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May 12, 2022
How commodity prices affect our economy
Deputy Governor Toni Gravelle talks about the spike in commodity prices over the past two years, the impact on inflation and how the Bank of Canada is responding. -
Expectation-Driven Term Structure of Equity and Bond Yields
Recent findings on the term structure of equity and bond yields pose serious challenges to existing models of equilibrium asset pricing. This paper presents a new equilibrium model of subjective expectations to explain the joint historical dynamics of equity and bond yields (and their yield spreads). -
May 11, 2022
Release of the 2021 Bank of Canada FMI Oversight Activities Annual Report
The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2021 Annual Report. -
Nowcasting Canadian GDP with Density Combinations
We present a tool for creating density nowcasts for Canadian real GDP growth. We demonstrate that the combined densities are a reliable and accurate tool for assessing the state of the economy and risks to the outlook. -
Resilience of bank liquidity ratios in the presence of a central bank digital currency
Could Canadian banks continue to meet their regulatory liquidity requirements after the introduction of a cash-like retail central bank digital currency (CBDC)? We conduct a hypothetical exercise to estimate how a CBDC could affect bank liquidity by increasing the run-off rates of transactional retail deposits under four increasingly severe scenarios. -
May 5, 2022
Supporting Indigenous prosperity
In his final speech before retiring from the Bank of Canada, Deputy Governor Lawrence Schembri talks about the Bank’s contribution to advancing economic inclusion and opportunity for Indigenous peoples. -
More Than Words: Fed Chairs’ Communication During Congressional Testimonies
We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Increases in the Chair’s text-, voice-, or face-emotion indices during these testimonies generally raise stock prices and lower their volatility. -
May 5, 2022
Economic reconciliation: Supporting a return to Indigenous prosperity
Bank of Canada Deputy Governor Lawrence Schembri discusses economic reconciliation with Indigenous peoples. -
Identifying Financially Remote First Nations Reserves
Chen et al. (2021) show that almost one-third of First Nations band offices in Canada are within 1 kilometre (km) of an automated banking machine (ABM) or financial institution (FI) branch and more than half are within 5 km.
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