Stress Testing the Corporate Loans Portfolio of the Canadian Banking Sector Staff Working Paper 2006-47 Miroslav Misina, David Tessier, Shubhasis Dey Stress testing, at its most general level, is an investigation of the performance of an entity under abnormal operating conditions. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): C, C1, C15, G, G2, G21, G3, G33
Transaction Costs, the Value of Convenience, and the Cross-Section of Safe Asset Returns Staff Working Paper 2025-34 Ragnar Juelsrud, Plamen Nenov, Fabienne Schneider, Olav Syrstad We study the cross-section of equilibrium returns on safe assets using a tractable asset pricing model with a micro-founded demand for liquidity and multiple safe assets with heterogeneous transaction costs. We test the main predictions of our theory using a novel measure of relative (in)convenience yields in the US Treasury market. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Debt management, Financial markets, Monetary policy JEL Code(s): E, E4, E44, G, G1, G12
August 23, 2011 How People Think and How It Matters Remarks Jean Boivin Canadian Association for Business Economics Kingston, Ontario In his speech entitled “How People Think and How it Matters,” delivered to the Canadian Association for Business Economics, Deputy Governor Jean Boivin reviews various ways people form expectations and how these affect monetary policy. Content Type(s): Press, Speeches and appearances, Remarks
April 12, 2023 Monetary Policy Report – April 2023 Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024. Content Type(s): Publications, Monetary Policy Report
An Examination of Canadian Firms Delisting from U.S. Exchanges Staff Working Paper 2008-11 Jonathan Witmer This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38
February 8, 2016 Monetary Policy and Financial Stability—Looking for the Right Tools Remarks Timothy Lane HEC Montréal Montréal, Quebec Deputy Governor Tim Lane discusses the links between monetary policy and financial stability. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credit and credit aggregates, Financial stability, Financial system regulation and policies, Monetary policy framework, Sectoral balance sheet
The Canadian Neutral Rate of Interest through the Lens of an Overlapping-Generations Model Staff Discussion Paper 2023-5 Martin Kuncl, Dmitry Matveev We use a small open economy model with overlapping generations to evaluate secular dynamics of the neutral rate in Canada from 1980 to 2018. We find that changes in both foreign and domestic factors resulted in a protracted decline in the neutral rate. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Interest rates, Monetary policy JEL Code(s): E, E2, E21, E22, E4, E43, E5, E50, E52, E58, F, F4, F41
Anchored Inflation Expectations: What Recent Data Reveal Staff Working Paper 2025-5 Olena Kostyshyna, Isabelle Salle, Hung Truong We analyze micro-level data from the Canadian Survey of Consumer Expectations through the lens of a heterogeneous-expectations model to study how inflation expectations form over the business cycle. We provide new insights into how households form expectations, documenting that forecasting behaviours, attention and noise in beliefs vary across socio-demographic groups and correlate with views about monetary policy. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices JEL Code(s): D, D8, D84, E, E3, E31, E7, E70
Central Bank Forecasting: A Survey Staff Working Paper 2023-18 Carola Conces Binder, Rodrigo Sekkel We review the literature on central bank forecasting with a special focus on the Federal Reserve, European Central Bank, Bank of England and Bank of Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy JEL Code(s): E, E4, E47, E5, E52, E58
International Equity Flows and Returns: A Quantitative Equilibrium Approach Staff Working Paper 2004-42 Rui Albuquerque, Martin Schneider, Gregory Bauer The authors model trading by foreign and domestic investors in developed-country equity markets. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics, Market structure and pricing JEL Code(s): F, F3, F30, G, G1, G12, G14, G15