Interest rates
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Learning, Equilibrium Trend, Cycle, and Spread in Bond Yields
This equilibrium model explains the trend in long-term yields and business-cycle movements in short-term yields and yield spreads. The less-frequent inverted yield curves (and less-frequent recessions) after the 1990s are due to recent secular stagnation and procyclical inflation expectations. -
A Portfolio-Balance Model of Inflation and Yield Curve Determination
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule. -
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March 5, 2020
Labour market is key to Canada’s resilience
Governor Stephen S. Poloz talks about how the labour market is a key source of resilience for Canada’s economy and reviews the Bank of Canada’s decision to lower interest rates. -
March 5, 2020
Economic Progress Report: We All Have Work to Do
Governor Stephen S. Poloz discusses the Bank’s latest interest rate announcement as well as Canada’s labour market—an important source of economic resilience. -
The Effect of Mortgage Rate Resets on Debt: Evidence from TransUnion (Part I)
This note studies how decreases in mortgage rates affect the behaviour of borrowers in terms of spending on durable goods and repaying debt. -
The Power of Helicopter Money Revisited: A New Keynesian Perspective
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. -
February 5, 2020
Securing prosperity is up to all of us
Senior Deputy Governor Carolyn A. Wilkins explains that Canada is well-positioned to secure prosperity and avoid a long period of slow growth if we take the right steps. -
February 5, 2020
Our Economic Destiny: Written in R-stars?
Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity.
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