Posts

• A Review of the Bank of Canada’s Market Operations Related to COVID-19

  Staff Discussion Paper 2023-6 Grahame Johnson

  This paper reviews the range of extraordinary programs launched by the Bank of Canada in response to the pandemic-related financial market disruption. It provides some recommendations for future interventions to ensure the programs are appropriately structured for the financial and economic stresses they are intended to address.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Financial markets, Financial stability JEL Code(s): D, D4, D47, E, E4, E41, E5, G, G0, G01, G1, G14, G2, G21, G23, H, H1, H12
• March 28, 2023

  CARR publishes impact assessment checklist for market participants with CDOR exposure

  The Canadian Alternative Reference Rate working group (CARR) today published an impact assessment checklist to help firms assess and mitigate their exposures to the Canadian Dollar Offered Rate (CDOR).

  Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
• March 27, 2023

  CARR Meeting (March 27, 2023)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
• March 22, 2023

  Summary of Governing Council deliberations: Fixed announcement date of March 8, 2023

  This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 8, 2023.

  Content Type(s): Publications, Summary of deliberations
• March 22, 2023

  Release of the Bank of Canada’s summary of deliberations

  On Wednesday, March 22, 2023, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on March 8, 2023.

  Content Type(s): Press, Media advisories
• March 20, 2023

  Bank of Canada announces the recipients of the 2023 Fellowship Program Awards

  Learn about the recipients of the Fellowship and Governor’s Awards for 2023.

  Content Type(s): Press, Announcements Source(s): Fellowship Program
• March 19, 2023

  Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar Liquidity

  The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

  Content Type(s): Press, Announcements

• Persistent Debt and Business Cycles in an Economy with Production Heterogeneity

  Staff Working Paper 2023-17 Aubhik Khan, Soyoung Lee

  We examine the role of debt in amplifying and propagating recessions. Firms’ debt adjustment makes recessions deeper but makes expansions gradual. In particular, when the aggregate business leverage is ten percentage points above average, the half-life of the recovery doubles.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Firm dynamics, Productivity JEL Code(s): E, E2, E23, E3, E30, E32
• March 13, 2023

  Law Enforcement Award of Excellence for Counterfeit Deterrence

  The call for nominations is open until April 21, 2023.

  Content Type(s): Press, Announcements

• Cost Pass-Through with Capacity Constraints and International Linkages

  Staff Working Paper 2023-16 Reinhard Ellwanger, Hinnerk Gnutzmann, Piotr Śpiewanowski

  How are regional cost shocks passed through into global prices? We investigate the role of short-run capacity constraints and show that they can induce stark non-linearities in the pass-through. We highlight this effect for the market for ammonia, a commodity produced largely from natural gas.

  Content Type(s): Staff research, Staff working papers Topic(s): Climate change, Econometric and statistical methods, Inflation and prices, International topics JEL Code(s): L, L1, L13, L6, L65, Q, Q4, Q40, Q5, Q54