Posts

• May 18, 2023

  Financial System Review—2023

  

  Tiff Macklem, Carolyn Rogers, Paul Beaudry, Toni Gravelle, Sharon Kozicki, Nicolas Vincent

  The adjustment to higher interest rates is exposing vulnerabilities in the global financial system. Recent banking sector stresses serve as a reminder that risks can arise and spread quickly. Key areas of concern are bank funding, liquidity in fixed income markets, and households’ ability to service their debts. Other financial system concerns relate to cyber attacks, climate change and cryptoasset markets.

  Content Type(s): Publications, Financial Stability Report
• May 18, 2023

  The Bank of Canada releases the 2023 Financial System Review

  The Financial System Review will be released on Thursday, May 18, 2023.

  Content Type(s): Press, Media advisories
• May 16, 2023

  CFEC Meeting (May 16, 2023)

  Bank of Canada, 234 Wellington St West, Ottawa

  Content Type(s): Meetings Source(s): Canadian Foreign Exchange Committee

• Reviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?

  Staff Discussion Paper 2023-10 Toni Gravelle, Ron Morrow, Jonathan Witmer

  At the onset of the pandemic, the Bank of Canada transitioned its framework for monetary policy implementation from a corridor system to a floor system, which it has since decided to maintain. We provide a comprehensive analysis of both frameworks and assess their relative merits based on five key criteria that define a sound framework.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Market structure and pricing, Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): D, D4, D47, E, E4, E42, E5, E58
• May 15, 2023

  Financial System Survey highlights—2023

  This article presents the key results from the 2023 Bank of Canada Financial System Survey, conducted between February 21 and March 10. The survey included a special section on margining practices for non-centrally cleared derivatives.

  Content Type(s): Publications, Financial System Survey
• May 12, 2023

  Rhys Mendes appointed as Deputy Governor of the Bank of Canada

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced the appointment of Rhys R. Mendes as Deputy Governor, effective July 17, 2023.

  Content Type(s): Press, Press releases

• Potential output and the neutral rate in Canada: 2023 assessment

  Staff Analytical Note 2023-6 Julien Champagne, Christopher Hajzler, Dmitry Matveev, Harlee Melinchuk, Antoine Poulin-Moore, Galip Kemal Ozhan, Youngmin Park, Temel Taskin

  We expect that potential output growth will rebound from 1.4% in 2022 to 2.2% on average between 2023 and 2026. We revised down our estimates of growth over 2022–25 relative to the April 2022 assessment. The Canadian nominal neutral rate remains unchanged—in the range of 2% to 3%.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Economic models, Interest rates, Labour markets, Monetary policy, Potential output, Productivity JEL Code(s): E, E2, E3, E4, E5
• May 9, 2023

  CFIF Meeting (May 9, 2023)

  Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum

• Assessing global potential output growth and the US neutral rate: April 2023

  Staff Analytical Note 2023-5 Salma Ahmed, Aviel Avshalumov, Tania Chaar, Eshini Ekanayake, Helen Lao, Louis Poirier, Jenna Rolland-Mills, Argyn Toktamyssov, Lin Xiang

  We expect global potential output growth to increase from 2.5% in 2022 to 2.8% by 2026. Compared with the April 2022 staff assessment, global potential output growth is marginally slower. The current range for the US neutral rate is 2% to 3%, unchanged from the last annual assessment.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Interest rates, Monetary policy, Potential output, Productivity JEL Code(s): E, E1, E2, E4, E5, F, F0, O, O4
• May 8, 2023

  Bank of Canada Media Interview – La Presse

  Paul Beaudry, Deputy Governor of the Bank of Canada, gave an interview to Hélène Baril of La Presse on the launch of a public consultation on a potential digital dollar.

  Content Type(s): Press, Media advisories