Scenario Analysis and the Economic and Financial Risks from Climate Change Staff Discussion Paper 2020-3 Erik Ens, Craig Johnston This paper adapts climate-economy models that have been applied in other contexts for use in climate-related scenario analysis. We consider illustrative scenarios for the global economy that could generate economic and financial risks. Our results suggest there are significant economic risks from climate change and the move to a low-carbon economy. Content Type(s): Staff research, Staff discussion papers Topic(s): Climate change, Economic models, Financial stability, International topics JEL Code(s): C, C6, C68, D, D5, D58, E, E5, E50, O, O4, O44, P, P1, P18, Q, Q4, Q5, Q54, Q55
Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation Staff Working Paper 2020-17 Xing Guo This paper identifies aggregate financial shocks and quantifies their effects on business investment based on an estimated DSGE model with firm-level heterogeneity. On average, financial shocks contribute only 3% of the variation in U.S. public firms’ aggregate investment. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Firm dynamics JEL Code(s): E, E1, E12, E2, E22, G, G3, G31, G32
May 19, 2020 Reporting on Provincial Bond Purchase Program purchases The Bank of Canada has updated its reporting on assets purchased for the Provincial Bond Purchase Program (PBPP). The PBPP supports the liquidity and efficiency of provincial government funding markets. Content Type(s): Press, Market notices Source(s): Provincial Bond Purchase Program
May 19, 2020 Operational details for the Corporate Bond Purchase Program As announced on April 15, 2020, the Bank of Canada is launching its Corporate Bond Purchase Program (CBPP), effective May 26, 2020. Content Type(s): Press, Market notices Source(s): Corporate Bond Purchase Program
May 15, 2020 Release of the 2019 Bank of Canada FMI Oversight Activities Annual Report The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2019 Annual Report (the Report) on its oversight of payment clearing and settlement systems, which are also known as financial market infrastructures (FMIs). Content Type(s): Press, Market notices
May 14, 2020 Corporate Bond Purchase Program (CBPP) – Term Sheet Read the terms and conditions of the Corporate Bond Purchase Program.
May 14, 2020 Corporate Bond Purchase Program – List of Eligible Sectors and Issuers Corporate issuers in Canada that have outstanding bonds in the secondary market eligible for the Bank’s CBPP.
May 14, 2020 Corporate Bond Purchase Program The Corporate Bond Purchase Program (CBPP) supports the liquidity and proper functioning of the corporate debt market, by purchasing bonds through a tender process in the secondary market.
May 14, 2020 Release of the Financial System Review Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Credit and credit aggregates, Financial markets, Financial stability, Financial system regulation and policies, Recent economic and financial developments