Posts

• August 16, 2022

  National Post

  

  In an opinion piece published in the National Post, Governor Tiff Macklem talks about inflation and the Bank's focus on taming it.

  Content Type(s): Press, Media activities

• Risk and State-Dependent Financial Frictions

  Staff Working Paper 2022-37 Martin Harding, Rafael Wouters

  Using a nonlinear New Keynesian model with a financial accelerator, we show that financial frictions generate large state-dependent amplification effects. Shocks propagate more strongly in periods of financial stress. We propose an endogenous regime-switching DSGE framework for efficient estimation and improved model fit.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Credit and credit aggregates, Financial stability, Monetary policy JEL Code(s): E, E5, E52, E58

• Weather the Storms? Hurricanes, Technology and Oil Production

  Staff Working Paper 2022-36 Johan Brannlund, Geoffrey R. Dunbar, Reinhard Ellwanger, Matthew Krutkiewicz

  Do technological improvements mitigate the potential damages from extreme weather events? We show that hurricanes lower offshore oil production in the Gulf of Mexico and that stronger storms have larger impacts. Regulations enacted in 1980 that required improved offshore construction standards only modestly mitigated the production losses.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Climate change, Potential output JEL Code(s): C, C2, C22, C23, Q, Q4, Q40, Q48, Q5, Q54

• PayTech and the D(ata) N(etwork) A(ctivities) of BigTech Platforms

  Staff Working Paper 2022-35 Jonathan Chiu, Thorsten Koeppl

  Why do BigTech platforms introduce payment services? We explore this using a model in which a monopoly platform faces a trade-off between the costs associated with privacy concerns and the revenue from data services. We then analyze the feedback effects between data and payments.

  Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): D, D8, E, E4, E42, L, L1
• August 3, 2022

  CARR publishes recommended fallback language for CDOR-based loans

  The Canadian Alternative Reference Rate working group (CARR) today published recommended fallback language for new and existing loan agreements where the interest rate benchmark is the Canadian Dollar Offered Rate (CDOR).

  Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
• July 31, 2022

  Research Update - July 2022

  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
• July 29, 2022

  CFEC Releases Results of April 2022 Foreign Exchange Volume Survey

  The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2022 semi-annual survey of foreign exchange volumes in Canada.

  Content Type(s): Press, Market notices Source(s): Canadian Foreign Exchange Committee
• July 28, 2022

  Understanding seigniorage

  At the Bank of Canada, we cover the cost of day-to-day business with “seigniorage,” which means earning money from issuing bank notes.

  Content Type(s): Explainers Topic(s): Bank notes

• Income Inequality in Canada

  Staff Discussion Paper 2022-16 Sarah Burkinshaw, Yaz Terajima, Carolyn A. Wilkins

  Data show that income inequality in Canada increased substantially during the 1980s and first half of the 1990s but has been relatively stable over the past 25 years. This increase was felt mainly by low-income earners and younger people, while older people benefited from higher retirement income.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Labour markets, Monetary and financial indicators JEL Code(s): D, D3, D31, D6, D63, I, I2, I24, I3, I32, J, J3, J31, J32, N, N3, N32
• July 26, 2022

  Bank of Canada publishes 2023 schedule for interest rate announcements

  Media Relations Ottawa, Ontario

  The Bank of Canada today published its 2023 schedule for the release of its policy interest rate decisions and quarterly Monetary Policy Report.

  Content Type(s): Press, Press releases