Posts
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December 23, 2025
Publication: Summary of Deliberations
13:30 (ET)
A summary of monetary policy deliberations by the Governing Council for the policy decision that was announced two weeks earlier. -
December 23, 2025
Release of the Bank of Canada’s summary of deliberations
On Tuesday, December 23, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on December 10, 2025. -
Portfolio Rebalancing Channel and the Effects of Large-Scale Stock and Bond Purchases
We quantify the effects of large-scale stock purchases by a central bank and compare these to bond purchases. We find that the central bank’s equity purchases would lower the risk and term premiums on stocks and long-term bonds, respectively, and thereby stimulate economic activity. -
December 19, 2025
Case scenarios about marketplaces
The following fictional case scenarios illustrate the Bank’s approach to online marketplaces, and show examples of payment functions that are, and are not, incidental to a marketplace . These include the provision and maintenance of an account; the holding of funds on behalf of an end user; the initiation of an electronic funds transfer (EFT); authorization of an EFT and the transmission, facilitation or reception of an instruction in relation to an EFT ; and the provision of clearing or settlement services. -
The Sectoral Origins of Post-Pandemic Inflation
This paper quantifies the contribution of sector-specific supply and demand shocks to personal consumption expenditure (PCE) inflation. It derives identification restrictions that are consistent with a large class of dynamic stochastic general equilibrium models with production networks. -
December 19, 2025
Supervisory policy for online marketplaces
This supervisory policy sets out the Bank’s approach to online marketplaces and explains when their activities fall within the scope of the Retail Payment Activities Act. -
Inflation Expectations in Action: Exploring Agents’ Behaviour in a Period of High Inflation
Inflation expectations are important to monetary policy decision-makers. Using survey evidence, we examine how firms and consumers react to their inflation expectations during the post-pandemic period of high inflation. -
Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis
We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year.