October 25, 2005 RCMP management retreat Remarks David Dodge RCMP management retreat Ottawa, Ontario It's not surprising that the Bank of Canada is interested in promoting economic integrity. After all, the Bank of Canada Act mandates us, as far as possible within the scope of monetary policy action, to "promote the economic and financial welfare of Canada." Content Type(s): Press, Speeches and appearances, Remarks
Multilateral Development Bank Credit Rating Methodology: Overcoming the Challenges in Assessing Relative Credit Risk in Highly Rated Institutions Based on Public Data Staff Discussion Paper 2017-6 David Xiao Chen, Philippe Muller, Hawa Wagué The investment of foreign exchange reserves or other asset portfolios requires an assessment of the credit quality of counterparties. Traditionally, foreign exchange reserve managers and other investors have relied on credit rating agencies (CRAs) as the main source for credit assessments. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Credit risk management, Foreign reserves management JEL Code(s): F, F3, F31, G, G2, G24, G28, G3, G32
Non-Bank Financial Intermediation in Canada: An Update Staff Discussion Paper 2019-2 Guillaume Bédard-Pagé Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial markets, Financial stability JEL Code(s): G, G0, G01, G2, G20, G23
Canada’s Beveridge curve and the outlook for the labour market Staff Analytical Note 2022-18 Alexander Lam Canada’s labour market is tight but beginning to ease. Unemployment will likely rise in turn, but the economy can avoid a recessionary surge given current conditions. Higher unemployment would nonetheless be material, especially for those directly impacted. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Business fluctuations and cycles, Central bank research, Labour markets, Recent economic and financial developments JEL Code(s): E, E3, E32, J, J2, J20, J6, J63, J64
November 14, 2000 Conference Summary: Money, Monetary Policy, and Transmission Mechanisms Bank of Canada Review - Autumn 2000 Kevin Clinton, Walter Engert This article summarizes the proceedings of a conference hosted by the Bank of Canada in November 1999. Three major themes emerged at the conference. The first concerned uncertainty about the transmission mechanism by which monetary policy affects output and inflation. The second concerned the potential usefulness of monetary aggregates in guiding the economy along a stable non-inflationary growth path. The third was the recent developments in dynamic monetary general-equilibrium models. The work presented suggests that a wide range of models is useful for understanding the various paths by which monetary policy actions might influence the economy. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Economic models, Monetary aggregates, Monetary policy and uncertainty
Unit-Root Tests and Excess Returns Staff Working Paper 1996-10 Marie-Josée Godbout, Simon van Norden Several recent papers have presented evidence from foreign exchange and other markets suggesting that the log of excess returns can be characterized as first-order integrated processes (I(1)). This contrasts sharply with the "conventional" wisdom that log prices are integrated of order one I(1) and that log returns should therefore be integrated of order zero I(0), and even more sharply with the view that past returns have no ability to predict future returns (weak market efficiency). Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C12, F, F3, F31
Inflation Targeting under Uncertainty Technical Report No. 85 Gabriel Srour This paper studies the implications of certain kinds of uncertainty for monetary policy. It first describes the optimum policy rule in a simple model of the transmission mechanism as in Ball and Svensson. Content Type(s): Staff research, Technical reports Research Topic(s): Monetary policy and uncertainty, Monetary policy framework JEL Code(s): E, E5, E52
May 16, 2013 Modelling the Asset-Allocation and Liability Strategy for Canada’s Foreign Exchange Reserves Bank of Canada Review - Spring 2013 Francisco Rivadeneyra, Jianjian Jin, Narayan Bulusu, Lukasz Pomorski The Bank of Canada recently developed an asset-liability-matching model to aid in the management of Canada’s foreign exchange reserves. The model allows policy-makers at the Bank and the Department of Finance to analyze asset-allocation and funding-mix decisions by quantifying both the risk-return and liquidity trade-offs for the assets, as well as the risk-cost trade-offs of the funding liabilities. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Debt management, Foreign reserves management JEL Code(s): F, F3, F31, G, G1, G11, G18
March 31, 2021 Toward 2021: Consultations with Canadians (March 2021) In 2021, the Bank of Canada and the federal government renewed the agreement on Canada’s monetary policy framework. To inform our discussions, the Bank conducted a broad range of public outreach activities between 2019 and 2021. This report summarizes our findings.
Impacts of interest rate hikes on the consumption of households with a mortgage Staff Analytical Note 2024-14 Panagiotis Bouras, Joaquín Saldain, Xing Guo, Thomas Michael Pugh, Maria teNyenhuis We assess how much the recent rate-hike cycle has and will affect mortgage borrowers' consumption through its impacts on mortgage payments. Our analysis provides insights into the effects of changes in monetary policy on the consumption of mortgage borrowers. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Interest rates, Monetary policy, Recent economic and financial developments JEL Code(s): D, D1, D13, E, E2, E21, G, G5