August 26, 2020 Towards the 2021 Renewal of the Bank of Canada’s Monetary Policy Framework As part of the 2021 renewal of the Bank of Canada’s inflation-control agreement with the Government of Canada, Bank staff are currently comparing several monetary policy frameworks. The primary goal of this day-long workshop is to share—and receive comments on—these comparisons. Content Type(s): Conferences and workshops Topic(s): Inflation targets, Monetary policy, Monetary policy framework
August 10, 2020 Operational details for upcoming secondary market purchases of Government of Canada securities (August 17-August 28) 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
Is the stock market pricing in a V‑shaped recovery? Staff Analytical Note 2020-17 James Kyeong Major stock indexes have bounced back from their March 23 trough to about 10 percent below their peaks. However, stocks that are more sensitive to the business cycle have not performed as well during this market rally. This suggests that stock markets are pricing in a slower, shallower economic recovery. Content Type(s): Staff research, Staff analytical notes Topic(s): Asset pricing, Financial markets JEL Code(s): E, E4, E44, G, G1, G12, G14
May 19, 2021 Understanding the consumer price index The consumer price index (CPI) tracks how much the average Canadian household spends, and how that changes over time. At the Bank of Canada, we use it to target inflation. Content Type(s): Explainers Topic(s): Inflation and prices, Inflation targets
June 3, 2020 Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve Media Relations Ottawa, Ontario The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. Content Type(s): Press, Press releases
May 26, 2020 Opening Statement before the Senate National Finance Committee Opening statement Stephen S. Poloz Senate National Finance Committee Ottawa, Ontario Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I welcome the opportunity to appear before you to discuss the Bank of Canada’s actions in response to the coronavirus pandemic. Since the pandemic began, the Bank has had two goals in mind. In the short term, we have been working to help […] Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19), Financial stability, Monetary policy, Monetary policy transmission, Recent economic and financial developments
Privacy in CBDC technology Staff Analytical Note 2020-9 Sriram Darbha, Rakesh Arora Privacy is a key aspect of a potential central bank digital currency system. We outline different technical choices to enact various privacy models while complying with the appropriate regulations. We develop a framework to evaluate privacy models and list key risks and trade-offs in privacy design. Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E4, E42, E5, E51, O, O3
May 25, 2020 Risk management approach will help guide policy through unknowable times, Governor Poloz says Media Relations Edmonton, Alberta A risk management approach to monetary policy will help guide the Bank of Canada’s actions as the economy goes through extreme uncertainty stemming from the COVID-19 pandemic, Governor Stephen S. Poloz said today. Content Type(s): Press, Press releases
May 22, 2020 Our COVID-19 response: Policy actions Timothy Lane In the days and weeks since the COVID-19 pandemic came to Canada, the Bank of Canada has been taking action to ensure our economy and financial system are weathering the unprecedented shock of the shutdown. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Coronavirus disease (COVID-19)
May 21, 2020 Quarterly Financial Report - First Quarter 2020 Quarterly Financial Report - First Quarter 2020 - For the period ended March 31, 2020 Content Type(s): Publications, Quarterly Financial Report