Posts

• January 30, 2023

  CARR Meeting (January 30, 2023)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
• January 27, 2023

  Bank of Canada announces change to maximum bid rate for securities repo operations

  The Bank of Canada is announcing a change to the pricing of the securities repo operations (SRO).

  Content Type(s): Press, Market notices

• Risk Amplification Macro Model (RAMM)

  Technical Report No. 123 Kerem Tuzcuoglu

  The Risk Amplification Macro Model (RAMM) is a new nonlinear two-country dynamic model that captures rare but severe adverse shocks. The RAMM can be used to assess the financial stability implications of both domestic and foreign-originated risk scenarios.

  Content Type(s): Staff research, Technical reports Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Financial stability, Monetary policy transmission JEL Code(s): C, C5, C51, E, E3, E37, E4, E44, F, F4, F44

• (Un)Conventional Monetary and Fiscal Policy

  Staff Working Paper 2023-6 Jing Cynthia Wu, Yinxi Xie

  We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E4, E6, E61, E62, E63

• The 2021–22 Surge in Inflation

  Staff Discussion Paper 2023-3 Oleksiy Kryvtsov, James (Jim) C. MacGee, Luis Uzeda

  The rise in inflation in 2021–22 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Inflation targets, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58
• January 25, 2023

  CTV News

  

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

  Content Type(s): Press, Media activities
• January 25, 2023

  TVA Nouvelles

  

  Paul Beaudry, Deputy Governor of the Bank of Canada
  Interview with TVA Nouvelles

  Content Type(s): Press, Media activities
• January 25, 2023

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 25, 2023

  Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

  Media Relations Ottawa, Ontario

  The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.

  Content Type(s): Press, Press releases
• January 25, 2023

  Monetary Policy Report – January 2023

  

  Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.

  Content Type(s): Publications, Monetary Policy Report