Uncategorized

• A Microfounded Design of Interconnectedness-Based Macroprudential Policy

  Staff Working Paper 2016-6 Jose Fique

  To address the challenges posed by global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision recommended an “additional loss absorbency requirement” for these institutions. Along these lines, I develop a microfounded design of capital surcharges that target the interconnectedness component of systemic risk.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): D, D8, D82, D85, G, G2, G21, G28

• Macroeconomic Uncertainty Through the Lens of Professional Forecasters

  Staff Working Paper 2016-5 Soojin Jo, Rodrigo Sekkel

  We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of different economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time subjective measure of uncertainty in a simple framework.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C38, E, E1, E17, E3, E32
• February 24, 2016

  Connecting the Dots: Elevated Household Debt and the Risk to Financial Stability

  Remarks Lawrence L. Schembri Guelph Chamber of Commerce Guelph, Ontario

  Deputy Governor Lawrence Schembri discusses household debt, the risk it poses to financial stability and the role of the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Monetary policy, Recent economic and financial developments, Sectoral balance sheet
• February 23, 2016

  Bank of Canada Announces Deputy Governor Appointment

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced the appointment of Sylvain Leduc as Deputy Governor, effective 2 May 2016.

  Content Type(s): Press, Press releases

• To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse

  Staff Working Paper 2016-4 Radoslav Raykov

  This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21
• February 19, 2016

  Weekly Financial Statistics - 19 February 2016

  Content Type(s): Publications, Historical: Weekly Financial Statistics

• Monetary Commitment and the Level of Public Debt

  Staff Working Paper 2016-3 Stefano Gnocchi, Luisa Lambertini

  We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credibility, Fiscal policy, Inflation targets, Monetary policy framework JEL Code(s): E, E2, E24, E3, E32, E5, E52
• February 16, 2016

  Bank of Canada Announces Future Changes to its Published Foreign Exchange Rate Data

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that, effective 1 March 2017, it will make a series of changes to the number, frequency and calculation methodology of its published foreign exchange rates.

  Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee
• February 16, 2016

  Bank of Canada announces winners of The Governor’s Challenge student competition

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced the winners of The Governor’s Challenge, a new student competition in which teams simulate the role of advisor to the Bank’s Governing Council.

  Content Type(s): Press, Press releases Source(s): The Governor's Challenge
• February 16, 2016

  Results of the 28-day and 84-day 16 February 2016 Term Repo Operation

  Results of today's term repo operation.

  Content Type(s): Press, Market notices