Do High-Frequency Financial Data Help Forecast Oil Prices? The MIDAS Touch at Work Staff Working Paper 2014-11 Christiane Baumeister, Pierre Guérin, Lutz Kilian The substantial variation in the real price of oil since 2003 has renewed interest in the question of how to forecast monthly and quarterly oil prices. There also has been increased interest in the link between financial markets and oil markets, including the question of whether financial market information helps forecast the real price of oil in physical markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, G, G1, G14, Q, Q4, Q43
Expropriation Risk and FDI in Developing Countries: Does Return of Capital Dominate Return on Capital? Staff Working Paper 2017-9 M. Akhtaruzzaman, Nathan Berg, Christopher Hajzler Previously reported effects of institutional quality and political risks on foreign direct investment (FDI) are mixed and, therefore, difficult to interpret. We present empirical evidence suggesting a relatively clear, statistically robust, and intuitive characterization. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics, International financial markets JEL Code(s): D, D2, D23, F, F2, F21, F23
December 23, 2004 A Taxonomy of Market Efficiency Financial System Review - December 2004 Gregory Bauer Content Type(s): Publications, Financial System Review articles
How big is cash-futures basis trading in Canada’s government bond market? Staff Analytical Note 2024-16 Andreas Uthemann, Rishi Vala Cash-futures basis trading has grown alongside the Government of Canada bond futures market. We examine this growth over time in relation to Government of Canada bond and repurchase agreement markets and provide details on the type of market participants that engage in this type of trading activity. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Financial institutions, Financial markets, Financial stability, Market structure and pricing JEL Code(s): D, D4, D47, D5, D53, G, G1, G12, G2, G23
What Do Survey Data Tell Us About US Businesses? Staff Working Paper 2019-45 Anmol Bhandari, Serdar Birinci, Ellen McGrattan, Kurt See This paper examines the reliability of survey data on business incomes, valuations, and rates of return, which are key inputs for studies of wealth inequality and entrepreneurial choice. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Firm dynamics JEL Code(s): C, C8, C83, E, E2, E22, H, H2, H25
The Implementation of Monetary Policy in Canada Staff Discussion Paper 2008-9 Walter Engert, Toni Gravelle, Donna Howard The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial markets, Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E5, E52, E58, G, G2, G21
December 12, 2011 Growth in the Age of Deleveraging Remarks Mark Carney Empire Club of Canada / Canadian Club of Toronto Toronto, Ontario Governor Mark Carney discusses the factors driving global deleveraging and the implications for economic growth in Canada. Content Type(s): Press, Speeches and appearances, Remarks
Examining the Impact of Home Purchase Restrictions on China’s Housing Market Staff Working Paper 2021-18 Zhentong Lu, Sisi Zhang, Jian Hong How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11. Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Market structure and pricing JEL Code(s): O, O1, O18, R, R3, R31, R38
April 12, 2006 The Evolution of the Government of Canada's Debt Distribution Framework Bank of Canada Review - Spring 2006 Marc Pellerin This overview includes a brief history highlighting the government's use of the primary and secondary markets to develop a framework for distributing its debt securities to financial market intermediaries and end investors. The framework is also intended to meet the government's debt-strategy objectives of raising stable, low-cost funding and maintaining a well-functioning debt market. Pellerin reviews the government's adoption of a new framework in 1998 as well as the 2005 modifications aimed at attracting continued broad and competitive participation in government auctions. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Debt management, Financial markets
The Role of Intermediaries in Selection Markets: Evidence from Mortgage Lending Staff Working Paper 2023-12 Jason Allen, Robert Clark, Jean-François Houde, Shaoteng Li, Anna Trubnikova This paper looks at the role mortgage brokers play in helping borrowers generate quotes and qualify for credit. We find that, on average, borrowers that engage with a mortgage broker pay lower interest rates. However, in about 15% of cases, borrowers are steered towards longer amortizing mortgages than they would have chosen absent a broker. Since mortgages with longer amortization have higher total interest costs over the entire life of the mortgage, this steering is expensive. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial services, Market structure and pricing JEL Code(s): D, D4, G, G2, G21, L, L2