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December 15, 2015

Residential Mortgage Securitization in Canada: A Review

Residential mortgage securitization plays an important role in the Canadian system of housing finance, especially given the rising share of government-supported (i.e., public) securitization over the past 15 years. Mordel and Stephens analyze the evolution of two types of mortgage securitization in Canada— private and public — focusing in particular on the underlying public policy and economic benefits of the latter. They review the potential implications of the extent of public securitization and conclude with a discussion of policies that could be considered to reinvigorate private securitization in Canada.

Tractable Term Structure Models

We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time-series dynamics but that is also tractable, meaning amenable to quick and robust estimation.

Harriet Jackson

Harriet Jackson was appointed Advisor and Chief of Staff to the Senior Deputy Governor, effective March 25, 2024.
Department(s): Executive

Credit Conditions and Consumption, House Prices and Debt: What Makes Canada Different?

Staff Working Paper 2015-40 John Muellbauer, Pierre St-Amant, David Williams
There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channels in Canada would have important implications for monetary policy transmission.
November 13, 2015

Rotman School of Management and the Munk School of Global Affairs - Speech (Audio)

Innovation, Central-Bank Style - Senior Deputy Governor Carolyn Wilkins speaks before the Rotman School of Management and the Munk School of Global Affairs (University of Toronto). (08:05 (ET) approx.)

November 13, 2015

Rotman School of Management and the Munk School of Global Affairs - Speech (Video)

Innovation, Central-Bank Style - Senior Deputy Governor Carolyn Wilkins speaks before the Rotman School of Management and the Munk School of Global Affairs (University of Toronto). (08:05 (ET) approx.)

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