Posts

• June 28, 2021

  Operational details for upcoming secondary market purchases of Government of Canada securities (July 5-16)

  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

• An Optimal Macroprudential Policy Mix for Segmented Credit Markets

  Staff Working Paper 2021-31 Jelena Zivanovic

  How can macroprudential policy and monetary policy stabilize segmented credit markets? Is there a trade-off between financial stability and price stability? I use a theoretical model to evaluate the performance of alternative policies and find the optimal mix of macroprudential and monetary policy in response to aggregate shocks.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Credit risk management, Financial stability, Financial system regulation and policies JEL Code(s): E, E3, E30, E4, E44, E5, E50

• ToTEM III: The Bank of Canada’s Main DSGE Model for Projection and Policy Analysis

  Technical Report No. 119 Paul Corrigan, Hélène Desgagnés, José Dorich, Vadym Lepetyuk, Wataru Miyamoto, Yang Zhang

  ToTEM III is the most recent generation of the Bank of Canada’s main dynamic stochastic general equilibrium model for projection and policy analysis. The model helps Bank staff tell clear and coherent stories about the Canadian economy’s current state and future evolution.

  Content Type(s): Staff research, Technical reports Topic(s): Business fluctuations and cycles, Economic models, Housing, Interest rates, Monetary policy JEL Code(s): E, E1, E17, E2, E20, E3, E30, E4, E40, E5, E50, E6, E62, E65, F, F4, F40, F41, G, G5, G51
• June 28, 2021

  CARR Meeting (June 28, 2021)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
• June 25, 2021

  CFEC recommendations on dating conventions for foreign exchange contracts in light of new national holiday

  In light of the newly-introduced National Day for Truth and Reconciliation holiday, and the closure of payment clearing and settlement systems, the Canadian Foreign Exchange Committee (CFEC) recommends that any existing forward foreign exchange contracts scheduled to settle on September 30, 2021 should be renegotiated to settle on September 29, 2021 instead.

  Content Type(s): Press, Market notices Source(s): Canadian Foreign Exchange Committee
• June 25, 2021

  Bank of Canada to be closed in observance of National Day for Truth and Reconciliation on September 30, 2021

  In observance of National Day for Truth and Reconciliation—a new national holiday to commemorate the tragic history and lasting effects of Canada’s residential school system, and to honour Indigenous survivors and their families and communities—the Bank of Canada, as a federally regulated workplace, will be closed on September 30, 2021.

  Content Type(s): Press, Market notices
• June 23, 2021

  Release of the 2020 Bank of Canada FMI Oversight Activities Annual Report

  The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2020 Annual Report. The Report reviews the Bank’s oversight of designated clearing and settlement systems, also known as financial market infrastructures (FMIs).

  Content Type(s): Press, Market notices

• Bank Runs, Bank Competition and Opacity

  Staff Working Paper 2021-30 Toni Ahnert, David Martinez-Miera

  How is the stability of the financial sector affected by competition in the deposit market and by decisions banks make about transparency? We find that policies that aim to increase bank competition lead to higher bank deposit rates, increasing both withdrawal incentives and instability.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Wholesale funding JEL Code(s): G, G0, G01, G2, G21

• Measuring and Evaluating Strategic Communications at the Bank of Canada

  Staff Discussion Paper 2021-9 Annie Portelance

  The Bank of Canada’s Communications Department has developed a framework to quantify and qualify the Bank’s communications efforts and their results. Using data-based measurement and evaluation, the department can assess the impact of the Bank’s communications activities and gauge the department’s contribution to the Bank’s overall goals.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Credibility, Monetary policy communications JEL Code(s): D, D8, D83

• A New Measure of Monetary Policy Shocks

  Staff Working Paper 2021-29 Xu Zhang

  Combining various high frequency financial data with central bank projections, I construct a new measure of monetary policy shocks not predictable by the public information preceding a central bank’s announcements. I then study the causal effects of monetary policy on the macro economy.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Central bank research, Econometric and statistical methods, Interest rates, Monetary policy JEL Code(s): E, E5, G, G0