March 23, 2021 Market stress relief: The role of the Bank of Canada’s balance sheet Remarks (delivered virtually) Toni Gravelle CFA Society Toronto Toronto, Ontario Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial system regulation and policies, Lender of last resort, Monetary policy
July 28, 1997 Bank of Canada Releases Interim Report on Wartime Gold Transactions Media Relations The Bank of Canada today released an interim report on the results of a search for records relating to wartime gold transactions. Content Type(s): Press, Press releases
February 25, 2020 Money and Payments in the Digital Age Remarks Timothy Lane CFA Montréal FinTech RDV2020 Montréal, Quebec Deputy Governor Timothy Lane explains how the Bank of Canada is preparing for a future where Canadians may need a digital currency issued by their central bank. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Cryptoassets, Cryptocurrencies, Digital currencies and fintech
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
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
Exploring the drivers of the real term premium in Canada Staff Analytical Note 2025-3 Zabi Tarshi, Gitanjali Kumar Changes in the term premium can reflect uncertainty about inflation, growth and monetary policy. Understanding the key factors that influence the term premium is important when central banks make decisions about monetary policy. In this paper, we derive the real term premium from the nominal term premium in Canada. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Financial markets, Interest rates, Monetary policy and uncertainty JEL Code(s): C, C5, C58, E, E4, E43, E47, G, G1, G12
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.
May 14, 1997 The changing business activities of banks in Canada Bank of Canada Review - Spring 1997 Jim Armstrong Over the last 30 years, the business mix of banks in Canada has changed significantly. Progress in information-processing technology, legislative changes, and market forces have combined to blur the traditional distinctions between banks and other financial institutions and have allowed banks to offer a much wider range of products and services. In this article, the author reviews the expansion of bank lending to households over this period and their recent movement into personal wealth management. While these trends were facilitated by revisions to legislation, they also reflected the changing needs of the "baby boom" generation, first as home-buyers and, more recently, as middle-aged investors. On the commercial and corporate side, banks reacted to the rapid expansion of securities markets (and to the reduced demand for intermediation by both lenders/depositors and borrowers) by moving into investment banking, after legislative changes opened this business to them in the late 1980s. They also used their expertise in credit assessment and risk management to provide credit guarantees and to act as counterparties and intermediaries in derivatives markets. Notable in this broadening of bank activities has been their more recent entry into the trust, mutual fund, and retail brokerage business. The banks have also made preliminary forays into insurance. The expansion of off-balance-sheet activities has made fee income an increasingly important part of bank earnings. The article also looks at the emerging tools and techniques that will most likely transform the structure of banking in the future. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial institutions
January 14, 1997 Annual Report 1996 In 1996 inflation remained within the Bank’s target range but was subject to downward pressure. The low rate of inflation contributed to a major easing in monetary conditions, and interest rates reached their lowest level in 30 years. Content Type(s): Publications, Annual Report
November 4, 2014 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good morning, Mr. Chairman and committee members. I am pleased to introduce you to Carolyn Wilkins, who assumed the post of Senior Deputy Governor of the Bank of Canada on 2 May of this year. Before we take your questions, let me give you some of the highlights of the economic outlook. I’ll draw mainly […] Content Type(s): Press, Speeches and appearances, Opening statements