Posts

• Stagflation and Topsy-Turvy Capital Flows

  Staff Working Paper 2022-46 Julien Bengui, Louphou Coulibaly

  Unregulated capital flows are likely excessive during a stagflation episode, owing to a macroeconomic externality operating through the economy’s supply side. Inflows raise domestic wages and cause unwelcome upward pressure on firm costs, yet market forces likely generate such inflows. Optimal capital flow management instead requires net outflows.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, International financial markets, International topics, Monetary policy JEL Code(s): D, D6, D62, E, E5, E52, F, F3, F32, F38, F4, F41
• November 10, 2022

  CBC News

  

  Tiff Macklem, Governor of the Bank of Canada
  Interview with CBC News

  Content Type(s): Press, Media activities

• Core inflation over the COVID-19 pandemic

  Staff Analytical Note 2022-17 Mikael Khan, Elyse Sullivan

  We assess the usefulness of various measures of core inflation over the COVID-19 pandemic. We find that Cpi-trim and CPI-median provided the best signal of underlying inflation. The favourable performance of these measures stems from their lack of reliance on historical experience, an especially valuable feature in unprecedented times.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Econometric and statistical methods, Inflation and prices, Monetary policy JEL Code(s): C, C1, C18, E, E3, E31
• November 7, 2022

  GMF publishes a consultation paper on a proposed fee for failing to settle GoC securities

  The Government of Canada Market Functioning Steering Group (GMF) published a consultation paper and an FAQ document today on a proposed fee for failing to settle GoC bond and bill transactions.

  Content Type(s): Press, Market notices Source(s): Canadian Fixed-Income Forum

• Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?

  Staff Working Paper 2022-45 Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova, Nicholas Sander

  The COVID-19 pandemic has caused an atypical recession in which some sectors of the economy boomed and others collapsed. This required a unique fiscal policy reaction to both support firms and stimulate activity in sectors with slack. Was fiscal policy able to get where it was needed? Mostly, yes.

  Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Firm dynamics, Fiscal policy, International topics JEL Code(s): D, D5, D57, E, E6, E62, F, F4, F41
• November 3, 2022

  Summary of Comments – Fall 2022 Debt Management Strategy Consultations

  Today, the Fall 2022 Debt Management Strategy Consultations Summary is being published in conjunction with the release of the Government of Canada’s Economic and Fiscal Update 2022.

  Content Type(s): Press, Market notices
• November 3, 2022

  Bank of Canada webcasts the John Kuszczak Memorial Lecture

  On Thursday, November 3, 2022, the Bank of Canada will host its annual economic conference. This year’s theme is “Micro data to macro implications and how central bank policies should reflect them.” Academics, policy-makers, private sector economists and representatives from policy think tanks will be among those in attendance.

  Content Type(s): Press, Media advisories

• Considerations for the allocation of non-default losses by financial market infrastructures

  Staff Analytical Note 2022-16 Daniele Costanzo, Radoslav Raykov

  Non-default losses of financial market infrastructures (FMIs) have gained attention due to their potential impacts on FMIs and FMI participants, and the lack of a common approach to address them. A key question is, who should absorb these losses?

  Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, Financial system regulation and policies JEL Code(s): G, G2, G23, G28, G3, G32, G33
• November 3, 2022

  2022 Annual Bank of Canada Economic Conference

  Conference held on November 3 and 4, 2022.

  Content Type(s): Conferences and workshops
• November 2, 2022

  Keeping up with changes in how Canadians pay

  Speech summary Ron Morrow Canadian Innovation Exchange Summit Toronto, Ontario

  Executive Director of Retail Payments Supervision Ron Morrow discusses how the Bank of Canada is taking on new responsibilities to help protect consumers when they pay for things.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Retail payments supervision