Interest rates
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Relationships in the Interbank Market
In the interbank market, banks will sometimes trade below the central bank's deposit rate. We explain this anomaly using a theory based on market frictions and relationship lending. -
Global Macro Risks in Currency Excess Returns
We study a cross section of carry-trade-generated currency excess returns in terms of their exposure to global fundamental macroeconomic risk. -
July 13, 2016
Monetary Policy Report Press Conference Opening Statement
Senior Deputy Governor Carolyn Wilkins discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. -
May 16, 2016
A New Era of Central Banking: Unconventional Monetary Policies
Central banks can implement unconventional monetary policy measures to provide additional easing when policy interest rates come close to their lower limit. To date, the international experience with tools such as quantitative easing and negative interest rates has been largely positive. Central banks may also use several such measures simultaneously, with often mutually reinforcing effects. Yet, unconventional tools are also subject to potential limits, and the costs associated with these measures could rise with extensive and prolonged use. -
April 13, 2016
Monetary Policy Report Press Conference Opening Statement
Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. -
January 20, 2016
Monetary Policy Report Press Conference Opening Statement
Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. -
January 7, 2016
Life After Liftoff: Divergence and U.S. Monetary Policy Normalization
Governor Poloz talks about the global commodity price shock and how it is leading to economic and financial divergence. -
Tractable Term Structure Models
We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time-series dynamics but that is also tractable, meaning amenable to quick and robust estimation. -
December 8, 2015
Prudent Preparation: The Evolution of Unconventional Monetary Policies
Governor Poloz speaks about the Bank’s updated framework for unconventional monetary policies.