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December 12, 1998

Conference summary: Information in financial asset prices

This article summarizes the proceedings of a conference hosted by the Bank of Canada in May 1998. This was the second Bank conference to focus directly on issues concerning financial markets. The topic for 1998—the extraction of information from the prices of financial assets—has been an area of extensive research by central banks worldwide because of its connection to monetary policy. The Bank wanted to encourage such work by Canadian researchers as well as solicit feedback on work conducted internally. It also wanted to broaden the understanding of the interplay in the markets between central banks and other participants. It therefore assembled a wide mix of researchers, central bankers, and market participants. The summary briefly outlines the papers presented as well as the wrap-up discussion.

Announcing the Bankers’ Acceptance Purchase Facility: a COVID‑19 event study

Staff analytical note 2020-23 Rohan Arora, Sermin Gungor, Kaetlynd McRae, Jonathan Witmer
The Bank of Canada launched the Bankers’ Acceptance Purchase Facility (BAPF) to ensure that the bankers’ acceptance (BA) market could continue to function well during the financial crisis induced by the COVID‑19 pandemic. We review the impact that the announcement of this facility had on BA yields in the secondary market. We find that BA yield spreads declined by 15 basis points on the day of the announcement and by up to 70 basis points over a longer period. Using an econometric framework, we quantify the effect of the announcement and confirm early assertions presented in the Bank’s 2020 Financial System Review.
April 3, 2023

Canadian Survey of Consumer Expectations—First Quarter of 2023

Results in the first quarter of 2023 show that consumer expectations for inflation one to two years ahead fell but remain elevated, particularly for services. Consumers, especially indebted households and equity-deserving groups, are facing financial pressures and limits on their spending due to high inflation and increasing interest rates. Consumers expect to spend less on discretionary services, such as travelling and eating out. Canadians continue to anticipate a recession in the next 12 months. Many are uncertain about where the economy and job markets are going. Despite this, workers still see the labour market as strong and expect wage growth to increase.
July 15, 2024

Canadian Survey of Consumer Expectations—Second Quarter of 2024

Consumers’ perceptions of inflation are unchanged from a quarter ago, but their expectations for near-term inflation declined significantly. While both measures have improved substantially in recent quarters, they remain higher than they were before the COVID‑19 pandemic. Most consumers continue to think that domestic factors are contributing to high inflation. Sentiment remains subdued and unchanged from last quarter, as high inflation and elevated interest rates continue to constrain people’s budgets. Perceived financial stress remains high, most consumers continue to report spending cuts, and pessimism about future economic conditions persists. Canadians’ perceptions of the labour market have weakened this quarter, especially among private sector employees. Yet overall wage growth expectations reached a new survey high, driven by public sector employees.

The Contingent Term Repo Facility: Lessons learned and an update

Staff analytical note 2025-12 Jessie Ziqing Chen, Parnell Chu, Scott Kinnear
In 2024, the Bank of Canada reviewed and updated its Contingent Term Repo Facility policy, incorporating lessons learned from the COVID-19 pandemic and other global market developments, such as the UK gilt crisis in September 2022. This paper accompanies the March 17, 2025, Contingent Term Repo Facility market notice and provides background information and further details about the design of the revised policy.

Will Asset Managers Dash for Cash? Implications for Central Banks

We consider ways central banks could adapt in the event of an increased risk of a dash for cash from asset managers. We explore ideas such as new facilities that ease asset managers’ ability to convert existing assets to cash or new assets with liquidity that central banks would guarantee.
March 30, 2005

Canada's Competitiveness: The Importance of Investing in Skills

Remarks David Dodge Humber College Institute of Technology & Advanced Learning Toronto, Ontario
Productivity plays a critical role when it comes to our national standard of living. Productivity growth is the main element that contributes to continued improvements in real incomes and overall prosperity. Rising productivity lets businesses pay higher wages, while keeping costs down, employment high, and profits coming in. That's why economists like me spend a lot of time thinking about ways to improve the productivity of our economy.
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