March 9, 2010 Monetary Policy Rules in an Uncertain Environment Bank of Canada Review - Spring 2010 Gino Cateau, Stephen Murchison This article examines recent research on the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules: from simple rules to fully optimal monetary policy under commitment. The authors explain why uncertainty matters in the design of monetary policy rules and provide quantitative examples from the recent literature. They also present results for several policy rules in ToTEM, the Bank of Canada's main model for projection and analysis, including rules that respond to price level, rather than to inflation. Content Type(s): Publications, Bank of Canada Review articles
Regulatory Requirements of Banks and Arbitrage in the Post-Crisis Federal Funds Market Staff working paper 2022-48 Rodney J. Garratt, Sofia Priazhkina This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks, and arbitrage opportunities created by limited access to the facility granting interest on excess reserves. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E42, E5, E58, G, G2, G28 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial system regulation and oversight, Models and tools, Economic models, Monetary policy, Monetary policy tools and implementation
May 5, 2006 The Crucial Contribution of the Financial System and Monetary Policy to Economic Development Remarks David Longworth Conference of the Association des économistes québécois Montréal, Quebec Many analysts have examined the relationship between the financial system and economic development. They have uncovered some interesting facts regarding the characteristics of the financial system - characteristics that contribute to the best possible allocation of savings to productive investments, which are themselves engines of economic growth. Content Type(s): Press, Speeches and appearances, Remarks
November 15, 2017 Embracing Uncertainty in the Conduct of Monetary Policy Remarks Carolyn A. Wilkins Money Marketeers of New York University New York, New York Senior Deputy Governor Carolyn A. Wilkins explains how uncertainty is factored into monetary policy decisions. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation targeting framework
May 19, 2011 Bank of Canada Review - Spring 2011 This special issue of the Review, “Lessons from the Financial Crisis,” examines the recent research on the role of liquidity in the financial system and on the public policy responses that aimed to restore stability to the financial system during the crisis and to foster economic recovery. Content Type(s): Publications, Bank of Canada Review
The Boundaries of Bank Funding: The Case of Canadian Cash ETFs Staff analytical paper 2026-32 Jean-Sébastien Fontaine, Vincent Meh, Jayden Plener The rise and transformation of Canadian cash ETFs highlight that banking liquidity regulation affects more than bank resilience. By changing the relative attractiveness of deposits and securities, it can shape where asset managers allocate their cash across the financial system. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E4, E44, G, G1, G11, G18, G2, G23, G28 Research Theme(s): Financial markets and funds management, Funds management, Financial system, Financial institutions and intermediation
June 20, 2010 Financial System Review - June 2010 Risks to the stability of both the Canadian and the global financial systems appeared to be diminishing for most of the period since the last Financial System Review (FSR), as the recovery in financial conditions and the macroeconomic environment continued to solidify.FSR Highlights - June 2010 Content Type(s): Publications, Financial Stability Report
April 26, 2019 The road to digital money Stephen Murchison From beaver pelts to paper money to digital currencies Content Type(s): Publications, The Economy, Plain and Simple Subject(s): Currency, Digital currency, Financial system, Financial stability, Fintech
March 19, 2025 The Uses and Limitations of CORRA Transparency Metrics: Beyond Percentiles and Volumes Publishing additional measures of central tendency, such as the mean and mode, alongside CORRA (median) enhances transparency about the shape of the distribution of CORRA-eligible trades.
March 11, 2010 Principles for Interesting Times Remarks Mark Carney Carleton University Ottawa, Ontario I would like to thank students from universities across Canada for joining me on this special day, the 75th anniversary of the Bank of Canada Content Type(s): Press, Speeches and appearances, Remarks