Uncategorized

• June 28, 2023

  CORRA Advisory Group Meeting (June 28, 2023)

  Content Type(s): Meetings Source(s): CORRA Advisory Group

• Estimating the Slope of the Demand Function at Auctions for Government of Canada Bonds

  Staff Discussion Paper 2023-12 Bo Young Chang

  We use bid data from Government of Canada bond auctions between 1999 and 2021 to gauge the yield sensitivity of these bonds to the issuance amount. Our new metric estimates the demand function of the bidders at each auction and offers insights into the relationship between supply and yield of government bonds.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Interest rates JEL Code(s): D, D4, D44, G, G1, G12
• June 26, 2023

  CARR Meeting (June 26, 2023)

  Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group

• Why Consumers Disagree About Future Inflation

  Staff Discussion Paper 2023-11 Naveen Rai, Patrick Sabourin

  Since 2022, consumer inflation expectations have shifted, with a significant increase in those expecting high inflation in the coming year and a surge in those expecting deflation further in the future. Using data from the Canadian Survey of Consumer Expectations, this paper seeks to assess the factors that influence people to expect high inflation, moderate inflation or deflation.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices JEL Code(s): C, C8, C83, D, D8, D84, E, E3, E31
• June 21, 2023

  Summary of Governing Council deliberations: Fixed announcement date of June 7, 2023

  This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on June 7, 2023.

  Content Type(s): Publications, Summary of deliberations
• June 20, 2023

  The Daily Courier

  

  Tiff Macklem, Governor of the Bank of Canada
  Interview with the Kelowna Daily Courier

  Content Type(s): Press, Media activities

• Markups and inflation during the COVID-19 pandemic

  Staff Analytical Note 2023-8 Olga Bilyk, Timothy Grieder, Mikael Khan

  We find that prices and costs for consumer-oriented firms moved roughly one-for-one during the COVID-19 pandemic. This means firms fully passed rising costs through to the prices they charged. However, our results are suggestive, given data limitations and the uncertainty associated with estimating markups.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Firm dynamics, Inflation and prices JEL Code(s): D, D2, D4, E, E2, E3, L, L1
• June 19, 2023

  CFIF Meeting (June 19, 2023)

  Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum

• What People Believe About Monetary Finance and What We Can(’t) Do About It: Evidence from a Large-Scale, Multi-Country Survey Experiment

  Staff Working Paper 2023-36 Cars Hommes, Julien Pinter, Isabelle Salle

  We conduct a large-scale survey to shed light on what people believe about public finance. An experiment demonstrates that central bank communication can persistently shift views on monetary financing. It further suggests that views on monetary financing impact support for fiscal discipline.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Fiscal policy, Monetary policy JEL Code(s): C, C8, C83, E, E5, E58, E6, E60, E62, E7, E70, G, G5, G53, H, H3, H31

• Monetary Policy Transmission, Bank Market Power, and Wholesale Funding Reliance

  Staff Working Paper 2023-35 Amina Enkhbold

  I study how banking market concentration and reliance on wholesale funding affect monetary policy transmission to mortgage rates. I find that this transmission is imperfect and dampens the response of consumption, output, and housing prices.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Inflation targets, Monetary policy transmission, Wholesale funding JEL Code(s): E, E4, E44, E5, E52, G, G2, G21