February 24, 2016 Connecting the Dots: Elevated Household Debt and the Risk to Financial Stability Remarks Lawrence L. Schembri Guelph Chamber of Commerce Guelph, Ontario Deputy Governor Lawrence Schembri discusses household debt, the risk it poses to financial stability and the role of the Bank of Canada. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Funds management, Monetary policy, Economy/Economic growth, Inflation
How Do Agents Form Macroeconomic Expectations? Evidence from Inflation Uncertainty Staff working paper 2024-5 Tao Wang The uncertainty regarding inflation that is observed in density forecasts of households and professionals helps macroeconomists understand the formation mechanism of inflation expectations. Shocks to inflation take time to be perceived by all agents in the economy, and such rigidity is lower in a high-inflation environment. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D84, E, E3, E31, E7, E71 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
February 26, 2008 Summary of Comments - 2008/09 Debt Strategy Consultations In November 2007, officials from the Department of Finance and the Bank of Canada sought views from government securities distributors, institutional investors, and other interested parties on the design and operation of the Government of Canada domestic debt program for the fiscal year 2008/09 and beyond.
Market Concentration and Uniform Pricing: Evidence from Bank Mergers Staff working paper 2021-9 João Granja, Nuno Paixão We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, G, G2, G20, G21, G28, G3, G34, L, L1, L11 Research Theme(s): Financial markets and funds management, Market structure, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Markups, Pass-Through, and Firm Heterogeneity with Sequentially Mixed Search Staff working paper 2025-7 Alex Chernoff, Allen Head, Beverly Lapham Market power and pass-through of cost and demand shocks are studied in a market with free entry of heterogeneous firms and consumer mixed search. Equilibrium prices and markups are driven by variation in the elasticity of demand across firms. Improved conditions for buyers can either raise or lower market power. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D21, D4, D43, E, E3, E31, L, L1, L11 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures
Geographical and Cultural Proximity in Retail Banking Staff working paper 2023-2 Santiago Carbo-Valverde, Héctor Pérez Saiz, Hongyu Xiao This paper measures how both geographical and cultural proximity of bank branches affect household credit choice and pricing. For credit products that require high levels of ex-ante screening, we find that both proximities can complement each other in reducing the cost of providing soft information, thereby increasing credit access. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D82, D83, G, G2, G20, G21, R, R2, R22, Z, Z1, Z10, Z13 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Household and business credit, Monetary policy, Real economy and forecasting
November 5, 2018 Making Sense of Markets Remarks Stephen S. Poloz Canada–UK Chamber of Commerce London, United Kingdom Governor Poloz discusses how the Bank uses financial market information in its monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation
September 24, 2013 Born of Necessity and Built to Succeed: Why Canada and the World Need the Financial Stability Board Remarks Lawrence L. Schembri CFA Society (Ottawa) Ottawa, Ontario Deputy Governor Lawrence Schembri discusses why the world needs the Financial Stability Board. Content Type(s): Press, Speeches and appearances, Remarks
Measuring Limits of Arbitrage in Fixed-Income Markets Staff working paper 2017-44 Jean-Sébastien Fontaine, Guillaume Nolin We use relative value to measure limits to arbitrage in fixed-income markets. Relative value captures apparent deviations from no-arbitrage relationships. It is simple, intuitive and can be computed model-free for any bond. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G12 Research Theme(s): Financial markets and funds management, International markets and currencies, Market functioning, Market structure
Early Warning of Financial Stress Events: A Credit-Regime-Switching Approach Staff working paper 2016-21 Fuchun Li, Hongyu Xiao We propose an early warning model for predicting the likelihood of a financial stress event for a given future time, and examine whether credit plays an important role in the model as a non-linear propagator of shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C12, C14, G, G0, G01, G1, G17 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Econometric, statistical and computational methods