Posts

• Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19

  Staff Working Paper 2021-13 Jason Allen, Robert Clark, Shaoteng Li, Nicolas Vincent

  During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use.

  Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Debt management JEL Code(s): G, G3, G31, H, H5
• March 15, 2021

  Bank of Canada announces the recipients of the 2021 Fellowship Program Awards

  Learn about the recipients of the Fellowship and Governor’s Awards for 2021.

  Content Type(s): Press, Announcements Source(s): Fellowship Program

• Complementarities Between Fiscal Policy and Monetary Policy—Literature Review

  Staff Discussion Paper 2021-4 Wei Dong, Geoffrey R. Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis, Lin Shao

  This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E5, E52, E58, E6, E62, E63
• March 12, 2021

  Bank of Canada announces changes to securities repo operations

  In line with its objectives to support core funding markets and to foster the well-functioning of the Government of Canada securities market, the Bank of Canada is announcing changes to securities repo operations (SROs).

  Content Type(s): Press, Market notices Source(s): Securities Repo Operations

• Imperfect Banking Competition and Macroeconomic Volatility: A DSGE Framework

  Staff Working Paper 2021-12 Jiaqi Li

  How do banks adjust their loan rate markup in response to macroeconomic shocks?

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial institutions, Interest rates JEL Code(s): E, E3, E32, E4, E44, G, G2, G21, L, L1, L13

• A Generalized Endogenous Grid Method for Default Risk Models

  Staff Working Paper 2021-11 Youngsoo Jang, Soyoung Lee

  Models with default options are hard to solve. We propose an extension of the endogenous grid method that solves default risk models more efficiently and accurately.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Credit risk management JEL Code(s): C, C6, C63, E, E3, E37

• Monetary Policy Pass-Through with Central Bank Digital Currency

  Staff Working Paper 2021-10 Janet Hua Jiang, Yu Zhu

  Many central banks are considering issuing a central bank digital currency (CBDC). This would introduce a new policy tool—interest on CBDC. We investigate how this new tool would interact with traditional monetary policy tools, such as the interest on central bank reserves.

  Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Monetary policy transmission JEL Code(s): E, E5, E50, E52
• March 11, 2021

  COVID-19, savings and household spending

  Remarks (delivered virtually) Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about the Bank’s latest interest rate announcement and discusses how COVID-19 has affected savings and the outlook household spending.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector
• March 11, 2021

  CFEC Meeting #104 (March 11, 2021)

  Conference Call

  Content Type(s): Meetings Source(s): Canadian Foreign Exchange Committee
• March 11, 2021

  Household consumption in a pandemic

  Speech summary Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about how COVID-19 has affected household saving and spending patterns and discusses the Bank’s decision yesterday to leave the policy rate unchanged.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector