March 19, 2023 Coordinated Central Bank Action to Enhance the Provision of U.S. Dollar Liquidity The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. Content Type(s): Press, Announcements
March 20, 2023 Bank of Canada announces the recipients of the 2023 Fellowship Program Awards Learn about the recipients of the Fellowship and Governor’s Awards for 2023. Content Type(s): Press, Announcements Source(s): Fellowship Program
March 22, 2023 Release of the Bank of Canada’s summary of deliberations On Wednesday, March 22, 2023, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on March 8, 2023. Content Type(s): Press, Media advisories
We Didn’t Start the Fire: Effects of a Natural Disaster on Consumers’ Financial Distress Staff Working Paper 2023-15 Anson T. Y. Ho, Kim Huynh, David T. Jacho-Chávez, Geneviève Vallée We use detailed consumer credit data to investigate the impact of the 2016 Fort McMurray wildfire, the costliest wildfire disaster in Canadian history, on consumers’ financial stress. We focus on the arrears of insured mortgages because of their important implications for financial institutions and insurers’ business risk and relevant management practices. Content Type(s): Staff research, Staff working papers Topic(s): Climate change, Credit and credit aggregates, Econometric and statistical methods, Financial stability JEL Code(s): C, C2, C21, D, D1, D12, G, G2, G21, Q, Q5, Q54
February 27, 2023 CARR Meeting (February 27, 2023) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
February 24, 2023 Bank of Canada announces 2022–23 scholarship recipients Media Relations Ottawa, Ontario The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students, LGBTQ2S+ students, francophones and students who identify as a woman or as a member of a visible minority or racialized group. Content Type(s): Press, Press releases Source(s): Scholarship awards
On the Fragility of DeFi Lending Staff Working Paper 2023-14 Jonathan Chiu, Emre Ozdenoren, Kathy Yuan, Shengxing Zhang We develop a dynamic model to capture key features of decentralized finance lending. We identify a price-liquidity feedback: the market outcome in any given period depends on agents' expectations about lending activities in future periods, with higher future price expectations leading to more lending and higher prices in that period. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Financial stability JEL Code(s): G, G0, G01, G1, G10
Climate Variability and International Trade Staff Working Paper 2023-8 Geoffrey R. Dunbar, Walter Steingress, Ben Tomlin This paper quantifies the impact of hurricanes on seaborne international trade to the United States. Matching the timing of hurricane–trade route intersections with monthly U.S. port-level trade data, we isolate the unanticipated effects of a hurricane hitting a trade route using two separate identification schemes: an event study and a local projection. Content Type(s): Staff research, Staff working papers Topic(s): Climate change, International topics JEL Code(s): C, C2, C22, C5, F, F1, F14, F18, Q, Q5, Q54
The 2021–22 Surge in Inflation Staff Discussion Paper 2023-3 Oleksiy Kryvtsov, James (Jim) C. MacGee, Luis Uzeda The rise in inflation in 2021–22 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages. Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, Inflation targets, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58
January 25, 2023 Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. Content Type(s): Press, Press releases