Monetary Policy and the Persistent Aggregate Effects of Wealth Redistribution Staff Working Paper 2021-38 Martin Kuncl, Alexander Ueberfeldt Monetary policy in the presence of nominal debt and labour supply heterogeneity creates a policy trade-off: a short-term economic stimulus leads to persistently reduced output over the medium term. Price-level targeting weakens this trade-off and is better able to stabilize inflation and output than inflation targeting. Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy framework, Monetary policy transmission JEL Code(s): E, E2, E21, E5, E50
Estimating Large-Dimensional Connectedness Tables: The Great Moderation Through the Lens of Sectoral Spillovers Staff Working Paper 2021-37 Felix Brunner, Ruben Hipp Understanding the size of sectoral links is crucial to predicting the impact of a crisis on the whole economy. We show that statistical learning techniques substantially outperform traditional estimation techniques when measuring large networks of these links. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C2, C22, C5, C52, E, E2, E23, E27
July 31, 2021 Research Update - July 2021 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
July 29, 2021 Bank of Canada publishes its 2022 schedule for policy interest rate announcements, the release of the Monetary Policy Report and other major publications Media Relations Ottawa, Ontario The Bank of Canada today published its 2022 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year. Content Type(s): Press, Press releases
July 28, 2021 Bank of Canada appoints Ron Morrow as Executive Director – Retail Payments Supervision Media Relations Ottawa, Ontario The Bank of Canada today announced the appointment of Ron Morrow as Executive Director – Retail Payments Supervision, effective August 9, 2021. Content Type(s): Press, Press releases Topic(s): Retail payments supervision
July 27, 2021 CFEC Releases Results of April 2021 Foreign Exchange Volume Survey The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2021 semi-annual survey of foreign exchange volumes in Canada. Content Type(s): Press, Market notices Source(s): Canadian Foreign Exchange Committee
July 26, 2021 Operational details for upcoming secondary market purchases of Government of Canada securities (August 3-13) 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). Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program
July 26, 2021 CARR Meeting (July 26, 2021) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group