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2333
result(s)
June 25, 2005
Changes in the Indicator Properties of Narrow Monetary Aggregates
Although many countries have abandoned monetary targeting in recent decades, monetary aggregates are still useful indicators of future economic activity. Past research has shown that, compared with other monetary aggregates and expressed in real terms, net M1 and gross M1 have traditionally provided superior leading information for output growth.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Monetary aggregates,
Monetary and financial indicators
June 23, 2005
A Brief Survey of Risk-Appetite Indexes
Content Type(s):
Publications,
Financial System Review articles
June 23, 2005
Credit Default Swaps and the Canadian Context
Content Type(s):
Publications,
Financial System Review articles
June 23, 2005
On the Evolution of the Financial Safety Net
Content Type(s):
Publications,
Financial System Review articles
June 22, 2005
Estimating the Impact of Monetary Policy Surprises on Fixed-Income Markets
In the interest of better understanding the impact of the Bank of Canada's policy actions on bond and bill yields, Andreou assesses the impact of policy-rate announcements on short and long bonds over the period 1996 to 2004. To aid the analysis, policy actions are decomposed into expected and surprise components. He also examines whether the introduction of fixed announcement dates (FADs) has affected these results, including markets' perceptions. The main finding is that unexpected policy actions by the Bank have a significant effect on market rates at the shorter end of the yield curve, with the effect dissipating as the maturity increases. A second finding, that the impact on longer-term interest rates of a surprise action by the Bank has diminished since the introduction of the FADs, suggests that the Bank's long-term policy goals are well understood and credible.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Credibility,
Financial markets,
Monetary policy and uncertainty