Posts
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November 30, 2020
Summary of Comments – Fall 2020 Debt Management Strategy Consultations
Today, the Fall 2020 Debt Management Strategy Consultations Summary is being published in conjunction with the release of the Government of Canada’s Fall Economic Statement 2020. -
November 30, 2020
Operational details for upcoming secondary market purchases of Government of Canada securities (December 7-17)
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). -
The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada
We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations. -
November 30, 2020
Research Update - November 2020
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. -
The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings
The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt. -
November 27, 2020
Financial Markets’ Response to COVID-19 Policy Interventions
Policy-makers reacted to the COVID-19 crisis through a variety of channels. This Systemic Risk Centre conference, co-organized with the Bank of Canada, focused on how financial markets responded to these policy initiatives and asked what we have learned for future interventions. -
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A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation
We study the interaction between epidemics and economic decisions in a model that has silent transmission of the virus. We find that rational behaviour strongly diminishes the severity of the epidemic but worsens the economic recession. We also find that the detection and isolation of not only symptomatic individuals but also those who are infected and asymptomatic or mildly symptomatic can reduce the severity of the recession caused by the pandemic. -
Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics
From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term.