February 7, 2023 Bank of Canada Media Interview – Bloomberg News Tiff Macklem, Governor of the Bank of Canada, gave an interview to Erik Hertzberg of Bloomberg News. Content Type(s): Press, Media advisories
Introducing the Bank of Canada’s Market Participants Survey Staff Analytical Note 2023-1 Annick Demers, Tamara Gomes, Stephane Gignac The Market Participants Survey (MPS) gathers financial market participants’ expectations for key macroeconomic and financial variables and for monetary policy. This staff analytical note describes the MPS’s objectives and main features, its process and design, and how Bank of Canada staff use the results. Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, Monetary policy and uncertainty, Recent economic and financial developments JEL Code(s): C, C8, C83, E, E4, E44, E5, E52, E58, G, G1, G12, G14
(Un)Conventional Monetary and Fiscal Policy Staff Working Paper 2023-6 Jing Cynthia Wu, Yinxi Xie We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments. Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E4, E6, E61, E62, E63
January 27, 2023 Bank of Canada announces change to maximum bid rate for securities repo operations The Bank of Canada is announcing a change to the pricing of the securities repo operations (SRO). Content Type(s): Press, Market notices
January 25, 2023 Monetary Policy Report Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements
January 25, 2023 Bank of Canada Media Interview – Reuters Tiff Macklem, Governor of the Bank of Canada, gave an interview to Steve Scherer and David Ljunggren of Reuters. Content Type(s): Press, Media advisories
January 25, 2023 Bank of Canada interest rate announcement and release of the Monetary Policy Report On Wednesday, January 25, 2023, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision. Content Type(s): Press, Media advisories
Summaries of Central Bank Policy Deliberations: A Canadian Context Staff Discussion Paper 2023-2 Monica Jain, Walter Muiruri, Jonathan Witmer, Sharon Kozicki, Jeremy Harrison This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations. Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy communications JEL Code(s): D, D8, D83, E, E5, E58
May 18, 2023 Release of the Financial System Review Opening statement Tiff Macklem, Carolyn Rogers Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Interest rates, International financial markets, Recent economic and financial developments, Wholesale funding
May 18, 2023 Financial System Review—2023 Tiff Macklem, Carolyn Rogers, Paul Beaudry, Toni Gravelle, Sharon Kozicki, Nicolas Vincent The adjustment to higher interest rates is exposing vulnerabilities in the global financial system. Recent banking sector stresses serve as a reminder that risks can arise and spread quickly. Key areas of concern are bank funding, liquidity in fixed income markets, and households’ ability to service their debts. Other financial system concerns relate to cyber attacks, climate change and cryptoasset markets. Content Type(s): Publications, Financial Stability Report