Posts

• Central Bank Digital Currency and Banking Choices

  Staff Working Paper 2024-4 Jiaqi Li, Andrew Usher, Yu Zhu

  To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58
• February 7, 2024

  Summary of Governing Council deliberations: Fixed announcement date of January 24, 2024

  This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 24, 2024.

  Content Type(s): Publications, Summary of deliberations
• February 7, 2024

  Release of the Bank of Canada’s summary of deliberations

  On Wednesday, February 7, 2024, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on January 24, 2024.

  Content Type(s): Press, Media advisories

• The Role of International Financial Integration in Monetary Policy Transmission

  Staff Working Paper 2024-3 Jing Cynthia Wu, Yinxi Xie, Ji Zhang

  We propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We study the implications of financial integration on monetary policy transmission. Among various aspects of financial integration, the bond duration plays a major role. These results hold for conventional and unconventional monetary policies.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, International financial markets, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, F, F3, F36, F4, F42
• February 6, 2024

  Bank of Canada Media Interview – Le Devoir

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to Le Devoir.

  Content Type(s): Press, Media advisories
• February 6, 2024

  Bank of Canada Media Interview – The Logic

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to The Logic.

  Content Type(s): Press, Media advisories
• February 6, 2024

  Speech by Tiff Macklem, Governor of the Bank of Canada

  On Tuesday, February 6, 2024, Tiff Macklem, Governor of the Bank of Canada, will speak before the Montreal Council on Foreign Relations (CORIM).

  Content Type(s): Press, Media advisories
• February 6, 2024

  Monetary policy: It’s perfectly imperfect

  Speech summary Tiff Macklem Montreal Council on Foreign Relations Montréal, Quebec

  Governor Tiff Macklem speaks about the effectiveness—and limitations—of monetary policy. He highlights how raising and lowering the policy interest rate ultimately keeps inflation low, stable and predictable, despite significant shocks to the economy.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Housing, Inflation targets, Inflation: costs and benefits, Interest rates, Monetary policy, Monetary policy implementation, Monetary policy transmission, Price stability, Productivity
• February 6, 2024

  Monetary policy: The right tool for the right job

  Remarks Tiff Macklem Montreal Council on Foreign Relations Montréal, Quebec

  Governor Tiff Macklem discusses how monetary policy is working to bring inflation down—and how it has worked to return inflation to target over the last 25 years. He also talks about the limits of monetary policy, and why the right focus is on controlling inflation in the medium term.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Housing, Inflation targets, Inflation: costs and benefits, Interest rates, Monetary policy, Monetary policy implementation, Monetary policy transmission, Price stability, Productivity
• February 6, 2024

  CFIF Meeting (February 6, 2024)

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