This article examines what market conditions lead to extreme losses in global financial systems. Using a reverse stress testing approach, it introduces two measures of systemic risk by starting from the tail losses and working backward to identify the events most closely associated with them.
On Thursday, November 6, 2025, the Bank of Canada will host its annual economic conference. This year’s theme is “Central Banking and the Future of Payments”. Academics, policy-makers, private sector economists and representatives from policy think tanks will be among those in attendance.
This paper shows that survey expectations can be used to uncover how households subjectively think about inflation and unemployment dynamics jointly. The commonly documented "stagflation view", namely the households' tendency to associate inflation with a worse labor market, implies amplified impacts of supply shocks and dampened ones of demand shocks.
On Thursday, November 6, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the Standing Senate Committee on Banking, Commerce and the Economy. He will be accompanied by Senior Deputy Governor Carolyn Rogers.
The Bank of Canada will host the 2025 Annual Economic Conference on November 6 and 7 in Ottawa. The theme for this year’s conference is Central Banking and the Future of Payments.
On Wednesday, November 5, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers.