Posts

• Alternative Futures for Government of Canada Debt Management

  Staff Discussion Paper 2018-15 Corey Garriott, Sophie Lefebvre, Guillaume Nolin, Francisco Rivadeneyra, Adrian Walton

  This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): G, G1, G12, G2, G24, H, H6, H63

• GDP by Industry in Real Time: Are Revisions Well Behaved?

  Staff Analytical Note 2018-40 Patrick Rizzetto

  The monthly data for real gross domestic product (GDP) by industry are used extensively in real time both to ground the Bank of Canada’s monitoring of economic activity and in the Bank’s nowcasting tools, making these data one of the most important high-frequency time series for Canadian nowcasting.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Central bank research, Econometric and statistical methods JEL Code(s): C, C5, C53, C8, C82, E, E0, E01
• December 6, 2018

  Year-End Economic Progress Report: Financial Vulnerabilities in Focus

  Remarks Stephen S. Poloz CFA Toronto Toronto, Ontario

  Governor Poloz talks about how household debt levels and housing markets played a role in the latest interest-rate decision.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Financial stability, Housing, Monetary policy, Recent economic and financial developments
• December 6, 2018

  Governor Poloz speaks on financial vulnerabilities and risks to the economy

  Speech summary Stephen S. Poloz CFA - Toronto Toronto, Ontario

  In his final speech of 2018, Governor Stephen S. Poloz discusses the vulnerabilities and risks in Canada’s financial system as well as Canadian and global economic developments. He explains how all this was taken into account in the December interest rate decision.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Financial stability, Housing, Monetary policy, Recent economic and financial developments

• The Impact of Surprising Monetary Policy Announcements on Exchange Rate Volatility

  Staff Analytical Note 2018-39 Adam Albogatchiev, Jean-Sébastien Fontaine, Jabir Sandhu, Reginald Xie

  We identify a few Bank of Canada press releases that had the largest immediate impact on the exchange rate market. We find that volatility increases after these releases, but the effect is short-lived and mostly dissipates after the first hour, on average. Beyond the first hour, the size of the effect is similar to what we observe for other economic releases, such as those for inflation or economic growth data.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Exchange rates, Financial markets, Monetary policy JEL Code(s): E, E4, E44, F, F3, F31, G, G1, G10, G12, G14, G15

• Does US or Canadian Macro News Drive Canadian Bond Yields?

  Staff Analytical Note 2018-38 Bruno Feunou, Rodrigo Sekkel, Morvan Nongni-Donfack

  We show that a large share of low-frequency (quarterly) movements in Canadian government bond yields can be explained by macroeconomic news, even though high-frequency (daily) changes are driven by other shocks. Furthermore, we show that US macro news—not domestic news— explains most of the quarterly variation in Canadian bond yields.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, International topics, Monetary policy JEL Code(s): C, C2, C22, E, E4, E43
• December 5, 2018

  Bank of Canada maintains overnight rate target at 1 ¾ per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

  Content Type(s): Press, Press releases
• December 4, 2018

  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 Paul Beaudry as Deputy Governor, effective February 18, 2019.

  Content Type(s): Press, Press releases
• November 30, 2018

  Research Update - November 2018

  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.

  Content Type(s): Staff research, Research newsletters
• November 29, 2018

  Launch of the new exhibition A Noteworthy Woman

  Remarks Carolyn A. Wilkins Bank of Canada Museum Ottawa, Ontario

  Senior Deputy Governor Carolyn A. Wilkins delivers remarks at the launch of the new Bank of Canada Museum exhibition A Noteworthy Woman, which depicts the life of Viola Desmond, the first Canadian woman to appear on a regular bank note.

  Content Type(s): Press, Speeches and appearances, Remarks