306
result(s)
Why Do Central Banks Make Public Announcements of Open Market Operations?
Staff Working Paper 2020-35
Narayan Bulusu
Central banks communicate the results of open market operations. This helps participants in financial markets more accurately estimate the prevailing demand and supply conditions in the market for overnight loans.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Monetary policy implementation
JEL Code(s):
D,
D5,
D52,
E,
E5,
E58,
G,
G2,
G21
Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis
Staff Working Paper 2020-34
Tobias Blattner,
Jonathan Swarbrick
We present a two-country model featuring risky lending and cross-border interbank market frictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
International financial markets,
Monetary policy framework,
Transmission of monetary policy
JEL Code(s):
E,
E4,
E44,
E5,
E52,
F,
F3,
F32,
F36
Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions
Staff Discussion Paper 2020-7
Robert Amano,
Thomas J. Carter,
Lawrence L. Schembri
We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Inflation targets,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58
Average is Good Enough: Average-inflation Targeting and the ELB
Staff Working Paper 2020-31
Robert Amano,
Stefano Gnocchi,
Sylvain Leduc,
Joel Wagner
The Great Recession and current pandemic have focused attention on the constraint on nominal interest rates from the effective lower bound.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Economic models,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52
Monetary Policy Implementation and Payment System Modernization
Staff Working Paper 2020-26
Jonathan Witmer
Canada plans to adopt a retail payment system to allow Canadians to pay in real time (or near real time) 24 hours a day, 7 days a week. However, the traditional model for setting the overnight interest rate does not operate 24/7.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E40,
E42,
E43
How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers
Staff Working Paper 2020-18
Katya Kartashova,
Xiaoqing Zhou
We study the causal effect of mortgage rate changes on consumer spending, debt repayment, and defaults during an expansionary and a contractionary monetary policy episode in Canada. Our identification takes advantage of the fact that the interest rates of short-term fixed-rate mortgages (the dominant product in Canada’s mortgage market) have to be reset according to the prevailing market interest rates at predetermined time intervals.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Interest rates,
Monetary policy,
Transmission of monetary policy
JEL Code(s):
D,
D1,
D12,
D14,
E,
E4,
E43,
E5,
E52,
G,
G2,
G21,
R,
R3,
R31
Endogenous Time Variation in Vector Autoregressions
Staff Working Paper 2020-16
Danilo Leiva-Leon,
Luis Uzeda
We introduce a new class of time-varying parameter vector autoregressions (TVP-VARs) where the identified structural innovations are allowed to influence — contemporaneously and with a lag — the dynamics of the intercept and autoregressive coefficients in these models.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Transmission of monetary policy
JEL Code(s):
C,
C1,
C11,
C3,
C32,
E,
E3,
E31,
E5,
E52
Interest Rate Uncertainty as a Policy Tool
Staff Working Paper 2020-13
Fabio Ghironi,
Galip Kemal Ozhan
We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external account between shortterm securities and foreign direct investment (FDI).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
International financial markets,
Monetary policy framework,
Uncertainty and monetary policy
JEL Code(s):
E,
E3,
E32,
F,
F2,
F21,
F3,
F32,
G,
G1,
G15
The Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)
Staff Analytical Note 2020-2
Katya Kartashova
This note studies how decreases in mortgage rates affect the behaviour of borrowers in terms of spending on durable goods and repaying debt.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Housing,
Interest rates,
Monetary policy,
Transmission of monetary policy
JEL Code(s):
D,
D1,
D12,
D14,
E,
E4,
E43,
E5,
E52,
G,
G2,
G21,
R,
R3,
R31