March 2, 2026 Canada’s monetary policy framework in a world of supply-driven trade-offs Remarks Sharon Kozicki Norges Bank Monetary Policy Mandate Conference Oslo, Norway Deputy Governor Sharon Kozicki discusses the challenges of setting monetary policy in a world where supply-side developments are important drivers of inflation. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
June 17, 2016 Fintech and the Financial Ecosystem: Evolution or Revolution? Remarks Carolyn A. Wilkins Payments Canada Calgary, Alberta Senior Deputy Governor Carolyn Wilkins calls for the public and private sectors to work closely together to realize fintech’s full benefits and minimize its risks. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Financial stability, Fintech
May 22, 2004 Exchange Rate Pass-Through in Industrialized Countries Bank of Canada Review - Spring 2004 Jeannine Bailliu, Hafedh Bouakez Economists' long-standing interest in the degree to which exchange rate movements are reflected in prices was rekindled in the 1970s by a combination of rising inflation and the adoption of more flexible exchange rate regimes in many industrialized countries. Specifically, there were concerns that a large currency depreciation could degenerate into an inflationary spiral. Such fears were curtailed in the 1980s and early 1990s as industrialized countries began to reduce and stabilize their inflation rates. The low-inflation period most industrialized countries entered approximately a decade ago coincided with significant exchange rate depreciations that had much smaller effects on consumer prices than expected. This led to a belief that the extent to which exchange rate movements are passed through to consumer prices has declined. In this article, the authors examine why pass-through could be incomplete and review empirical estimates to determine whether pass-through has indeed declined, suggesting possible reasons for this decline and discussing the implications for monetary policy. Content Type(s): Publications, Bank of Canada Review articles
Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers Staff discussion paper 2019-1 James Chapman, Carolyn A. Wilkins The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5, E51, E58, H, H4, P, P4, P43 Research Theme(s): Monetary policy, Monetary policy framework and transmission, Money and payments, Cash and bank notes, Digital assets and fintech, Payment and financial market infrastructures
June 21, 2007 The Impact of Electronic Trading Platforms on the Brokered Interdealer Market for Government of Canada Benchmark Bonds Financial System Review - June 2007 Natasha Khan Content Type(s): Publications, Financial System Review articles
August 19, 2010 Monetary Policy and the Zero Bound on Nominal Interest Rates Bank of Canada Review - Summer 2010 Robert Amano, Malik Shukayev The recent financial crisis and global economic slowdown have renewed interest in monetary policy options when the policy interest rate is at or near zero. Content Type(s): Publications, Bank of Canada Review articles
Three things we learned about the Lynx payment system Staff analytical note 2023-14 Nikil Chande, Zhentong Lu, Hiru Rodrigo, Phoebe Tian Canada transitioned to a new wholesale payment system, Lynx, in August 2021. Lynx is based on a real-time settlement model that eliminates credit risk in the system. This model can require more liquidity; however, Lynx’s design allows Canada’s wholesale payments to settle efficiently. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C1, C10, E, E4, E42, G, G2, G28 Research Theme(s): Money and payments, Payment and financial market infrastructures
May 16, 2016 The Micro and Macro of Downward Nominal Wage Rigidity Bank of Canada Review - Spring 2016 Robert Amano, Dany Brouillette, Stefano Gnocchi, Natalia Kyui The article examines the extent of downward nominal wage rigidity in Canada and its implications for monetary policy. The authors ask whether its existence is a sufficient argument for a higher inflation target if concerns about the effective lower bound are adequately addressed. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E3, E4, E5, J, J2, J23, J3, J30
Extreme Downside Risk in Asset Returns Staff working paper 2019-46 Lerby Ergun Financial markets can experience sudden and extreme downward movements. Investors are highly concerned about the performance of their assets in such scenarios. Some assets perform badly in a downturn in the market; others have milder reactions. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C14, G, G1, G11, G12 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
CBDC and Monetary Sovereignty Staff analytical note 2020-5 Antonio Diez de los Rios, Yu Zhu In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E5, E52, E58, F, F5, F55, G, G1, G15 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation, Money and payments, Digital assets and fintech, Payment and financial market infrastructures