March 20, 2008 Results of the 20 March 2008 Term PRA Transaction The results of today's term PRA operations are as follows: Content Type(s): Press, Market notices
March 18, 2008 Bank of Canada Announces Recipients of Fellowship Award for 2008 Media Relations Ottawa, Ontario The Bank of Canada today announced that Professor Michael Devereux of the University of British Columbia and Professor Shouyong Shi of the University of Toronto are the recipients of the Bank's Research Fellowship for 2008. Content Type(s): Press, Press releases Source(s): Fellowship Program
March 18, 2008 Bank of Canada Announces First Recipient of Governor's Award Media Relations Ottawa, Ontario The Bank of Canada today announced that Professor Henry Siu of the University of British Columbia is the first recipient of the Governor's Award. Content Type(s): Press, Press releases Source(s): Fellowship Program
March 18, 2008 Canada's Experience with a Flexible Exchange Rate in the 1950s: Valuable Lessons Learned Bank of Canada Review - Spring 2008 Lawrence L. Schembri Schembri studies Canada's post-World War II experience in introducing a floating exchange rate, including its effects on the Canadian economy and its influence on the development of macroeconomic theory. In particular, Canada's flexible exchange rate and high degree of capital mobility with the United States provided an unprecedented experiment for macroeconomic policy. The successes and difficulties encountered by Canadian authorities in managing monetary and fiscal policy under this regime drew the interest of researchers at the International Monetary Fund and elsewhere and had a significant impact on the development of the Mundell-Fleming model, the path-breaking innovation in modern open-economy macroeconomics. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Exchange rate regimes, Monetary policy framework
Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model Staff Working Paper 2008-8 Ali Dib This paper develops a multi-sector New Keynesian model of a small open economy that includes commodity, manufacturing, non-tradable, and import sectors. Price and wage rigidities are sector specific, modelled à la Calvo-Yun style contracts. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rate regimes, International topics JEL Code(s): E, E4, E5, E52, F, F3, F4
March 17, 2008 Price Discovery Across Geographic Locations in the Foreign Exchange Market Bank of Canada Review - Spring 2008 Chris D'Souza The ongoing process of price discovery in foreign exchange markets provides valuable information to certain market participants. Recent empirical findings suggest that aggregate measures of order flow convey information about the fundamental value of the exchange rate. Using a market microstructure approach, D'Souza reports on a two-year study of completed transactions within the Canadian and Australian exchange rate markets to examine the relationship between exchange rate returns and trades initiated in different locations. Based on the information content of the trades, he finds that geographic location and hours of operation are two of the factors driving informed interdealer trading. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Exchange rates, Financial markets, Market structure and pricing
March 16, 2008 Developing a Framework to Assess Financial Stability: Conference Highlights and Lessons Bank of Canada Review - Spring 2008 Olivier de Bandt, Céline Gauthier, Pierre St-Amant Central banks are still defining their approach to financial stability and are at an early stage in the development of useful models. The Bank of Canada's 2007 economic conference was organized to stimulate progress in the development of financial-stability frameworks. Among the highlights reported here are the discussions centred around three proposed frameworks: a contingent-claims-analysis framework, a semi-structural framework, and structural financial-stability models. Participants also reported on their experiences with stress-testing under the International Monetary Fund's Financial Sector Assessment Program and discussed the implications for financial stability of linkages among payment, clearing, and settlement systems. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial stability, Financial system regulation and policies, Payment clearing and settlement systems
March 16, 2008 Bank of Canada Review - Spring 2008 Cover Page Canada's First Coinage Photography by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
March 14, 2008 The Bank of Canada Releases Its Annual Report for 2007 Media Relations Ottawa, Ontario The Bank of Canada's Annual Report for 2007 was tabled in the House of Commons today. Content Type(s): Press, Press releases
March 13, 2008 Addressing Financial Market Turbulence Media Relations Toronto, Ontario More than seven months after financial market turbulence began, policy-makers and market participants are entering a new phase, where shortcomings in the current system are better understood and improvements are beginning to be made, Bank of Canada Governor Mark Carney said today in a speech to the Toronto Board of Trade. Content Type(s): Press, Press releases