April 21, 2021 Monetary Policy Report – April 2021 As the economy recovers from the COVID-19 pandemic, the Bank is forecasting growth of around 6 ½ percent this year, slowing to about 3 ¾ percent in 2022 and 3 ¼ percent in 2023. Content Type(s): Publications, Monetary Policy Report
April 19, 2021 Operational details for upcoming secondary market purchases of Government of Canada securities (April 26-May 7) As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP). Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program
Adoption of Digital Technologies: Insights from a Global Survey Initiative Staff Discussion Paper 2021-7 James Fudurich, Lena Suchanek, Lise Pichette Firms are at the forefront of adopting new technology. Using survey data from a global network of central banks, we assess the effects of digitalization on firms’ pricing and employment decisions. Content Type(s): Staff research, Staff discussion papers Topic(s): Firm dynamics, Inflation and prices, Labour markets JEL Code(s): D, D2, D22, E, E3, E31, J, J2, J21, O, O3, O33
April 12, 2021 Business Outlook Survey—Spring 2021 Results from the spring Business Outlook Survey suggest that business sentiment continues to improve. Firms reported less uncertainty related to the COVID-19 pandemic and strengthening demand from weak levels. Still, the recovery remains uneven, with firms tied to high-contact services facing ongoing challenges. Content Type(s): Publications, Business Outlook Survey
April 12, 2021 Canadian Survey of Consumer Expectations—First Quarter of 2021 The Canadian Survey of Consumer Expectations (CSCE) collects respondents’ views on inflation, the labour market and household finances. The survey for the first quarter of 2021 was conducted from February 15 to March 4, 2021. This period coincides with news of temporary delays in COVID-19 vaccinations in Canada and growing risks from new variants of the virus. The survey was completed before the most recent wave of infections and lockdowns in the largest provinces. Like the previous three surveys, the 2021 first-quarter survey included questions on the impacts of the pandemic and the measures to contain its spread. This survey also asked respondents about their expected economic and social activities once the majority of Canadians have received their COVID-19 vaccine. Similar to the report for the fourth quarter of 2020, this report also provides some details by demographic characteristics. Content Type(s): Publications, Canadian Survey of Consumer Expectations
Update on housing market imbalances and household indebtedness Staff Analytical Note 2021-4 Mikael Khan, Olga Bilyk, Matthew Ackman Exceptional strength in the housing market during the pandemic is underpinning Canada’s economic recovery. However, two key vulnerabilities—housing market imbalances and elevated household indebtedness—have intensified. Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Financial stability, Housing, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): D, D1, D14, D8, D84, E, E5, G, G2, G21, G28, R, R2, R21
Stablecoin Assessment Framework Staff Discussion Paper 2021-6 Alejandro García, Bena Lands, Dennis Yanchus We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements. Content Type(s): Staff research, Staff discussion papers Topic(s): Digital currencies and fintech, Financial institutions, Financial markets, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): D, D7, D78, D8, D81, G, G0, G01, G1, G18, O, O3, O38