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The Bank of Canada has announced the five finalist teams in the 2022–23 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.

We revisit an old question: how do financial constraints affect the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines firm-level employment and balance sheet data, identified monetary policy shocks and survey data on financing activities.

Speaking a day after the Bank of Canada’s latest interest rate decision, Deputy Governor Sharon Kozicki discusses the current state of the economy and talks about how the Bank is improving both its use of data and the way we communicate with Canadians.

Speaking a day after the Bank of Canada decided to raise our policy interest rate, Deputy Governor Sharon Kozicki discusses the current state of the economy. She also talks about how we are improving our transparency with Canadians.

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%.

We strive to be accessible to everyone, so let us know how we’re doing. Share your feedback with us, and learn about how that feedback will be used.

At the Bank of Canada, we recognize that accessibility is an ongoing and central element of being an inclusive organization. That’s why the plan we’ve developed to continue improving our accessibility builds on our inclusive mindset and practices.