Posts

• May 19, 2020

  Government of Canada Bond Purchase Program: Terms and conditions

  Read the terms and conditions of the Government of Canada Bond Purchase Program.

• How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers

  Staff Working Paper 2020-18 Katya Kartashova, Xiaoqing Zhou

  We study the causal effect of mortgage rate changes on consumer spending, debt repayment and defaults during an expansionary and a contractionary monetary policy episode in Canada. We find asymmetric responses of consumer durable spending, deleveraging and defaults. These findings help us to understand household sector response to interest rate changes.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Interest rates, Monetary policy, Monetary policy transmission JEL Code(s): D, D1, D12, D14, E, E4, E43, E5, E52, G, G2, G21, R, R3, R31

• Scenario Analysis and the Economic and Financial Risks from Climate Change

  Staff Discussion Paper 2020-3 Erik Ens, Craig Johnston

  This paper adapts climate-economy models that have been applied in other contexts for use in climate-related scenario analysis. We consider illustrative scenarios for the global economy that could generate economic and financial risks. Our results suggest there are significant economic risks from climate change and the move to a low-carbon economy.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Climate change, Economic models, Financial stability, International topics

• Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation

  Staff Working Paper 2020-17 Xing Guo

  This paper identifies aggregate financial shocks and quantifies their effects on business investment based on an estimated DSGE model with firm-level heterogeneity. On average, financial shocks contribute only 3% of the variation in U.S. public firms’ aggregate investment.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Firm dynamics JEL Code(s): E, E1, E12, E2, E22, G, G3, G31, G32
• May 19, 2020

  Reporting on Provincial Bond Purchase Program purchases

  The Bank of Canada has updated its reporting on assets purchased for the Provincial Bond Purchase Program (PBPP). The PBPP supports the liquidity and efficiency of provincial government funding markets.

  Content Type(s): Press, Market notices Source(s): Provincial Bond Purchase Program
• May 19, 2020

  Operational details for the Corporate Bond Purchase Program

  As announced on April 15, 2020, the Bank of Canada is launching its Corporate Bond Purchase Program (CBPP), effective May 26, 2020.

  Content Type(s): Press, Market notices Source(s): Corporate Bond Purchase Program
• May 15, 2020

  Release of the 2019 Bank of Canada FMI Oversight Activities Annual Report

  The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2019 Annual Report (the Report) on its oversight of payment clearing and settlement systems, which are also known as financial market infrastructures (FMIs).

  Content Type(s): Press, Market notices
• May 14, 2020

  Corporate Bond Purchase Program (CBPP) – Term Sheet

  Read the terms and conditions of the Corporate Bond Purchase Program.
• May 14, 2020

  Corporate Bond Purchase Program – List of Eligible Sectors and Issuers

  Corporate issuers in Canada that have outstanding bonds in the secondary market eligible for the Bank’s CBPP.
• May 14, 2020

  Corporate Bond Purchase Program

  The Corporate Bond Purchase Program (CBPP) supports the liquidity and proper functioning of the corporate debt market, by purchasing bonds through a tender process in the secondary market.