Uncategorized

• July 18, 2023

  Operation Cancellation – Treasury Bill 2023.07.18

  Due to technical difficulties, the Treasury Bill Auction scheduled for 2023.07.18 at 10:30 has been cancelled.

  Content Type(s): Press, Market notices

• Is Climate Transition Risk Priced into Corporate Credit Risk? Evidence from Credit Default Swaps

  Staff working paper 2023-38 Andrea Ugolini, Juan C. Reboredo, Javier Ojea Ferreiro

  We study whether the credit derivatives of firms reflect the risk from climate transition. We find that climate transition risk has asymmetric and significant economic impacts on the credit risk of more vulnerable firms, and negligible effects on other firms.

  Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C24, G, G1, G12, G3, G32, Q, Q5, Q54 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Structural challenges, Climate change
• July 12, 2023

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• July 12, 2023

  Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

  Media Relations Ottawa, Ontario

  The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

  Content Type(s): Press, Press releases
• July 12, 2023

  Monetary Policy Report – July 2023

  

  Inflation in Canada and around the world has been coming down. The Bank projects that inflation will stay around 3% for the next year, returning to the 2% target by the middle of 2025.

  Content Type(s): Publications, Monetary Policy Report
• June 30, 2023

  Exploring global value and supply chains

  

  Patrick Alexander, Chris D'Souza, Yuko Imura, Lena Suchanek

  The things we buy come out of complex production chains that span the globe. Understanding these connections is crucial for today's economies.

  Content Type(s): Publications, The Economy, Plain and Simple Subject(s): Currency, Digital currency, Financial system, Financial markets, Fintech, Monetary policy, Economy/Economic growth
• June 30, 2023

  Canada’s regional economies

  

  David Amirault, Matthieu Verstraete, Sarah Miller

  Strength from diversity

  Content Type(s): Publications, The Economy, Plain and Simple Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth
• June 30, 2023

  Quarterly Research Update – 2023 Q2

  This 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
• June 30, 2023

  CARR releases its recommendations for legacy securities tied to CDOR

  Today, the Canadian Alternative Reference Rate working group (CARR) published its paper on legacy securities linked to CDOR (i.e. securities referencing CDOR that mature after CDOR’s cessation).

  Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group

• Global Demand and Supply Sentiment: Evidence from Earnings Calls

  Staff working paper 2023-37 Temel Taskin, Franz Ulrich Ruch

  This paper quantifies global demand, supply and uncertainty shocks and compares two major global recessions: the 2008–09 Great Recession and the COVID-19 pandemic. We use two alternate approaches to decompose economic shocks: text mining techniques on earnings calls transcripts and a structural Bayesian vector autoregression model.

  Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C11, C3, C32, E, E3, E32, G, G1, G10 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting