April 15, 2015
Monetary policy implementation
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March 26, 2015
Central Bank Credibility and Policy Normalization
Governor Poloz discusses the recent rise in financial market volatility and low long-term borrowing costs, and what they both mean for central bank credibility. -
Effects of Funding Portfolios on the Credit Supply of Canadian Banks
This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans. -
January 21, 2015
Release of the Monetary Policy Report
Press conference following the release of the Monetary Policy Report. -
Expectations and Monetary Policy: Experimental Evidence
The effectiveness of monetary policy depends, to a large extent, on market expectations of its future actions. In a standard New Keynesian business-cycle model with rational expectations, systematic monetary policy reduces the variance of inflation and the output gap by at least two-thirds. -
Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. -
November 14, 2013
Monetary Policy Decision Making at the Bank of Canada
The process that the Bank of Canada follows to make its monetary policy decisions has evolved over time. This process is very information-intensive and collaborative, drawing on the expertise, judgment and analysis of many people. This article describes monetary policy decision making at the Bank, and discusses some common misconceptions about monetary policy and the process. -
Estimating the Demand for Settlement Balances in the Canadian Large Value Transfer System
This paper applies a static model of an interest rate corridor to the Canadian data, and estimates the aggregate demand for central-bank settlement balances in the Large Value Transfer System (LVTS). -
May 17, 2012
Conference Summary: New Developments in Payments and Settlement
The Bank of Canada’s annual conference, held in November 2011, brought together leading researchers from universities, central banks and other institutions from around the world. Divided into four sessions plus two keynote addresses, the conference covered such topics as the use of cash and other means of payment in retail transactions, large-value payments systems, and […] -
Text Mining and the Information Content of Bank of Canada Communications
This paper uses Latent Semantic Analysis to extract information from Bank of Canada communication statements and investigates what type of information affects returns and volatility in short-term as well as long-term interest rate markets over the 2002-2008 period.