September 6, 2023 Bank of Canada maintains policy rate, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Content Type(s): Press, Press releases
September 6, 2023 Bank of Canada Interest Rate Announcement On Wednesday, September 6, 2023, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. Content Type(s): Press, Media advisories
August 31, 2023 Bank of Canada launches the 2024 Fellowship Program awards The Bank of Canada is inviting Canadian universities to nominate exceptional academics for its 2024 Fellowship and Governor’s awards. Content Type(s): Press, Announcements Source(s): Fellowship Program
August 29, 2023 CARR finalizes the allowed uses for Term CORRA Today, the Canadian Alternative Reference Rate working group (CARR) finalized its guidance on the allowable use cases for Term CORRA. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
August 28, 2023 Debt Management Strategy Consultations – 2024-25 The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2024-25 and beyond. Content Type(s): Press, Market notices
The Macroeconomic Effects of Debt Relief Policies During Recessions Staff Working Paper 2023-48 Soyoung Lee A large-scale reduction in mortgage principal can strengthen a recovery, support house prices and lower foreclosures. The nature of the intervention shapes its impact, which rests on how resources are redistributed across households. The availability of bankruptcy on unsecured debt changes the response to large-scale mortgage relief by reducing precautionary savings. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Debt management, Housing JEL Code(s): E, E2, E21, E3, E32, E6
August 28, 2023 CARR Meeting (August 28, 2023) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
August 25, 2023 Quarterly Financial Report - Second Quarter 2023 Quarterly Financial Report - Second Quarter 2023 - For the period ended June 30, 2023 Content Type(s): Publications, Quarterly Financial Report
Labour Supply and Firm Size Staff Working Paper 2023-47 Lin Shao, Faisal Sohail, Emircan Yurdagul This paper documents a systematic pattern of how wages, hours and their relationship vary across firms of different sizes. Using a model with heterogeneous firms and workers, we show how the interplay between wages, hours and firm size affect worker sorting and inequality. Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Labour markets JEL Code(s): E, E2, E24, J, J2, J3, J31