December 18, 2005
Posts
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August 27, 2013
Exits, Spillovers and Monetary Policy Independence
Deputy Governor John Murray discusses exits from unconventional monetary policies, spillovers and monetary policy independence. -
Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico
The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico. -
International Capital Flows and Bond Risk Premia
This paper studies the impact of international capital flows on asset prices through risk premia. We investigate whether foreign purchases of U.S. Treasury securities significantly contributed to the decline in excess returns on long-term bonds between 1995 and 2008. -
Using Payments Data to Nowcast Macroeconomic Variables During the Onset of COVID-19
We use retail payment data in conjunction with machine learning techniques to predict the effects of COVID-19 on the Canadian economy in near-real time. Our model yields a significant increase in macroeconomic prediction accuracy over a linear benchmark model. -
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June 11, 2015
Assessing Vulnerabilities in the Canadian Financial System
The authors present the four common cyclical vulnerabilities that appear in financial systems, providing examples of qualitative and quantitative indicators used to monitor these vulnerabilities across different sectors. They also discuss other inputs to the vulnerability assessment and to the internal process used at the Bank of Canada for identifying, evaluating and communicating vulnerabilities and risks, and highlight some of the key challenges in assessing financial system vulnerabilities and risks. -
March 8, 2016
Bank of Canada launches public consultation to select Canadian woman to be on next series bank note
As announced today by Prime Minister Justin Trudeau and Minister of Finance Bill Morneau, the Bank of Canada is undertaking a broad public consultation to select an iconic Canadian woman to be featured on the first bank note of its next series. This new note will be issued in 2018. -
June 9, 2016
Financial System Review - June 2016
The Financial System Review concludes that the overall level of risk to Canada’s financial system is largely unchanged from six months ago. While household vulnerabilities have moved higher, the ongoing economic recovery in Canada means that the overall risk remains the same. The Bank highlights three vulnerabilities in the financial system: the elevated level of household indebtedness, imbalances in some regional housing markets and the fragility of liquidity in fixed-income markets.
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May 19, 2011
Unconventional Monetary Policy: The International Experience with Central Bank Asset Purchases
As part of their policy response to the financial crisis of 2007–09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank balance sheets. It then discusses the challenges of identifying the effects of these measures and explores possible exit strategies. The potential costs of these policies are also analyzed, as well as the broader implications for monetary policy frameworks.