May 14, 2015
Annual Report, Bank of Canada Review, Bank of Canada Review articles, Books and monographs, Souvenir books, Business Outlook Survey, Financial Stability Report, Financial System Review articles, Monetary Policy Report, Quarterly Financial Report, Senior Loan Officer Survey
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May 14, 2015
Inflation Dynamics in the Post-Crisis Period
Inflation rates in advanced economies experienced two consecutive puzzles during the period following the global financial crisis—unexpectedly high inflation from the end of 2009 to 2011 and unexpectedly low inflation from 2012 to the middle of 2014. We investigate these developments in two ways. First, we show that accounting for inflation expectations by households explains a significant share of the inflation puzzles at the international level. Second, we find that, for Canada, elevated competition in the retail sector is also important for understanding inflation dynamics in the post-crisis period. -
May 14, 2015
The Slowdown in Global Trade
Global trade growth has been weak during the period following the 2007–09 financial crisis. This is an important development for Canada, given the Canadian economy's high degree of openness to trade. This article investigates some of the factors behind the slowdown in global trade and finds that the weakness of global demand and its changing composition, increased protectionism and diminishing incentives to expand trade have all played a role. Some of these factors are likely to have only a temporary effect on trade growth, but others could be more long-lasting. -
May 14, 2015
Improving the Foundation of Canada’s Payments System
The Canadian payments environment has evolved with enhancements in technology, changes in user expectations and new regulatory standards. In response, the existing regulatory framework and core payments infrastructure are being enhanced. This article describes several revisions to the governance and regulation of the payments system as well as plans to update the core payments infrastructure. These initiatives will position the Canadian payments system to more effectively support a modern and vibrant economy by serving the payments needs of Canadians safely and efficiently as the payments industry continues to evolve. -
May 14, 2015
The “Bank” at the Bank of Canada
In this article, we describe the various types of banking services (payments, settlement and safekeeping) that the Bank of Canada provides to different types of clients (the Government of Canada, financial market infrastructures, financial institutions, foreign central banks and the Canada Deposit Insurance Corporation). We also explain the reasons the Bank provides these services and how this role supports its core mandates, in particular financial stability. Finally, we explore the factors driving the growth and evolution in the provision of these banking services. -
May 14, 2015
The Use of Cash in Canada
The Bank of Canada’s 2013 Methods-of-Payment Survey indicates that the share of cash in the overall number of retail transactions has continued to decrease, mainly because of increased use of contactless credit cards. The share of cash in the total value of retail transactions was virtually unchanged from 2009 to 2013. In particular, the value share of cash transactions above $50 increased. Automated banking machines (ABMs), still the major source of cash for Canadians, were used less often in 2013 than in 2009. Cash use in Canada is broadly similar to that in Australia and the United States. -
April 15, 2015
Monetary Policy Report – April 2015
Real GDP in Canada is expected to grow by 1.9 per cent in 2015 and 2.5 per cent in 2016 and by 2.0 per cent in 2017. -
April 6, 2015
Business Outlook Survey - Spring 2015
In the spring Business Outlook Survey, lower oil prices continue to dampen the overall sales outlook of firms, weighing on investment and hiring intentions. However, a majority of businesses are benefiting from the strong economic outlook in the United States and the boost in competitiveness from the weaker Canadian dollar. -
April 6, 2015
Senior Loan Officer Survey - First-Quarter 2015
The survey results indicate that, overall, business-lending conditions were broadly unchanged during the first quarter of 2015, but tightened for the oil and gas sector.” -
March 27, 2015
Annual Report 2014
In 2014, inflation remained very close to target, the economy grew at a reasonable pace and there was no material increase in financial stability risks. Nonetheless, the economy still struggled against significant global headwinds. The 2014 Annual Report highlights the Bank of Canada’s key activities and achievements over the year, including a message from Governor Stephen S. Poloz, Management’s Discussion and Analysis, and the 2014 Financial Statements.