What Drives Episodes of Settlement Fails in the Government of Canada Bond Market? Staff working paper 2017-54 Jean-Sébastien Fontaine, James Pinnington, Adrian Walton We study settlement fails for trades in the Government of Canada bond market. We find that settlement fails do not occur independently. Using a novel and comprehensive dataset, we examine three drivers of fails. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, G, G1, G2, G21, L, L1 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Payment and financial market infrastructures
July 11, 2018 Monetary Policy Report – July 2018 Real GDP in Canada is expected to grow by 2.0 per cent in 2018, 2.2 per cent in 2019 and 1.9 per cent in 2020. Content Type(s): Publications, Monetary Policy Report
Covariates Hiding in the Tails Staff working paper 2021-45 Milian Bachem, Lerby Ergun, Casper G. de Vries We characterize the bias in cross-sectional Hill estimates caused by common underlying factors and propose two simple-to-implement remedies. To test for the presence, direction and size of the bias, we use monthly US stock returns and annual US Census county population data. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C0, C01, C1, C14, C5, C58 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Econometric, statistical and computational methods
May 25, 2020 Monetary policy in unknowable times Lecture Stephen S. Poloz Eric J. Hanson Memorial Lecture University of Alberta Edmonton, Alberta Governor Stephen S. Poloz discusses the evolution of the way the Bank takes a risk-management approach in the conduct of monetary policy, and what this implies for the recovery from the pandemic. Content Type(s): Press, Speeches and appearances, Lectures Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation targeting framework
January 23, 2004 Bank of Canada Review - Winter 2003-2004 Cover page Brass Cash Register, 1910 The register is part of the National Currency Collection, Bank of Canada. Photographed by Gord Carter, Ottawa. Content Type(s): Publications, Bank of Canada Review
Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting Staff working paper 2018-61 Gino Cateau, Malik Shukayev This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E31, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
Market Size and Entry in International Trade: Product Versus Firm Fixed Costs Staff working paper 2018-43 Walter Steingress This paper develops a theoretical framework to infer the nature of fixed costs from the relationship between entry patterns in international markets and destination market size. If fixed costs are at the firm level, firms take advantage of an intrafirm spillover by expanding firm-level product range (scope). Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F12, F14, F2, F23 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
November 19, 2015 A Survey of Consumer Expectations for Canada Bank of Canada Review - Autumn 2015 Marc-André Gosselin, Mikael Khan The Bank of Canada recently launched a quarterly survey to measure the expectations of Canadian households: the Canadian Survey of Consumer Expectations (CSCE). The data collected provide comprehensive information about consumer expectations for and uncertainty about inflation, the labour market and household finance. This article describes the CSCE and illustrates its potential to offer rich information about Canadian consumers for researchers and policy-makers. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): D, D1, D12, D8, D84, E, E3, E31, E5, E52, J, J0
January 16, 2025 The end of quantitative tightening and what comes next Remarks Toni Gravelle VersaFi (formerly Women in Capital Markets) Toronto, Ontario Deputy Governor Toni Gravelle provides an update on when quantitative tightening will end and how the Bank of Canada will manage its balance sheet after that. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth, Inflation targeting framework
April 12, 2017 Monetary Policy Report – April 2017 Canada’s economy is expected to grow by 2 1/2 per cent this year and just below 2 per cent in 2018 and 2019. Content Type(s): Publications, Monetary Policy Report