March 31, 1999 Bank Rate Lowered by ¼ Percentage Point to 5 Per Cent Media Relations Ottawa, Ontario The Bank of Canada today lowered its Bank Rate by ¼ of one per cent to 5 per cent. The associated operating band for overnight interest rates was similarly reduced. Content Type(s): Press, Press releases
Do Monetary Policy Shocks Affect the Neutral Rate of Interest? Staff working paper 2026-6 Danilo Leiva-Leon, Rodrigo Sekkel, Luis Uzeda Can monetary policy influence the neutral real interest rate (r-star)? Using a new statistical model, we show that interest rate hikes tend to lower r-star and long-run growth, but that monetary policy explains only a small share of the long-run decline in r-star. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E32, E4, E44 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
May 31, 2022 Research Update - May 2022 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies Staff working paper 2020-27 Rodney J. Garratt, Maarten van Oordt Can Bitcoin survive? Some say it will become vulnerable to attacks as the rewards for processing Bitcoin transactions continue to decline. The economics of fixed costs suggest the specialized hardware used to mine Bitcoin may be key to its survival. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G10, L, L1, L11 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech
February 1, 2024 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
November 8, 2021 Quarterly Financial Report - Third Quarter 2021 Quarterly Financial Report - Third Quarter 2021 - For the period ended September 30, 2021 Content Type(s): Publications, Quarterly Financial Report
Calibrating the Magnitude of the Countercyclical Capital Buffer Using Market-Based Stress Tests Staff working paper 2018-54 Maarten van Oordt How much capital do banks need as a buffer to absorb severe shocks? By using historical stock market data, market-based stress tests help estimate the magnitude of capital buffers necessary to absorb severe but plausible shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G10, G2, G21, G28 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight
November 29, 2022 Quarterly Financial Report - Third Quarter 2022 Quarterly Financial Report - Third Quarter 2022 - For the period ended September 30, 2022 Content Type(s): Publications, Quarterly Financial Report
November 17, 2011 Extracting Information from the Business Outlook Survey: A Principal-Component Approach Bank of Canada Review - Autumn 2011 Lise Pichette, Lori Rennison This article reviews recent work that uses principal-component analysis to extract information common to indicators from the Bank of Canada’s Business Outlook Survey (BOS). The authors use correlation analysis and an out-of-sample forecasting exercise to assess and compare the information content of the principal component with that of responses to key individual survey questions on growth in real gross domestic product and in real business investment. Results suggest that summarizing the common movements among BOS indicators may provide useful information for forecasting near-term growth in business investment. For growth in real gross domestic product, however, the survey’s balance of opinion on future sales growth appears to be more informative. Content Type(s): Publications, Bank of Canada Review articles
December 7, 2023 Economic progress report: Immigration, housing and the outlook for inflation Remarks Toni Gravelle Windsor–Essex Regional Chamber of Commerce Windsor, Ontario Deputy Governor Toni Gravelle discusses the latest interest rate decision along with how immigration helps Canada’s economy and how it impacts inflation. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation