January 30, 2020 Monetary Policy and Financial Vulnerabilities Remarks Paul Beaudry Université Laval Québec, Québec Deputy Governor Paul Beaudry discusses how financial vulnerabilities present a challenge for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions Staff discussion paper 2020-7 Robert Amano, Thomas J. Carter, Lawrence L. Schembri We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E5, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
November 19, 2015 A Survey of Consumer Expectations for Canada Bank of Canada Review - Autumn 2015 Marc-André Gosselin, Mikael Khan The Bank of Canada recently launched a quarterly survey to measure the expectations of Canadian households: the Canadian Survey of Consumer Expectations (CSCE). The data collected provide comprehensive information about consumer expectations for and uncertainty about inflation, the labour market and household finance. This article describes the CSCE and illustrates its potential to offer rich information about Canadian consumers for researchers and policy-makers. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): D, D1, D12, D8, D84, E, E3, E31, E5, E52, J, J0
June 8, 2017 Financial System Review - June 2017 This issue of the Financial System Review reflects the Bank’s judgment that household indebtedness and housing market imbalances–the most important vulnerabilities for the Canadian financial system–have moved higher over the past six months. However, the financial system remains resilient, and macroeconomic conditions continue to improve. Other vulnerabilities discussed in this FSR are fragile fixed-income market liquidity and the capacity of an interconnected financial system to mitigate cyber threats. Content Type(s): Publications, Financial Stability Report
November 13, 2014 Money in a Digital World Remarks Carolyn A. Wilkins Wilfrid Laurier University Waterloo, Ontario Senior Deputy Governor Carolyn Wilkins discusses the benefits and risks of e-money - including cryptocurrencies - and the Bank of Canada’s role. Content Type(s): Press, Speeches and appearances, Remarks
Monetary Policy, Private Debt and Financial Stability Risks Staff working paper 2016-59 Gregory Bauer, Eleonora Granziera Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses obtained from a panel VAR model of 18 advanced countries suggest that the debt-to-GDP ratio rises in the short run following an unexpected tightening in monetary policy. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C21, C23, E, E5, E52, E58 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Monetary policy framework and transmission
Unpacking Moving: A Quantitative Spatial Equilibrium Model with Wealth Staff working paper 2023-34 Elisa Giannone, Qi Li, Nuno Paixão, Xinle Pang We propose a model to understand low observed migration rates by considering the interaction between location and wealth decisions. We look at different policies and find that temporary moving vouchers only slightly increase welfare, while lower housing regulations can decrease the welfare gap by lowering house prices nationwide. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G5, G51, R, R1, R12, R13, R2, R3, R31, R5, R52 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply
April 16, 2006 Bank of Canada Review - Spring 2006 Cover page Depression Scrip The examples of Depression scrip illustrated here are part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
What we can learn by linking firms’ reported emissions with their financial data Staff analytical note 2023-4 Matthew Ackman, Timothy Grieder, Callie Symmers, Geneviève Vallée We analyze the financial statements and stock prices of publicly traded firms incorporated in Canada that report greenhouse gas emissions. We find that these firms primarily use equity financing. We also find that equity investors increasingly account for firms’ emissions when making investment decisions but the impact appears small. This suggests that assets exposed to climate change remain at risk of a sudden repricing. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G3, Q, Q5 Research Theme(s): Financial system, Financial stability and systemic risk, Structural challenges, Climate change
May 16, 2013 Bank of Canada Review - Spring 2013 This issue includes analysis of the unconventional monetary policies recently implemented by central banks, and also presents Bank research in two areas - the migration of labour between economic regions in Canada, and the asset-allocation and funding decisions for Canada’s foreign exchange reserves. Content Type(s): Publications, Bank of Canada Review