Posts

• November 30, 2020

  Summary of Comments – Fall 2020 Debt Management Strategy Consultations

  Today, the Fall 2020 Debt Management Strategy Consultations Summary is being published in conjunction with the release of the Government of Canada’s Fall Economic Statement 2020.

  Content Type(s): Press, Market notices
• November 30, 2020

  Operational details for upcoming secondary market purchases of Government of Canada securities (December 7-17)

  As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

  Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

• The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada

  Staff Working Paper 2020-52 Charles Bellemare, Rolande Kpekou Tossou, Kevin Moran

  We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods, Inflation and prices, Inflation targets JEL Code(s): C, C3, C33, D, D8, D83, D84, E, E3, E31
• November 30, 2020

  Research Update - November 2020

  This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.

  Content Type(s): Staff research, Research newsletters

• The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings

  Staff Working Paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See

  The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Financial stability JEL Code(s): E, E2, E21, E24, G, G5, G51
• November 27, 2020

  Financial Markets’ Response to COVID-19 Policy Interventions

  Policy-makers reacted to the COVID-19 crisis through a variety of channels. This Systemic Risk Centre conference, co-organized with the Bank of Canada, focused on how financial markets responded to these policy initiatives and asked what we have learned for future interventions.

  Content Type(s): Conferences and workshops
• November 26, 2020

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Coronavirus disease (COVID-19), Financial stability, Monetary policy, Recent economic and financial developments

• A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation

  Staff Working Paper 2020-50 Antonio Diez de los Rios

  We study the interaction between epidemics and economic decisions in a model that has silent transmission of the virus. We find that rational behaviour strongly diminishes the severity of the epidemic but worsens the economic recession. We also find that the detection and isolation of not only symptomatic individuals but also those who are infected and asymptomatic or mildly symptomatic can reduce the severity of the recession caused by the pandemic.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Coronavirus disease (COVID-19), Economic models JEL Code(s): E, E1, H, H0, I, I1

• Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics

  Staff Discussion Paper 2020-11 Oleksiy Kryvtsov, James (Jim) C. MacGee

  From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Central bank research, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52
• November 24, 2020

  Canadian Alternative Reference Rate Working Group Launches Consultation

  The Canadian Alternative Reference Rate working group (CARR) published a consultation paper today on a proposed methodology for calculating CORRA-in-arrears as well as draft fallback language for floating rate notes (FRNs) that reference CDOR.

  Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group