Posts

• October 10, 2024

  Red Deer Advocate

  

  Toni Gravelle, Deputy Governor of the Bank
  Interview with the Red Deer Advocate

  Content Type(s): Press, Media activities
• October 10, 2024

  Bank of Canada to begin publishing web-based Monetary Policy Report

  The Bank of Canada will begin releasing its Monetary Policy Report (MPR) as an interactive, web-based publication on October 23, 2024.

  Content Type(s): Press, Announcements
• October 10, 2024

  Bank of Canada Media Interview – Red Deer Advocate

  Bank of Canada Deputy Governor Toni Gravelle gave an interview to the Red Deer Advocate.

  Content Type(s): Press, Media advisories
• October 10, 2024

  Bank of Canada Media Interview – rdnewsNOW

  Bank of Canada Deputy Governor Toni Gravelle gave an interview to rdnewsNOW.com.

  Content Type(s): Press, Media advisories

• An Anatomy of Firms’ Political Speech

  Staff Working Paper 2024-37 Pablo Ottonello, Wenting Song, Sebastian Sotelo

  We study the distribution of political speech across U.S. firms. We develop a measure of political engagement based on firms’ communications (earning calls, regulatory filings, and social media) by training a large language model to identify statements that contain political opinions. Using these data, we document five facts about firms’ political engagement.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Firm dynamics, Market structure and pricing, Recent economic and financial developments JEL Code(s): D, D2, D22, D6, D63, G, G4, G41, L, L1, L11, L2, L20
• October 8, 2024

  BATVN publishes an overview of the Canadian repo market

  Today, the Bankers’ Acceptance Transition Virtual Network (BATVN), established by the Canadian Fixed-Income Forum (CFIF) to support the transition away from BAs, published an overview of the Canadian repo market.

  Content Type(s): Press, Market notices Source(s): Canadian Fixed-Income Forum, Collateral Infrastructure and Market Practices Advisory Group

• Consumer Credit Regulation and Lender Market Power

  Staff Working Paper 2024-36 Zachary Bethune, Joaquín Saldain, Eric R. Young

  We investigate the welfare consequences of consumer credit regulation in a dynamic, heterogeneous-agent model with endogenous lender market power. Lenders post credit offers and borrowers—some informed and others uninformed—apply for credit. We calibrate the model to match characteristics of the unsecured consumer credit market and use the calibrated model to evaluate interest rate ceilings.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Financial markets, Interest rates JEL Code(s): D, D1, D15, D4, D43, D6, D60, D8, D83, E, E2, E21, G, G5, G51

• Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?

  Staff Working Paper 2024-35 Jonathan Chiu, Cyril Monnet

  This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Financial stability, Monetary policy JEL Code(s): E, E5, E50, E58

• Estimating the Portfolio-Balance Effects of the Bank of Canada’s Government of Canada Bond Purchase Program

  Staff Working Paper 2024-34 Antonio Diez de los Rios

  Using a novel dynamic portfolio balance model of the yield curve for Government of Canada bonds, I find that the Bank of Canada’s Government of Canada Bond Purchase Program reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Central bank research, Coronavirus disease (COVID-19), Interest rates, Monetary policy JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63

• Evaluating the portfolio balance effects of the Government of Canada Bond Purchase Program on the Canadian yield curve

  Staff Analytical Note 2024-22 Antonio Diez de los Rios

  The Bank of Canada’s Government of Canada Bond Purchase Program, launched in response to the COVID-19 pandemic, lowered the weighted average maturity of the Government of Canada’s debt by approximately 1.4 years. This in turn reduced Canadian 10-year and 5-year zero-coupon yields by 84 and 52 basis points, respectively.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Asset pricing, Central bank research, Coronavirus disease (COVID-19), Interest rates, Monetary policy JEL Code(s): E, E4, E43, E5, E52, G, G1, G12, H, H6, H63