Posts

• May 31, 2021

  Research Update - May 2021

  This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.

  Content Type(s): Staff research, Research newsletters

• COVID-19 crisis: Liquidity management at Canada’s largest public pension funds

  Staff Analytical Note 2021-11 Guillaume Bédard-Pagé, Daniel Bolduc-Zuluaga, Annick Demers, Jean-Philippe Dion, Manu Pandey, Léanne Berger-Soucy, Adrian Walton

  We examine how the eight largest Canadian public pension funds managed liquidity during the market turmoil in March 2020. The funds were generally resilient to large demands for liquidity and relied heavily on Canada's core funding markets.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets JEL Code(s): E, E5, E58, G, G0, G01, G2, G23

• An Exploration of First Nations Reserves and Access to Cash

  Staff Discussion Paper 2021-8 Heng Chen, Walter Engert, Kim Huynh, Daneal O’Habib

  Adequate cash distribution is one the Bank of Canada’s core interests. Canadians’ ability to access cash influences the Bank’s thinking on issuing a central bank digital currency. We provide a perspective on these issues by exploring access of First Nations reserves to cash.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial institutions, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E42, E5, G, G2, G21

• Shaping the future: Policy shocks and the GDP growth distribution

  Staff Working Paper 2021-24 Francois-Michel Boire, Thibaut Duprey, Alexander Ueberfeldt

  Can central bank and government policies impact the risks around the outlook for GDP growth? We find that fiscal stimulus makes strong GDP growth more likely—even more so when monetary policy is constrained—rather than weak GDP growth less likely. Thus, fiscal stimulus should accelerate the recovery phase of the COVID-19 pandemic.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods, Financial stability, Fiscal policy, Monetary policy JEL Code(s): C, C3, C32, C5, C53, E, E5, E52, E6, E62
• May 25, 2021

  CARR Meeting (May 25, 2021)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group

• Overlooking the online world: Does mismeasurement of the digital economy explain the productivity slowdown?

  Staff Analytical Note 2021-10 Alejandra Bellatin, Stéphanie Houle

  Since the mid-2000s, labour productivity has slowed down in Canada despite enormous technological advances that were expected to improve it. This note investigates whether mismeasurement of the digital economy can explain this paradox.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Productivity JEL Code(s): E, E0, E01, L, L8, L86, O, O3, O33, O4, O5, O51
• May 21, 2021

  Monitoring payment deferrals during the COVID-19 pandemic—update, March 2021

  Geneviève Vallée

  In the initial stages of the COVID-19 pandemic, Canada’s financial institutions allowed households to defer payments on a range of loans. With most of these deferrals having expired, we present updated details of how these loans have performed through to March 2021.

  Content Type(s): Publications, Financial System Hub articles Research Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates
• May 21, 2021

  Quarterly Financial Report - First Quarter 2021

  Quarterly Financial Report - First Quarter 2021 - For the period ended March 31, 2021

  Content Type(s): Publications, Quarterly Financial Report
• May 20, 2021

  Release of the Financial System Review

  Opening statement Tiff Macklem Ottawa, Ontario

  Press conference following the release of the Financial System Review.

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Climate change, Cyber security, Financial markets, Financial stability, Financial system regulation and policies, Housing, Recent economic and financial developments
• May 20, 2021

  Financial System Review Summary—2021

  

  Tiff Macklem, Timothy Lane, Lawrence L. Schembri, Paul Beaudry, Toni Gravelle

  The Canadian financial system proved resilient during the COVID-19 pandemic—thanks to strong risk management and unprecedented fiscal and monetary policy support.

  Content Type(s): Publications, Financial Stability Report