January 9, 2019 Monetary Policy Report Press Conference Opening Statement Opening statement Stephen S. Poloz Ottawa, Ontario Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements
January 9, 2019 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
January 9, 2019 Monetary Policy Report – January 2019 The Bank projects that Canadian economic growth will slow to 1.7 per cent this year before rebounding to 2.1 per cent in 2020. Content Type(s): Publications, Monetary Policy Report
December 31, 2018 Research Update - December 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
December 31, 2018 Summary of Government of Canada - Outstanding as at 31 December 2018 Content Type(s): Publications, Historical: Securities and loans
December 21, 2018 Business Outlook Survey—Winter 2018 Results from the winter Business Outlook Survey continue to indicate positive business sentiment and elevated capacity pressures in most regions. For firms in the Prairies, the outlook has weakened. Content Type(s): Publications, Business Outlook Survey
December 21, 2018 Senior Loan Officer Survey—Fourth Quarter of 2018 Overall household lending conditions were unchanged this quarter, although mortgage approval rates were lower. More widespread easing of business lending conditions continues to be driven by competition for corporate borrowers. Content Type(s): Publications, Senior Loan Officer Survey
December 20, 2018 The Bank’s Medium‐term Research Plan, 2019–21 Increasing the relevance and visibility of Bank research
Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting Staff Working Paper 2018-61 Gino Cateau, Malik Shukayev This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path. Content Type(s): Staff research, Staff working papers Topic(s): Credibility, Inflation targets, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52
Inference in Games Without Nash Equilibrium: An Application to Restaurants’ Competition in Opening Hours Staff Working Paper 2018-60 Erhao Xie This paper relaxes the Bayesian Nash equilibrium (BNE) assumption commonly imposed in empirical discrete choice games with incomplete information. Instead of assuming that players have unbiased/correct expectations, my model treats a player’s belief about the behavior of other players as an unrestricted unknown function. I study the joint identification of belief and payoff functions. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Market structure and pricing JEL Code(s): C, C5, C57, L, L1, L13, L8, L85