Posts
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Non-bank financial intermediation in Canada: a pulse check
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth. -
March 23, 2021
Market stress relief: The role of the Bank of Canada’s balance sheet
Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system. -
March 22, 2021
Operational details for upcoming secondary market purchases of Government of Canada securities (March 29-April 9)
As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP). -
Secular Economic Changes and Bond Yields
We investigate the economic forces behind the secular decline in bond yields. Before the anchoring of inflation in the mid-1990s, nominal shocks drove inflation, output and bond yields. Afterward, the impacts of nominal shocks were much less significant. -
Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19
During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use. -
March 15, 2021
Bank of Canada announces the recipients of the 2021 Fellowship Program Awards
Learn about the recipients of the Fellowship and Governor’s Awards for 2021. -
Complementarities Between Fiscal Policy and Monetary Policy—Literature Review
This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity. -
March 12, 2021
Bank of Canada announces changes to securities repo operations
In line with its objectives to support core funding markets and to foster the well-functioning of the Government of Canada securities market, the Bank of Canada is announcing changes to securities repo operations (SROs). -
Imperfect Banking Competition and Macroeconomic Volatility: A DSGE Framework
How do banks adjust their loan rate markup in response to macroeconomic shocks?