January 30, 2008 Annual Report 2007 The year 2007 was marked by sharply increased volatility in financial and foreign exchange markets, and a widening of credit spreads. Despite financial market turbulence, the Canadian economy continued to expand, and inflation remained close to our target of 2 per cent. In this, my final Annual Report message, I begin by reviewing the economic and financial developments and challenges of the past year. I then highlight seven important ongoing challenges faced by Canada and the Bank during my seven years as Governor. Content Type(s): Publications, Annual Report
January 24, 2008 Monetary Policy Report Update – January 2008 The Canadian economy grew broadly in line with the Bank’s expectations in the second half of 2007. Content Type(s): Publications, Monetary Policy Report
January 15, 2008 Bank of Canada Review - Winter 2007-2008 Cover page Roman Antoninianus The coins form part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
January 14, 2008 Business Outlook Survey - Winter 2007-08 Overall, firms remain positive about the outlook, with the results of the winter survey showing little change from those of the autumn survey. Nonetheless, firms reported more uncertainty in light of recent developments, most notably the volatility in the value of the Canadian dollar. Content Type(s): Publications, Business Outlook Survey
December 31, 2007 Summary of Government of Canada - Outstanding as at 31 December 2007 Content Type(s): Publications, Historical: Securities and loans
December 21, 2007 An Approach to Stress Testing the Canadian Mortgage Portfolio Financial System Review - December 2007 Moez Souissi Content Type(s): Publications, Financial System Review articles
December 21, 2007 Developments in Processing Over-the-Counter Derivatives Financial System Review - December 2007 Natasha Khan Content Type(s): Publications, Financial System Review articles
December 21, 2007 Financial System Review - December 2007 The financial system makes an important contribution to the welfare of all Canadians. The ability of households and firms to confidently hold and transfer financial assets is one of the fundamental building blocks of the Canadian economy. Content Type(s): Publications, Financial Stability Report
December 15, 2007 Introduction: Recent Research on Inflation Targeting Bank of Canada Review - Winter 2007-2008 John Murray The inflation targeting framework that Canada introduced in 1991 has played a significant role in the exceptional economic performance that the country has experienced in recent years. Understanding the factors that have contributed to the success of the current inflation-targeting framework, and investigating the various ways in which it might be improved in the future, are an important part of the Bank of Canada's medium-term research program. Content Type(s): Publications, Bank of Canada Review articles
December 14, 2007 The Costs of Inflation in New Keynesian Models Bank of Canada Review - Winter 2007-2008 Steve Ambler Ambler describes three new channels through which inflation affects economic welfare in New Keynesian models. These channels were absent from traditional analyses and may have caused researchers to underestimate the costs associated with variable inflation, even at relatively low levels of inflation. The article concludes with a preliminary assessment of the quantitative importance of the new channels and their significance for monetary policy. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Inflation: costs and benefits, Monetary policy framework