Risk and State-Dependent Financial Frictions Staff Working Paper 2022-37 Martin Harding, Rafael Wouters Using a nonlinear New Keynesian model with a financial accelerator, we show that financial frictions generate large state-dependent amplification effects. Shocks propagate more strongly in periods of financial stress. We propose an endogenous regime-switching DSGE framework for efficient estimation and improved model fit. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Credit and credit aggregates, Financial stability, Monetary policy JEL Code(s): E, E5, E52, E58
July 29, 2022 CFEC Releases Results of April 2022 Foreign Exchange Volume Survey The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2022 semi-annual survey of foreign exchange volumes in Canada. Content Type(s): Press, Market notices Source(s): Canadian Foreign Exchange Committee
July 26, 2022 Bank of Canada publishes 2023 schedule for interest rate announcements Media Relations Ottawa, Ontario The Bank of Canada today published its 2023 schedule for the release of its policy interest rate decisions and quarterly Monetary Policy Report. Content Type(s): Press, Press releases
April 26, 2023 Release of the Bank of Canada’s summary of deliberations On Wednesday, April 26, 2023, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on April 12, 2023. Content Type(s): Press, Media advisories
April 24, 2023 Market Participants Survey—First Quarter of 2023 The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. Content Type(s): Publications, Market Participants Survey
April 24, 2023 The Bank of Canada releases its Annual Report for 2022 Media Relations Ottawa, Ontario The Bank of Canada’s Annual Report for 2022 was tabled in the House of Commons today. Content Type(s): Press, Press releases
April 24, 2023 Bank of Canada Disclosure of Climate-Related Risks 2022 This report lays out elements of the Bank’s strategy related to climate change and details how the issue will be managed holistically across the organization, following the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. Content Type(s): Publications, Disclosure of Climate-Related Risks
From LVTS to Lynx: Quantitative Assessment of Payment System Transition Staff Working Paper 2023-24 Ajit Desai, Zhentong Lu, Hiru Rodrigo, Jacob Sharples, Phoebe Tian, Nellie Zhang We quantitatively assess the changes in participants’ payment behaviour from modernizing Canada's high-value payments system to Lynx. Our analysis suggests that Lynx's liquidity-saving mechanism encourages liquidity pooling and early payments submission, resulting in improved efficiency for participants but with slightly increased payment delays. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C1, C10, E, E4, E42, G, G2, G28
April 18, 2023 Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada On Tuesday, April 18, 2023, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers. Content Type(s): Press, Media advisories