Grahame Johnson - Latest - Bank of Canada
https://www.bankofcanada.ca/rss-feeds/
Bank of Canada RSS Feedsen2024-03-28T15:25:44+00:00A Review of the Bank of Canada’s Market Operations Related to COVID-19
https://www.bankofcanada.ca/2023/03/staff-discussion-paper-2023-6/
This paper reviews the range of extraordinary programs launched by the Bank of Canada in response to the pandemic-related financial market disruption. It provides some recommendations for future interventions to ensure the programs are appropriately structured for the financial and economic stresses they are intended to address.2023-03-29T12:30:11+00:00enA Review of the Bank of Canada’s Market Operations Related to COVID-192023-03-29Coronavirus disease (COVID-19)Financial marketsFinancial stabilityStaff Discussion Paper 2023-6https://www.bankofcanada.ca/wp-content/uploads/2023/03/sdp2023-6.pdfStaff Discussion Paper 2023-6Grahame JohnsonMarch 2023DD4D47EE4E41E5GG0G01G1G14G2G21G23HH1H12How does the Bank of Canada’s balance sheet impact the banking system?
https://www.bankofcanada.ca/2022/09/staff-analytical-note-2022-12/
We examine how changes in the Bank of Canada’s balance sheet impact the banking system. Quantitative easing contributed to an increase in the size of the banking system’s balance sheet and an improvement in bank liquidity coverage ratios. Quantitative tightening is expected to partially reverse these impacts. The banking system will have to adjust its liquidity management strategy in response.2022-09-22T10:00:41+00:00enHow does the Bank of Canada’s balance sheet impact the banking system?2022-09-22Settlement Balances Deconstructed
https://www.bankofcanada.ca/2022/06/staff-discussion-paper-2022-13/
Because of the COVID-19 pandemic, public interest in the Bank’s balance sheet and, more specifically, the size of settlement balances, has grown. This paper deconstructs the concept of settlement balances and provides some context on their history, current state and possible future evolution.2022-06-08T11:17:54+00:00enSettlement Balances Deconstructed2022-06-08Central bank researchCoronavirus disease (COVID-19)Financial marketsMonetary policy implementationStaff Discussion Paper 2022-13https://www.bankofcanada.ca/wp-content/uploads/2022/06/sdp2022-13.pdfStaff Discussion Paper 2022-13Parnell ChuGrahame JohnsonScott KinnearKaren McGuinnessMatthew McNeelyJune 2022EE5E58E59E6GG0G01Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature
https://www.bankofcanada.ca/2020/12/staff-discussion-paper-2020-16/
This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies.2020-12-23T11:29:51+00:00enImplementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature2020-12-23Monetary policyMonetary policy implementationMonetary policy transmissionStaff Discussion Paper 2020-16https://www.bankofcanada.ca/wp-content/uploads/2020/12/sdp2020-16.pdfStaff Discussion Paper 2020-16Grahame JohnsonSharon KozickiRomanos PriftisLena SuchanekJonathan WitmerJing YangDecember 2020EE5E52E58E6E63Briefing on Digital Currencies
https://www.bankofcanada.ca/2014/04/briefing-on-digital-currencies/
In an educational session on e-money to the Senate of Canada’s Standing Committee on Banking, Trade and Commerce. Grahame Johnson and Lukasz Pomorski highlight recent innovations in Canada’s payments system and the economic needs that these innovations satisfy.2014-04-02T14:11:32+00:00Briefing on Digital Currencies2014-04-02Grahame JohnsonLukasz PomorskiA Fundamental Review of Capital Charges Associated with Trading Activities
https://www.bankofcanada.ca/wp-content/uploads/2011/12/fsr-1211-johnson.pdf
2012-01-20T11:09:55+00:00enA Fundamental Review of Capital Charges Associated with Trading Activities2012-01-20Implications of New Accounting Standards for the Bank of Canada's Balance Sheet
https://www.bankofcanada.ca/2007/05/discussion-paper-2007-2/
The Canadian Institute of Chartered Accountants (CICA) has implemented new accounting standards for the valuation and reporting of financial instruments. They are effective for the Bank of Canada in 2007. As a result of these changes, the Bank has begun valuing its holdings of Government of Canada treasury bills on a fair value basis and […]2007-05-07T14:24:07+00:00enImplications of New Accounting Standards for the Bank of Canada's Balance Sheet2007-05-07Financial institutionsMonetary policy frameworkDiscussion Paper 2007-2https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp07-2-e.pdfImplications of New Accounting Standards for the Bank of Canada’s Balance SheetMark ZelmerGrahame JohnsonMay 2007EE5E58MM4Government of Canada Yield-Curve Dynamics, 1986-2003
https://www.bankofcanada.ca/wp-content/uploads/2010/06/johnson.pdf
A database of historical Government of Canada zero-coupon yield curves developed at the Bank of Canada is introduced in this article, which also includes an initial statistical analysis of the behaviour and evolution of the zero-coupon interest (spot) rates over the full period and two distinct subperiods. Specific areas of interest include the evolution of the levels of key interest rates and yield-curve measures over the sample as well as daily changes in the key interest rates and the yield-curve measures; the identification of a relatively small number of factors that drove the evolution of the yield curve; and the total returns that would have been realized by holding bonds of different maturities for a given holding period.2004-12-24T07:11:02+00:00enGovernment of Canada Yield-Curve Dynamics, 1986-20032004-12-24An Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest Rates
https://www.bankofcanada.ca/2004/12/working-paper-2004-48/
Zero-coupon interest rates are the fundamental building block of fixed-income mathematics, and as such have an extensive number of applications in both finance and economics.2004-12-01T10:21:37+00:00enAn Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest Rates2004-12-01Econometric and statistical methodsFinancial marketsInterest ratesWorking Paper 2004-48 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp04-48.pdfAn Empirical Analysis of the Canadian Term Structure of Zero-Coupon Interest RatesDavid BolderAdam MetzlerGrahame JohnsonDecember 2004CC0C6EE4GG1Measuring Interest Rate Expectations in Canada
https://www.bankofcanada.ca/2003/09/working-paper-2003-26/
Financial market expectations regarding future policy actions by the Bank of Canada are an important input into the Bank's decision-making process, and they can be measured using a variety of sources. The author develops a simple expectations-based model to focus on measuring interest rate expectations that are implied by the current level of money market yields.2003-09-02T12:16:11+00:00enMeasuring Interest Rate Expectations in Canada2003-09-02Financial marketsInterest ratesWorking Paper 2003-26 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-26.pdfMeasuring Interest Rate Expectations in CanadaGrahame JohnsonSeptember 2003GG1