Jonathan Witmer - Latest

• May 16, 2016

  Estimating Canada’s Effective Lower Bound

  Bank of Canada Review - Spring 2016 Jonathan Witmer, Jing Yang

  Recently, the Bank of Canada has estimated the effective lower bound (ELB) on its policy interest rate to be about -50 basis points. This article outlines the analysis that underpins that estimate by quantifying the costs of storing and using cash in Canada. It also explores how some international markets have adapted to negative interest rates, issues surrounding their implementation, as well as their transmission to other interest rates in the economy. Finally, it discusses theoretical ideas on how the ELB could be reduced further.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): D, D5, D53, E, E4, E43, E5, E52, E58
• November 18, 2010

  Trends in Issuance: Underlying Factors and Implications

  Bank of Canada Review - Autumn 2010 Jonathan Witmer

  Trends in debt issuance have changed significantly over the past decade, both prior to the financial crisis and subsequently.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial markets, Financial system regulation and policies