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Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns
Aizenman, Joshua; Pasricha, Gurnain - Bank of Canada - 2013
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may...
Persistent link: https://www.econbiz.de/10010849944
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Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy
Vayid, Ianthi - Bank of Canada - 2013
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in …
Persistent link: https://www.econbiz.de/10010849959
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International Transmission Channels of U.S. Quantitative Easing: Evidence from Canada
Dahlhaus, Tatjana; Hess, Kristina; Reza, Abeer - Bank of Canada - 2014
The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international...
Persistent link: https://www.econbiz.de/10010960398
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The Neutral Rate of Interest in Canada
Mendes, Rhys R. - Bank of Canada - 2014
rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects … rate below neutral will be required to maintain inflation sustainably at target. …
Persistent link: https://www.econbiz.de/10010960403
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Inflation Expectations and Learning about Monetary Policy
Andolfatto, David; Hendry, Scott; Moran, Kevin - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005220958
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Has the Inclusion of Forward-Looking Statements in Monetary Policy Communications Made the Bank of Canada More Transparent?
Fay, Christine; Gravelle, Toni - Bank of Canada - 2010
To investigate the extent to which the transparency of the Bank of Canada's monetary policy has improved, the authors examine empirically -- over the period 30 October 2000 to 31 May 2007 -- the reaction of Canadian financial markets to official Bank communications, and in particular their...
Persistent link: https://www.econbiz.de/10008694963
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The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus
Resende, Carlos de; Lalonde, René; Snudden, Stephen - Bank of Canada - 2010
The Bank of Canada Global Economy Model (BoC-GEM) is used to examine the effect of various types of discretionary fiscal policies on different regions of the globe. The BoC-GEM is a microfounded dynamic stochastic general-equilibrium global model with six regions, multiple sectors, and...
Persistent link: https://www.econbiz.de/10008631206
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Money Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions
Porter, Nathan; Xu, TengTeng - Bank of Canada - 2013
Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China’s gradual process of interest rate liberalization. This paper investigates the main...
Persistent link: https://www.econbiz.de/10010670841
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Greater Transparency in Monetary Policy: Impact on Financial Markets
Muller, P.; Zelmer, M. - Bank of Canada - 1999
Measures have been taken by the Bank of Canada to increase the transparency of Canadian monetary policy. This paper examines whether the greater transparency has improved financial markets’ understanding of the conduct of monetary policy. In theory, it should result in reduced conditional...
Persistent link: https://www.econbiz.de/10005808258
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Are Commodity Prices Useful Leading Indicators of Inflation?
Cheung, Calista - Bank of Canada - 2009
global inflation. The process of globalization has motivated much debate over whether global factors have become more … important in driving the inflation process. Since commodity prices respond to global demand and supply conditions, they are a … potential channel through which foreign shocks could influence domestic inflation. The author assesses whether commodity prices …
Persistent link: https://www.econbiz.de/10005808269