Interbank Asset-Liability Networks with Fire Sale Management Staff Working Paper 2020-41 Zachary Feinstein, Grzegorz Halaj Raising liquidity when funding is stressed creates pressure on the financial market. Liquidating large quantities of assets depresses their prices and may amplify funding shocks. How do banks weathering a funding crisis contribute to contagion risk? Content Type(s): Staff research, Staff working papers Topic(s): Financial stability, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C6, C62, C63, C7, C72, G, G0, G01, G1, G11
Forward Guidance and Expectation Formation: A Narrative Approach Staff Working Paper 2020-40 Christopher S. Sutherland How exactly does forward guidance influence interest rate expectations? Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Monetary policy, Monetary policy communications, Monetary policy transmission JEL Code(s): D, D8, D83, D84, E, E3, E37, E5, E52, E58
September 23, 2020 Conference on Diversity and Inclusion in Economics, Finance, and Central Banking Jointly sponsored by the Bank of Canada, Bank of England, European Central Bank and Federal Reserve Board, the conference was held on September 23 and 24, 2020 at the Board of Governors of the Federal Reserve System. Content Type(s): Conferences and workshops
The New Benchmark for Forecasts of the Real Price of Crude Oil Staff Working Paper 2020-39 Amor Aniss Benmoussa, Reinhard Ellwanger, Stephen Snudden How can we assess the quality of a forecast? We propose a new benchmark to evaluate forecasts of temporally aggregated series and show that the real price of oil is more difficult to predict than we thought. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C1, C5, C53, Q, Q4, Q47
September 21, 2020 Operational details for upcoming secondary market purchases of Government of Canada securities (September 28-October 9) 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
Cyclicality of Schooling: New Evidence from Unobserved Components Models Staff Working Paper 2020-38 Barbara Sadaba, Sunčica Vujič, Sofia Maier What is the time-varying impact of economic cycles on decisions to invest in human capital? Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C32, E, E3, I, I2, J, J2
September 17, 2020 Bank of Canada Senior Deputy Governor Carolyn A. Wilkins will not seek second term Media Relations Ottawa, Ontario The Board of Directors of the Bank of Canada announced today that Senior Deputy Governor Carolyn A. Wilkins informed them that she will not seek a second term. Content Type(s): Press, Press releases