Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects Staff working paper 2019-16 Kerem Tuzcuoglu Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit risk management, Econometric and statistical methods, Economic models JEL Code(s): C, C2, C23, C25, C5, C58, G, G2, G24 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Economic models
May 2, 2019 CARR Meeting (May 2, 2019) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
May 2, 2019 Central Banks of Canada and Singapore conduct successful experiment for cross-border payments using Distributed Ledger Technology This joint press release highlights the findings of the Jasper-Ubin experiment on cross-border, cross-currency payments using distributed ledger technology (DLT). Content Type(s): Press, Press releases Research Topic(s): Digital currencies and fintech
May 1, 2019 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce. Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
April 30, 2019 Research Update - April 2019 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
April 30, 2019 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good morning, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week. Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy […] Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
Financial Distress and Hedging: Evidence from Canadian Oil Firms Staff discussion paper 2019-4 Kun Mo, Farrukh Suvankulov, Sophie Griffiths The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial markets, Firm dynamics JEL Code(s): G, G3, G32, Q, Q4, Q40 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Household and business credit
April 26, 2019 The road to digital money Stephen Murchison From beaver pelts to paper money to digital currencies Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Bank notes, Central bank research, Cryptoassets, Cryptocurrencies, Digital currencies and fintech, Financial services, Financial system regulation and policies, Payment clearing and settlement systems Subject(s): Currency, Digital currency, Financial system, Financial stability, Fintech
April 24, 2019 Monetary Policy Report Press Conference Opening Statement Opening statement Stephen S. Poloz Ottawa, Ontario Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements