November 13, 2015 Weekly Financial Statistics - 13 November 2015 Content Type(s): Publications, Historical: Weekly Financial Statistics
November 13, 2015 Bank of Canada Focuses Strategic Plan on Innovation, Says Senior Deputy Governor Wilkins Media Relations Toronto, Ontario The Bank of Canada is putting innovative thinking at the heart of its corporate strategy through an ambitious research agenda and initiatives to engage people outside the Bank, Senior Deputy Governor Carolyn Wilkins said today. “Confident as we are in how we do things now, the Bank keeps its eyes on the future,” she said […] Content Type(s): Press, Press releases
November 13, 2015 Innovation, Central-Bank Style Remarks Carolyn A. Wilkins Rotman School of Management and Munk School of Global Affairs Toronto, Ontario Senior Deputy Governor Wilkins discusses how the Bank is tackling the most important strategic challenges facing central banks today and how innovative thinking is critical to its success. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Credibility, Economic models, Exchange rate regimes, Inflation targets, Monetary policy framework
Forward Guidance at the Effective Lower Bound: International Experience Staff Discussion Paper 2015-15 Karyne B. Charbonneau, Lori Rennison Forward guidance is one of the policy tools that a central bank can implement if it seeks to provide additional monetary stimulus when it is operating at the effective lower bound (ELB) on interest rates. It became more widely used during and after the global financial crisis. Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E4, E43, E5, E52, E58, E6
Quantitative Easing as a Policy Tool Under the Effective Lower Bound Staff Discussion Paper 2015-14 Abeer Reza, Eric Santor, Lena Suchanek This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB. Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, International topics, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E5, E52, E58, E6, E61, E65, N, N1, N10
Foreign Flows and Their Effects on Government of Canada Yields Staff Analytical Note 2015-1 Bruno Feunou, Jean-Sébastien Fontaine, James Kyeong, Jesus Sierra Foreign investment flows into Government of Canada (GoC) bonds have surged since the financial crisis. Our empirical analysis suggests that foreign flows of $150 billion lowered the 10-year GoC bond yield by 100 basis points between 2009 and 2012. Content Type(s): Staff research, Staff analytical notes Topic(s): International financial markets, International topics, Monetary policy transmission JEL Code(s): F, F3, F32