Monetary Policy Transmission Through Shadow and Traditional Banks Staff Working Paper 2024-8 Amina Enkhbold I investigate how monetary policy transmits to mortgage rates via the mortgage market concentration channel for both traditional and shadow banks in the United States from 2009 to 2019. On average, shadow and traditional banks exhibit only a slight disparity in transmitting monetary shocks to mortgage rates. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Interest rates, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
Regulation, Emissions and Productivity: Evidence from China’s Eleventh Five-Year Plan Staff Working Paper 2024-7 Brantly Callaway, Tong Li, Joel Rodrigue, Yuya Sasaki, Yong Tan We study the degree to which China’s 11th Five-Year Plan softens trade-offs between emissions and output. Our model suggests efficient regulation could have further increased aggregate productivity by 3.5% and output by 4.7% without any increase in aggregate emissions. Content Type(s): Staff research, Staff working papers Topic(s): Climate change, Productivity JEL Code(s): C, C2, C21, D, D2, D24, Q, Q5, Q53
March 21, 2024 Speech by Toni Gravelle, Deputy Governor of the Bank of Canada On Thursday, March 21, 2024, Toni Gravelle, Deputy Governor of the Bank of Canada, will speak before the CFA Society Toronto. Content Type(s): Press, Media advisories
March 21, 2024 Getting to a new normal Speech summary Toni Gravelle CFA Society Toronto Toronto, Ontario Deputy Governor Toni Gravelle speaks about how the Bank of Canada will manage its balance sheet once quantitative tightening ends. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial system regulation and policies, Lender of last resort, Monetary policy implementation, Payment clearing and settlement systems, Recent economic and financial developments
March 21, 2024 Going back to normal: The Bank of Canada’s balance sheet after quantitative tightening Remarks Toni Gravelle CFA Society Toronto Toronto, Ontario Deputy Governor Toni Gravelle provides an update on quantitative tightening and talks about how the Bank of Canada will manage its balance sheet once normalization ends. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial system regulation and policies, Lender of last resort, Monetary policy implementation, Payment clearing and settlement systems, Recent economic and financial developments