May 20, 2020 Decisive actions in difficult times Speech summary Timothy Lane CFA Society Winnipeg and the Manitoba Association for Business Economics Winnipeg, Manitoba Deputy Governor Timothy Lane talks about the Bank’s decisive actions in response to COVID-19, and how these will help Canadians now and in the future. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration
May 20, 2020 Policies for the Great Global Shutdown and Beyond Remarks (delivered virtually) Timothy Lane CFA Society Winnipeg and Manitoba Association for Business Economics Winnipeg, Manitoba Deputy Governor Timothy Lane explains how the Bank is helping Canadian households and businesses weather the COVID-19 crisis, and how our actions today are laying a solid foundation for our future economic recovery. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration
Scenario Analysis and the Economic and Financial Risks from Climate Change Staff Discussion Paper 2020-3 Erik Ens, Craig Johnston This paper adapts climate-economy models that have been applied in other contexts for use in climate-related scenario analysis. We consider illustrative scenarios for the global economy that could generate economic and financial risks. Our results suggest there are significant economic risks from climate change and the move to a low-carbon economy. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Climate change, Economic models, Financial stability, International topics JEL Code(s): C, C6, C68, D, D5, D58, E, E5, E50, O, O4, O44, P, P1, P18, Q, Q4, Q5, Q54, Q55
May 14, 2020 Release of the Financial System Review Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Credit and credit aggregates, Financial markets, Financial stability, Financial system regulation and policies, Recent economic and financial developments
April 30, 2020 Teachable Moments from the Pandemic Remarks (delivered virtually) Stephen S. Poloz Ivey Business School London, Ontario Governor Stephen S. Poloz talks about the Bank of Canada’s response to the COVID-19 pandemic. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Financial stability, Monetary policy, Recent economic and financial developments
A Financial Stability Analysis of Zombie Firms in Canada Staff Analytical Note 2020-3 Timothy Grieder, Juan Ortega We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial stability, Sectoral balance sheet JEL Code(s): G, G3, G32
January 30, 2020 How vulnerabilities like debt can affect interest rates Speech summary Paul Beaudry Laval University Québec, Québec Deputy Governor Paul Beaudry explains to students at Laval University why financial vulnerabilities—such as household debt—are important for the Bank of Canada when it sets interest rates. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Central bank research, Credit risk management, Financial stability, Inflation targets, Interest rates, Monetary policy, Monetary policy framework, Monetary policy implementation
January 30, 2020 Monetary Policy and Financial Vulnerabilities Remarks Paul Beaudry Université Laval Québec, Québec Deputy Governor Paul Beaudry discusses how financial vulnerabilities present a challenge for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Credit risk management, Financial stability, Inflation targets, Interest rates, Monetary policy, Monetary policy framework, Monetary policy implementation
Managing GDP Tail Risk Staff Working Paper 2020-3 Thibaut Duprey, Alexander Ueberfeldt Models for macroeconomic forecasts do not usually take into account the risk of a crisis—that is, a sudden large decline in gross domestic product (GDP). However, policy-makers worry about such GDP tail risk because of its large social and economic costs. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Economic models, Financial stability, Financial system regulation and policies, Interest rates, Monetary policy, Monetary policy framework JEL Code(s): D, D8, E, E4, E44, E5, E52, E58, G, G0, G01
Creations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash Staff Analytical Note 2019-34 Rohan Arora, Sébastien Betermier, Guillaume Ouellet Leblanc, Adriano Palumbo, Ryan Shotlander The creation and redemption activity of fixed-income exchange-traded funds listed in the United States has shifted. Funds of established issuers have traditionally exchanged their shares for baskets of bonds. In contrast, young funds managed by new issuers tend to create and redeem their shares almost exclusively in cash. Cash transactions imply that new funds are taking on exposure to liquidity risk. This has implications for financial stability. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23