Posts

• November 13, 2015

  Weekly Financial Statistics - 13 November 2015

  Content Type(s): Publications, Historical: Weekly Financial Statistics
• November 13, 2015

  Bank of Canada Focuses Strategic Plan on Innovation, Says Senior Deputy Governor Wilkins

  Media Relations Toronto, Ontario

  The Bank of Canada is putting innovative thinking at the heart of its corporate strategy through an ambitious research agenda and initiatives to engage people outside the Bank, Senior Deputy Governor Carolyn Wilkins said today. “Confident as we are in how we do things now, the Bank keeps its eyes on the future,” she said […]

  Content Type(s): Press, Press releases
• November 13, 2015

  Innovation, Central-Bank Style

  Remarks Carolyn A. Wilkins Rotman School of Management and Munk School of Global Affairs Toronto, Ontario

  Senior Deputy Governor Wilkins discusses how the Bank is tackling the most important strategic challenges facing central banks today and how innovative thinking is critical to its success.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Credibility, Economic models, Exchange rate regimes, Inflation targets, Monetary policy framework

• Forward Guidance at the Effective Lower Bound: International Experience

  Staff Discussion Paper 2015-15 Karyne B. Charbonneau, Lori Rennison

  Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E4, E43, E5, E52, E58, E6

• Quantitative Easing as a Policy Tool Under the Effective Lower Bound

  Staff Discussion Paper 2015-14 Abeer Reza, Eric Santor, Lena Suchanek

  This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, International topics, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E61, E65, N, N1, N10

• Foreign Flows and Their Effects on Government of Canada Yields

  Staff Analytical Note 2015-1 Bruno Feunou, Jean-Sébastien Fontaine, James Kyeong, Jesus Sierra

  Foreign investment flows into Government of Canada (GoC) bonds have surged since the financial crisis. Our empirical analysis suggests that foreign flows of $150 billion lowered the 10-year GoC bond yield by 100 basis points between 2009 and 2012.

  Content Type(s): Staff research, Staff analytical notes Topic(s): International financial markets, International topics, Monetary policy transmission JEL Code(s): F, F3, F32

• Monetary Policy and Financial Stability: Cross-Country Evidence

  Staff Working Paper 2015-41 Christian Friedrich, Kristina Hess, Rose Cunningham

  Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, International topics, Monetary policy framework JEL Code(s): E, E4, E5, G, G0, G01

• Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?

  Staff Working Paper 2015-40 John Muellbauer, Pierre St-Amant, David Williams

  There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channels in Canada would have important implications for monetary policy transmission.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Domestic demand and components, Economic models, Financial institutions, Financial stability, Financial system regulation and policies, Housing, Monetary policy transmission JEL Code(s): E, E0, E02, E2, E21, E4, E44, G, G2, G21, R, R2, R21, R3, R31

• The International Experience with Negative Policy Rates

  Staff Discussion Paper 2015-13 Harriet Jackson

  A key issue in the renewal of the inflation-control agreement is the question of the appropriate level of the inflation target. Many observers have raised concerns that with the reduction in the neutral rate, and the experience of the recent financial crisis, the effective lower bound (ELB) is more likely to be binding in the future if inflation targets remain at 2 per cent.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Financial markets, International topics, Monetary policy framework JEL Code(s): E, E5, E52, E58, E6, E65
• November 10, 2015

  Results of the 28-day 10 November 2015 Term Repo Operation

  Results of today's term repo operation.

  Content Type(s): Press, Market notices