Posts

• November 3, 2020

  Changes to the Frequency of Government of Canada Treasury Bills auctions

  The Bank of Canada, acting as fiscal agent of the Government of Canada, and the Department of Finance are announcing a change to the frequency of Treasury Bill auctions to help manage the Government of Canada’s current large cash holdings.

  Content Type(s): Press, Market notices

• Corporate investment and monetary policy transmission in Canada

  Staff Analytical Note 2020-26 Min Jae Kim, Jonathan Witmer

  Unexpected changes in interest rates lead small firms to materially change their investment rate. Large firms, in contrast, show a smaller response. This suggests both that financial conditions are an important channel for transmitting monetary policy and that firm characteristics can help us better understand fluctuations in business investment.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Firm dynamics, Monetary policy, Monetary policy transmission JEL Code(s): D, D2, D22, D9, D92, G, G3, G31, G32

• Production Networks and the Propagation of Commodity Price Shocks

  Staff Working Paper 2020-44 Shutao Cao, Wei Dong

  We examine the macro implications of commodity price shocks in a model with multiple production sectors that are interconnected within a commodity-exporting small open economy.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, International topics JEL Code(s): D, D5, D57, F, F4, F41
• November 2, 2020

  Operational details for upcoming secondary market purchases of Government of Canada securities (November 9-20)

  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

• Outside Investor Access to Top Management: Market Monitoring versus Stock Price Manipulation

  Staff Working Paper 2020-43 Josef Schroth

  Should managers be paid in stock options if they provide stock-market participants with information about the firm? This paper studies how firm owners trade off the benefit of stock-price incentives and better-informed market participants against the cost of potential stock-price manipulation.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Financial markets, Recent economic and financial developments JEL Code(s): D, D8, D82, D86, G, G1, G14, G3, G32, G34, M, M1, M12, M4, M41
• October 28, 2020

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 28, 2020

  Interim RPAC Meeting (October 28 and 29, 2020)

  Topics: End-user fund safeguarding expectations, operational risk

  Content Type(s): Meetings Source(s): Retail Payments Advisory Committee
• October 28, 2020

  Bank of Canada will maintain current level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program

  Media Relations Ottawa, Ontario

  The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.

  Content Type(s): Press, Press releases
• October 28, 2020

  Monetary Policy Report – October 2020

  

  The Bank expects Canada’s economy to grow by almost 4 percent on average in 2021 and 2022, following a decline of about 5 ½ percent in 2020.

  Content Type(s): Publications, Monetary Policy Report
• October 27, 2020

  Research Update - October 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