Nicolas Parent - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T12:41:19+00:00The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging
https://www.bankofcanada.ca/wp-content/uploads/2013/02/boc-review-winter-12-13-lavender.pdf
The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.2013-02-21T10:31:30+00:00enThe U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging2013-02-21Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through
https://www.bankofcanada.ca/2008/10/working-paper-2008-39/
This paper aims at showing heterogeneity in the degree of exchange rate pass-through to import prices in major advanced economies at three different levels: 1) across destination markets; 2) across types of exporters (distinguishing developed economy from emerging economy exporters); and 3) over time.2008-10-16T12:07:20+00:00enImport Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through2008-10-16Exchange ratesInflation and pricesWorking Paper 2008-39 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp08-39.pdfImport Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-ThroughStephane DeesMatthias BurgertNicolas ParentOctober 2008EE3E31FF3F4F41MUSE: The Bank of Canada's New Projection Model of the U.S. Economy
https://www.bankofcanada.ca/wp-content/uploads/2010/06/gosselin1.pdf
Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close real and financial linkages with the United States. To provide inputs for this projection, the Bank has developed several models, including MUSE, NEUQ (the New European Quarterly Model), and BoC-GEM (Bank of Canada Global Economy Model), to analyze and forecast economic developments in the rest of the world. The authors focus on MUSE, the model currently used to describe interaction among the principal U.S. economic variables, including gross domestic product, inflation, interest rates, and the exchange rate. Brief descriptions are also provided of NEUQ and BoC-GEM.2006-10-20T15:17:37+00:00enMUSE: The Bank of Canada's New Projection Model of the U.S. Economy2006-10-20The Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States
https://www.bankofcanada.ca/2006/04/working-paper-2006-11/
In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. Since the Fed directly controls only one instrument - the federal funds rate - the authors argue that the Fed's priorities continuously alternate between inflation and economic activity.2006-04-01T11:45:22+00:00enThe Federal Reserve's Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United States2006-04-01Econometric and statistical methodsMonetary policy frameworkMonetary policy implementationWorking Paper 2006-11 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp06-11.pdfThe Federal Reserve’s Dual Mandate: A Time-Varying Monetary Policy Priority Index for the United StatesRené LalondeNicolas ParentApril 2006CC2C22C5C52EE5E52An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1205-gosselin.pdf
2005-12-27T14:29:56+00:00enAn Empirical Analysis of Foreign Exchange Reserves in Emerging Asia2005-12-27An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia
https://www.bankofcanada.ca/2005/12/working-paper-2005-38/
Over the past few years, the ability of the United States to finance its current account deficit has been facilitated by massive purchases of U.S.2005-12-01T10:40:41+00:00enAn Empirical Analysis of Foreign Exchange Reserves in Emerging Asia2005-12-01Econometric and statistical methodsFinancial stabilityInternational topicsWorking Paper 2005-38 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-38.pdfAn Empirical Analysis of Foreign Exchange Reserves in Emerging AsiaMarc-André GosselinNicolas ParentDecember 2005CC2C23FF3F31GG1G15The Organizational Structure of Financial Market Regulation: Highlights from the Literature
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-0604-fay.pdf
2004-06-23T09:51:36+00:00enThe Organizational Structure of Financial Market Regulation: Highlights from the Literature2004-06-23An Evaluation of Fixed Announcement Dates
https://www.bankofcanada.ca/wp-content/uploads/2010/06/fade.pdf
When it launched a new system for regularly announcing its decisions regarding the overnight rate of interest in December 2000, the Bank of Canada had a number of key objectives in mind. These included reduced uncertainty in financial markets, greater focus on the Canadian rather than the U.S. economic environment, more emphasis on the medium-term perspective of monetary policy, and increased transparency regarding the Bank's interest rate decisions.
Evidence to date suggests that all four objectives have been met to a substantial degree. Fixed announcement dates have provided regular opportunities for the Bank to communicate its views on the state of the Canadian economy to the public. This has helped to improve understanding of the broad direction of monetary policy and of the rationale behind the Bank's policy decisions although the decisions themselves are not always fully anticipated.2003-11-23T10:47:48+00:00enAn Evaluation of Fixed Announcement Dates2003-11-23Transparency and the Response of Interest Rates to the Publication of Macroeconomic Data
https://www.bankofcanada.ca/wp-content/uploads/2010/06/parente.pdf
The benefits of transparency—the outcome of the measures taken by the central bank to allow financial markets and economic agents to understand the factors it takes into account in formulating monetary policy—are now widely recognized. These benefits include smoother implementation of monetary policy and increased effectiveness as markets improve their ability to anticipate the Bank's policy decisions and account for them in their operations.
How interest rates respond to the publication of macroeconomic data depends on the degree of transparency in monetary policy, as the rates will rise or fall as a reflection of the market's revised expectations. Before the Bank of Canada adopted initiatives to improve transparency, such as the inflation-control targets, the semi-annual publication of the Monetary Policy Report and Updates, and the fixed announcement dates, changes to the overnight rate created some volatility in interest rates, and publishing Canadian macroeconomic data did not appear to have a major impact on rates. This article shows how the Bank of Canada's steps towards greater transparency have increased the impact of Canadian data on short-term interest rates and have improved financial markets' understanding of how monetary policy decisions are taken.2002-12-20T08:12:11+00:00enTransparency and the Response of Interest Rates to the Publication of Macroeconomic Data2002-12-20