Uncategorized

• April 22, 2016

  Bank of Canada Announces Change in Communication Process for Term Repo Operations

  The Bank of Canada today announced changes to its communication process for term repo operations.

  Content Type(s): Press, Market notices

• Should Monetary Policy Lean Against Housing Market Booms?

  Staff Working Paper 2016-19 Sami Alpanda, Alexander Ueberfeldt

  Should monetary policy lean against housing market booms? We approach this question using a small-scale, regime-switching New Keynesian model, where housing market crashes arrive with a logit probability that depends on the level of household debt.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Financial stability, Housing, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, G, G0, G01
• April 20, 2016

  Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

  Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario

  Good morning, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are happy to be back to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. It has been 18 months since Carolyn and I were last here. And it was about that time, in the fall of 2014, when […]

  Content Type(s): Press, Speeches and appearances, Opening statements
• April 19, 2016

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario

  Good morning, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are happy to be back to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. I extend particular greetings to the new members of this committee, and look forward to being with you twice a year to talk about […]

  Content Type(s): Press, Speeches and appearances, Opening statements

• A General Approach to Recovering Market Expectations from Futures Prices with an Application to Crude Oil

  Staff Working Paper 2016-18 Christiane Baumeister, Lutz Kilian

  Futures markets are a potentially valuable source of information about price expectations. Exploiting this information has proved difficult in practice, because time-varying risk premia often render the futures price a poor measure of the market expectation of the price of the underlying asset.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, D, D8, D84, G, G1, G14, Q, Q4, Q43
• April 17, 2016

  Digital Disruptions to the Financial System, Opportunities and Threats

  Remarks Carolyn A. Wilkins International Monetary Fund Washington, D.C.

  Archived panel discussion at the International Monetary Fund seminar.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Digital currencies and fintech
• April 15, 2016

  Weekly Financial Statistics - 15 April 2016

  Content Type(s): Publications, Historical: Weekly Financial Statistics
• April 15, 2016

  Bank of Canada announces recipients of 2016 Fellowship and Governor’s awards

  Media Relations Ottawa, Ontario

  The Bank of Canada is pleased to announce Professor Daniel Trefler from the Rotman School of Management at the University of Toronto and Professor Francesco Trebbi from the University of British Columbia’s Vancouver School of Economics as the 2016 recipients of the Bank’s Fellowship Award.

  Content Type(s): Press, Press releases Source(s): Fellowship Program

• Opaque Assets and Rollover Risk

  Staff Working Paper 2016-17 Benjamin Nelson, Toni Ahnert

  We model the asset-opacity choice of an intermediary subject to rollover risk in wholesale funding markets. Greater opacity means investors form more dispersed beliefs about an intermediary’s profitability.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): G, G0, G01, G2

• Asset Encumbrance, Bank Funding and Financial Fragility

  Staff Working Paper 2016-16 Kartik Anand, Prasanna Gai, James Chapman, Toni Ahnert

  In this piece we show that a limit on the level of asset encumbrance and minimum capital requirements are effective tools for minimizing the incentive for banks to take excessive risk.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): D, D8, D82, G, G0, G01, G2, G21, G28