September 20, 2004 Canadian Monetary Policy in an Evolving World Economy Remarks David Dodge Canadian Chamber of Commerce Calgary, Alberta The Bank does look to the Chamber to help us understand how economic developments are unfolding at the industry level. And I particularly want to thank the Chamber for being an ongoing partner in our efforts to smoothly introduce three new high-denomination bank notes this year. Content Type(s): Press, Speeches and appearances, Remarks
September 13, 2004 Modifications to the minimum bidding requirements and the maximum bidding limit at auctions of non-fungible Cash Management Bills (CMBs). Effective September 15, for a trial period lasting at least 12 months, minimum bidding requirements and maximum bidding limits will be suspended for auctions of Cash Management Bills (CMBs) which are non-fungible (i.e., do not share a common maturity date with a previously-issued 3-, 6- or 12-month treasury bill). All other provisions of the Terms of Participation will continue to apply to auctions of non-fungible CMBs. Content Type(s): Press, Market notices
September 13, 2004 Exterior Glazing System Remediation Project Work on the Bank's Exterior Glazing System Remediation Project has recently begun. This project will involve replacing all the exterior windows and fixtures of the Head Office Towers. Content Type(s): Press, Market notices
September 8, 2004 Bank of Canada raises target for the overnight rate by 1/4 percentage point to 2 1/4 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 1/2 per cent. Content Type(s): Press, Press releases
The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation Staff Working Paper 2004-37 Jean-Paul Lam, Florian Pelgrin In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias. Content Type(s): Staff research, Staff working papers Topic(s): Inflation targets, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E62
Optimal Taylor Rules in an Estimated Model of a Small Open Economy Staff Working Paper 2004-36 Steve Ambler, Ali Dib, Nooman Rebei The authors compute welfare-maximizing Taylor rules in a dynamic general-equilibrium model of a small open economy. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rates, Inflation targets JEL Code(s): F, F2, F3, F31, F33
The U.S. New Keynesian Phillips Curve: An Empirical Assessment Staff Working Paper 2004-35 Alain Guay, Florian Pelgrin The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC). Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31
Market Valuation and Risk Assessment of Canadian Banks Staff Working Paper 2004-34 Ying Liu, Mingwei Yuan, Eli Papakirykos The authors apply the asset-valuation model developed by Rabinovitch (1989) to six publicly traded Canadian banks over the period 1982–2002. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G1, G12, G2, G21
Counterfeiting: A Canadian Perspective Staff Working Paper 2004-33 John Chant Counterfeiting is a significant public policy issue, because paper money, despite rumours of its demise, remains an important part of our payments system. Content Type(s): Staff research, Staff working papers Topic(s): Bank notes JEL Code(s): E, E5, E58
Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry Staff Working Paper 2004-32 Rose Cunningham Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles JEL Code(s): C, C3, C35, E, E3, E32, L, L6, L63