July 17, 2008 Release of the Monetary Policy Report Update Opening statement Mark Carney In the Update, the Bank described three major developments affecting the Canadian economy: protracted weakness in the U.S. economy, ongoing turbulence in global financial markets, and sharp increases in certain commodity prices, particularly energy. Content Type(s): Press, Speeches and appearances, Opening statements
July 17, 2008 Bank of Canada releases Monetary Policy Report Update Media Relations Ottawa, Ontario The Bank of Canada today released its July Monetary Policy Report Update. In it, the Bank described three major developments affecting the Canadian economy: protracted weakness in the U.S. economy, ongoing turbulence in global financial markets, and sharp increases in the prices of certain commodities, particularly energy. Content Type(s): Press, Press releases
July 17, 2008 Monetary Policy Report Update – July 2008 Three major developments are affecting the Canadian economy: the protracted weakness in the U.S. economy; ongoing turbulence in global financial markets; and sharp increases in the prices of certain commodities — particularly energy. The first two developments are evolving roughly in line with expectations outlined in the April Monetary Policy Report. Content Type(s): Publications, Monetary Policy Report
July 15, 2008 Bank of Canada keeps overnight rate target at 3 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. Content Type(s): Press, Press releases
July 10, 2008 Bank of Canada Appoints Special Advisers Media Relations Ottawa, Ontario The Bank of Canada today announced the appointment of Angelo Melino, Professor in the Department of Economics at the University of Toronto, and Frank Milne, BMO Professor of Economics and Finance in the Department of Economics at Queen's University, as Special Advisers for the year 2008-09. Content Type(s): Press, Press releases
Information Shocks, Jumps, and Price Discovery - Evidence from the U.S. Treasury Market Staff Working Paper 2008-22 George Jiang, Ingrid Lo, Adrien Verdelhan We examine large price changes, known as jumps, in the U.S. Treasury market. Using recently developed statistical tools, we identify price jumps in the 2-, 3-, 5-, 10-year notes and 30-year bond during the period of 2005-2006. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets JEL Code(s): G, G1, G12, G14
July 8, 2008 Bank of Canada Announces that Term PRA Maturing on 10 July will not be Renewed The Bank of Canada announced today that it will not renew the $1 billion term PRA maturing on 10 July. Content Type(s): Press, Market notices
July 7, 2008 Business Outlook Survey - Summer 2008 Despite the recent slowdown in real economic growth in Canada, the results of the summer survey do not suggest widespread weakness across Canadian firms. Firms have, however, become increasingly concerned about pressures on input costs and inflation. Content Type(s): Publications, Business Outlook Survey
The Cost of Equity in Canada: An International Comparison Staff Working Paper 2008-21 Jonathan Witmer This paper calculates an implied cost of equity for 19 developed countries from 1991 to 2006. During this period, there has been a decline in the cost of equity of about 10-15 bps per year, which can be partially attributed to declining government yields and declining inflation. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38
The Effect of the Sarbanes-Oxley Act on CEO Pay for Luck Staff Working Paper 2008-20 Teodora Paligorova According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their control – get paid for luck. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets JEL Code(s): G, G3, G38, J, J3, J33, M, M5, M52