Posts

• Optimal Monetary and Macroprudential Policies

  Staff Working Paper 2021-21 Josef Schroth

  Macroprudential policy should aim for bank balance sheets that are larger and safer during normal times but smaller and riskier during financial crises. During recoveries from financial crises, monetary policy should complement macroprudential policy by being less expansive than what would be required to close the labour gap.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Inflation targets, Monetary policy JEL Code(s): E, E4, E44, E6, E60, G, G2, G21, G28

• Behaviour in the Canadian large-value payment system: COVID-19 vs. the global financial crisis

  Staff Analytical Note 2021-7 Alexander Chaudhry, Anneke Kosse, Karen Sondergard

  Unlike the 2008–09 global financial crisis, the onset of the COVID-19 crisis did not raise stress levels in Canada’s Large Value Transfer System. Swift changes to the Bank of Canada’s collateral policy and its large-scale asset purchase programs likely eased liquidity pressures in the system.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial stability, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E51, E58, E6, E65
• May 5, 2021

  Parliamentary Appearance Cancelled

  On Wednesday, May 5, 2021, Tiff Macklem, Governor of the Bank of Canada, was supposed to appear by videoconference before the Standing Senate Committee on Banking, Trade and Commerce. The Committee meeting has been cancelled.

  Content Type(s): Press, Media advisories
• May 3, 2021

  Operational details for upcoming secondary market purchases of Government of Canada securities (May 10-21)

  As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

  Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program