Jonathan Witmer - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T08:21:30+00:00Estimating the Appropriate Quantity of Settlement Balances in a Floor System
https://www.bankofcanada.ca/2023/10/staff-discussion-paper-2023-26/
This paper presents two complementary approaches to estimating the appropriate quantity of settlement balances needed to effectively operate monetary policy under a floor system in Canada.2023-10-13T12:36:33+00:00enEstimating the Appropriate Quantity of Settlement Balances in a Floor System2023-10-13Financial institutionsFinancial marketsFinancial system regulation and policiesMonetary policy implementationPayment clearing and settlement systemsStaff Discussion Paper 2023-26https://www.bankofcanada.ca/wp-content/uploads/2023/10/sdp2023-26.pdfEstimating the Appropriate Quantity of Settlement Balances in a Floor SystemNarayan BulusuMatthew McNeelyKaetlynd McRaeJonathan WitmerOctober 2023EE4E41E42E5E52E58GG2G21G28Reviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?
https://www.bankofcanada.ca/2023/05/staff-discussion-paper-2023-10/
At the onset of the pandemic, the Bank of Canada transitioned its framework for monetary policy implementation from a corridor system to a floor system, which it has since decided to maintain. We provide a comprehensive analysis of both frameworks and assess their relative merits based on five key criteria that define a sound framework.2023-05-15T11:57:08+00:00enReviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?2023-05-15Market structure and pricingMonetary policy implementationPayment clearing and settlement systemsStaff Discussion Paper 2023-10https://www.bankofcanada.ca/wp-content/uploads/2023/05/sdp2023-10.pdfReviewing Canada’s Monetary Policy Implementation System: Does the Evolving Environment Support Maintaining a Floor System?Toni GravelleRon MorrowJonathan WitmerMay 2023DD4D47EE4E42E5E58Summaries of Central Bank Policy Deliberations: A Canadian Context
https://www.bankofcanada.ca/2023/01/staff-discussion-paper-2023-2/
This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations.2023-01-11T08:21:10+00:00enSummaries of Central Bank Policy Deliberations: A Canadian Context2023-01-11Monetary policy communicationsStaff Discussion Paper 2023-2https://www.bankofcanada.ca/wp-content/uploads/2023/01/sdp2023-2.pdfSummaries of Central Bank Policy Deliberations: A Canadian ContextMonica JainWalter MuiruriJonathan WitmerSharon KozickiJeremy HarrisonJanuary 2023DD8D83EE5E58The impact of the Bank of Canada’s Government Bond Purchase Program
https://www.bankofcanada.ca/2021/10/staff-analytical-note-2021-23/
We assess the response of Government of Canada bond yields to the Bank of Canada’s initial announcement of the Government Bond Purchase Program (GBPP) as well as to the Bank’s later GBPP purchase operations.2021-10-15T10:00:10+00:00enThe impact of the Bank of Canada’s Government Bond Purchase Program2021-10-15Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature
https://www.bankofcanada.ca/2020/12/staff-discussion-paper-2020-16/
This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.2020-12-23T11:29:51+00:00enImplementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature2020-12-23Monetary policyMonetary policy implementationMonetary policy transmissionStaff Discussion Paper 2020-16https://www.bankofcanada.ca/wp-content/uploads/2020/12/sdp2020-16.pdfStaff Discussion Paper 2020-16Grahame JohnsonSharon KozickiRomanos PriftisLena SuchanekJonathan WitmerJing YangDecember 2020EE5E52E58E6E63Corporate investment and monetary policy transmission in Canada
https://www.bankofcanada.ca/2020/11/staff-analytical-note-2020-26/
Unexpected changes in interest rates lead small firms to materially change their investment rate. Large firms, in contrast, show a smaller response. This suggests both that financial conditions are an important channel for transmitting monetary policy and that firm characteristics can help us better understand fluctuations in business investment.2020-11-02T15:00:35+00:00enCorporate investment and monetary policy transmission in Canada2020-11-02Announcing the Bankers’ Acceptance Purchase Facility: a COVID‑19 event study
https://www.bankofcanada.ca/2020/10/staff-analytical-note-2020-23/
The Bank of Canada launched the Bankers’ Acceptance Purchase Facility (BAPF) to ensure that the bankers’ acceptance (BA) market could continue to function well during the financial crisis induced by the COVID‑19 pandemic. We review the impact that the announcement of this facility had on BA yields in the secondary market. We find that BA yield spreads declined by 15 basis points on the day of the announcement and by up to 70 basis points over a longer period. Using an econometric framework, we quantify the effect of the announcement and confirm early assertions presented in the Bank’s 2020 Financial System Review.2020-10-19T16:00:23+00:00enAnnouncing the Bankers’ Acceptance Purchase Facility: a COVID‑19 event study2020-10-19The Canadian corporate investment gap
https://www.bankofcanada.ca/2020/09/staff-analytical-note-2020-19/
Business investment has been lower than expected in Canada and abroad since the financial crisis of 2007–09. This corporate investment gap is mirrored in firms’ other financing decisions, as they have increased cash holdings and dividend payments and decreased issuance of debt and equity.2020-09-11T09:59:23+00:00enThe Canadian corporate investment gap2020-09-11Monetary Policy Implementation and Payment System Modernization
https://www.bankofcanada.ca/2020/06/staff-working-paper-2020-26/
Canada plans to adopt a retail payment system to allow Canadians to pay in real time (or near real time) 24 hours a day, 7 days a week. However, the traditional model for setting the overnight interest rate does not operate 24/7.2020-06-30T11:02:18+00:00enMonetary Policy Implementation and Payment System Modernization2020-06-30Monetary policy implementationPayment clearing and settlement systemsStaff Working Paper 2020-26https://www.bankofcanada.ca/wp-content/uploads/2020/06/swp2020-26.pdfStaff Working Paper 2020-26Jonathan WitmerJune 2020EE4E40E42E43Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing
https://www.bankofcanada.ca/2018/07/staff-working-paper-2018-33/
Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds.2018-07-19T10:08:12+00:00enFollowing the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing2018-07-19Monetary policyMonetary policy implementationMonetary policy transmissionStaff Working Paper 2018-33https://www.bankofcanada.ca/wp-content/uploads/2018/07/swp2018-33.pdfFollowing the Money: Evidence for the Portfolio Balance Channel of Quantitative EasingItay GoldsteinJonathan WitmerJing YangJuly 2018EE5E58GG2G23