February 2, 2012 Banking Crises and Contagion: Empirical Evidence Financial System Review - December 2002 Eric Santor Content Type(s): Publications, Financial System Review articles
June 7, 2018 Financial System Review: Assessment of Vulnerabilities and Risks—June 2018 This issue of the Financial System Review reflects the Bank’s judgment that high household indebtedness and housing market imbalances remain the most important vulnerabilities. While these vulnerabilities remain elevated, policy measures continue to improve the resilience of the financial system. A third vulnerability highlighted in the FSR concerns cyber threats to an interconnected financial system. Content Type(s): Publications, Financial Stability Report
December 8, 2011 Strengthening Bank Management of Liquidity Risk: The Basel III Liquidity Standards Financial System Review - December 2011 Natasha Khan, Tamara Gomes Content Type(s): Publications, Financial System Review articles
Potential output and the neutral rate in Canada: 2021 update Staff Analytical Note 2021-6 Dany Brouillette, Guyllaume Faucher, Martin Kuncl, Austin McWhirter, Youngmin Park We expect potential output growth to be higher than in the October 2020 reassessment. By 2024, growth will be slightly above its average growth from 2010 to 2019. We assess that the Canadian nominal neutral rate continues to lie in the range of 1.75 to 2.75 percent. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Economic models, Interest rates, Labour markets, Monetary policy, Potential output, Productivity JEL Code(s): E, E2, E23, E24, E3, E37, E4, E43, E5, E52
Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy Staff Working Paper 2013-41 Ianthi Vayid The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Credibility, Financial stability, Inflation targets, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E5, E52, E58
CBDC in the Market for Payments at the Point of Sale: Equilibrium Impact and Incumbent Responses Staff Working Paper 2024-52 Walter Engert, Oleksandr Shcherbakov, André Stenzel We simulate introducing a central bank digital currency (CBDC) and consider consumer adoption, merchant acceptance and usage at the point of sale. Modest adoption frictions significantly inhibit CBDC market penetration along all three dimensions. Incumbent responses to restore pre-CBDC market shares are moderate to small and further reduce the impact of a CBDC. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): C, C5, C51, D, D1, D12, E, E4, E42, L, L1, L14, L5, L52
August 16, 2012 Bank of Canada Review - Summer 2012 This issue features three articles that present research and analysis by Bank of Canada staff. The first updates previous Bank estimates of measurement bias in the Canadian consumer price index; the second uses a new term-structure model to analyze the relationship between the short-term policy rate and long-term interest rates; and the third examines indicators of balance-sheet risks at financial institutions in Canada. Content Type(s): Publications, Bank of Canada Review
Measurement Bias in the Canadian Consumer Price Index Staff Working Paper 2005-39 James Rossiter The consumer price index (CPI) is the most commonly used measure of inflation in Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Inflation targets JEL Code(s): E, E3, E31, E5, E52
Money Talks: How Foreign and Domestic Monetary Policy Communications Move Financial Markets Staff Working Paper 2025-33 Rodrigo Sekkel, Henry Stern, Xu Zhang We construct a dataset on Federal Reserve and Bank of Canada non-rate announcement events to provide novel insights into how foreign and domestic monetary policy communications affect the financial markets of open economies. We find that Fed non-rate communications have a stronger impact on long-term interest rates and stock futures, while Bank of Canada communications are relatively more important for short-term interest rates and the exchange rate. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Central bank research, Exchange rates, Financial markets, Interest rates, International financial markets, Monetary policy JEL Code(s): E, E5, E52, F, F3, F31, G, G1, G15
April 15, 2015 Monetary Policy Report – April 2015 Real GDP in Canada is expected to grow by 1.9 per cent in 2015 and 2.5 per cent in 2016 and by 2.0 per cent in 2017. Content Type(s): Publications, Monetary Policy Report