August 18, 2011 Bank Balance Sheets, Deleveraging and the Transmission Mechanism Bank of Canada Review - Summer 2011 Césaire Meh The author investigates the influence of bank capital on economic activity, using a macroeconomic model that incorporates an explicit role for financial intermediation. The analysis focuses on the role of a “bank-capital channel” in propagating and amplifying monetary policy actions and other shocks. The question of whether weaker bank balance sheets make the economy more vulnerable to adverse shocks is examined, together with the impact of initiatives, such as countercyclical capital buffers, on the transmission of monetary policy and other shocks to the real economy. Content Type(s): Publications, Bank of Canada Review articles
The aggregate and heterogeneous effects of responding to shelter inflation Staff analytical paper 2026-5 Michael Irwin, Matías Vieyra This note examines how monetary policy responses to shelter inflation affect both the overall economy and different households. We find that the aggregate macroeconomic effects of responding to shelter inflation are modest, whereas the redistributive consequences across households are substantially larger. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E2, E3, E4, E5, G, G5 Research Theme(s): Monetary policy, Monetary policy framework and transmission
July 27, 2026 Release: Market Participants Survey 10:30 (ET) The Market Participants Survey is conducted quarterly. Bank of Canada staff reach out to a diverse set of participants in financial markets to gather their views on key macroeconomic and financial variables as well as on monetary policy. Content Type(s): Upcoming events
September 30, 2015 Overnight reverse repos The Bank conducts overnight reverse repo (ORR) operations to ensure the effective implementation of our monetary policy framework. These operations withdraw liquidity intraday, reinforcing the Bank’s target for the overnight rate.
November 28, 2000 Bank of Canada to Offer Term SPRAs and May Purchase BAs over Year-end The Bank of Canada today announced its intention to temporarily add assets to its balance sheet to offset the anticipated $2 billion to $3 billion seasonal increase in the demand for bank notes. These operations have no monetary policy significance. Content Type(s): Press, Market notices
April 21, 2020 Bank of Canada Announces Further Enhancements to its Term Repo Operations Following the announcement of the Bank of Canada’s new market operations to improve market functioning to support its monetary policy actions, the Term Repo terms and conditions have been revised to include term repos up to 24 months. Content Type(s): Press, Market notices Source(s): Term repo operations
August 25, 2020 The gap between inflation perceptions and reality Speech summary Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario Deputy Governor Lawrence Schembri talks about the difference between how Canadians perceive inflation and the actual measured rate, why this gap may exist, and what it could mean for monetary policy and the economy. Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
August 13, 2019 2019 Summer Workshop on Money, Banking, Payments and Finance The Bank of Canada, together with Ed Nosal (Federal Reserve Bank at Atlanta) and Randall Wright (University of Wisconsin-Madison), showcased research on the interbank market, monetary policy, cryptocurrency and central bank digital currency. Content Type(s): Conferences and workshops
Making It Real: Bringing Research Models into Central Bank Projections Staff discussion paper 2023-29 Marc-André Gosselin, Sharon Kozicki Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting
August 26, 2025 Inflation targeting: A framework for today and tomorrow Speech summary Tiff Macklem Bank of Mexico 100ᵗʰ Anniversary Seminar Mexico City, Mexico Governor Tiff Macklem discusses how inflation targeting became a leading strategy among central banks for maintaining price stability. He also talks about structural change ahead, shifts in global trade and ensuring monetary policy is fit for the future. Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework