetary Policy: Impact on Financial Markets

Technical Report No. 86 Philippe Muller, Mark Zelmer
Measures have been taken by the Bank of Canada to increase the transparency of Canadian monetary policy. This paper examines whether the greater transparency has improved financial markets' understanding of the conduct of monetary policy.

Constraints on the Conduct of Canadian Monetary Policy in the 1990s: Dealing with Uncertainty in Financial Markets

Technical Report No. 80 Kevin Clinton, Mark Zelmer
Canada's economic performance in the first half of the 1990s was adversely affected by high premiums in interest rates that were brought on by political and economic uncertainties.

Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence

Technical Report No. 53 John Murray, Mark Zelmer, Shane Williamson
When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […]
Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): F, F3, F31, G, G1, G14

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