May 16, 2019 Release of the Financial System Review Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Subject(s): Financial system, Financial markets, Financial stability, Fintech, Monetary policy, Economy/Economic growth
May 30, 2005 Reflections on the International Economic and Monetary Order Remarks David Dodge la Conférence de Montréal Montréal, Quebec Up to now, world capital markets have been managing these imbalances in a reasonably smooth way. In the short term, it is reasonable to expect that they will continue to do so. But over the medium term, imbalances of this magnitude are not sustainable. Content Type(s): Press, Speeches and appearances, Remarks
Assessing Global Potential Output Growth: April 2018 Staff analytical note 2018-9 Richard Beard, Anne-Katherine Cormier, Michael Francis, Katerina Gribbin, Justin-Damien Guénette, Christopher Hajzler, James Ketcheson, Kun Mo, Louis Poirier, Peter Selcuk, Kristina Hess This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E10, E2, E20, O, O4 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity
August 15, 2013 Monitoring Short-Term Economic Developments in Foreign Economies Bank of Canada Review - Summer 2013 Russell Barnett, Pierre Guérin The Bank of Canada uses several short-term forecasting models for the monitoring of key foreign economies - the United States, the euro area, Japan and China. The design of the forecasting models used for each region is influenced by the level of detail required, as well as the timeliness and volatility of data. Forecasts from different models are typically combined to mitigate model uncertainty, and judgment is applied to the model forecasts to incorporate information that is not directly reflected in the most recent indicators. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E3, E37
May 14, 2020 Corporate Bond Purchase Program The Corporate Bond Purchase Program (CBPP) supports the liquidity and proper functioning of the corporate debt market, by purchasing bonds through a tender process in the secondary market.
Low Inflation in Advanced Economies: Facts and Drivers Staff analytical note 2017-16 Sanjana Bhatnagar, Anne-Katherine Cormier, Patrisha de Leon-Manlagnit, Elise Martin, Vikram Rai, Renaud St-Cyr, Subrata Sarker, Kristina Hess Since the global financial crisis, core inflation has been persistently below target in most advanced economies. Recently, it has weakened further in several advanced economies despite gradually diminishing slack. This note reviews recent developments in core inflation across advanced economies and identifies distinctive patterns across regions. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E0, E3, E31, F, F0 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
April 22, 2024 Market Participants Survey—First Quarter of 2024 The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. Content Type(s): Publications, Market Participants Survey
Wage Growth in Canada and the United States: Factors Behind Recent Weakness Staff analytical note 2017-8 Dany Brouillette, James Ketcheson, Olena Kostyshyna, Jonathan Lachaine This note examines the relatively subdued pace of wage growth in Canada since the commodity price decline in 2014 and assesses whether the weakness is attributable to cyclical (e.g., labour market slack) or structural factors (e.g., resource reallocation and demographic change). Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, J, J3, J30 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
The Role of the International Monetary Fund in the Post-Crisis World Staff discussion paper 2016-6 Mark Kruger, Robert Lavigne, Julie McKay The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure. Content Type(s): Staff research, Staff discussion papers JEL Code(s): F, F3, F33 Research Theme(s): Financial markets and funds management, International markets and currencies, Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Structural challenges, International trade, finance and competitiveness
May 11, 1998 The use of forward rate agreements in Canada Bank of Canada Review - Spring 1998 Jean-Yves Paquette, David Stréliski In this article, the authors identify forward rate agreements, or FRAs, as short-term interest rate guarantee instruments negotiated by two parties, one of which is typically a bank. In outlining the main features of FRAs, the authors contrast them with BAX contracts (futures contracts on bankers' acceptances that are negotiated through the Montreal Exchange). The article then describes how market participants use FRAs to cover short-term interest rate risk. The final section deals with the way the Bank of Canada uses information from the FRA market as an indicator of interest rate expectations. Econometric models used to retrieve information from FRA rates, as well as the underlying assumptions, are discussed in an appendix. Content Type(s): Publications, Bank of Canada Review articles