August 13, 2025 Summary of Governing Council deliberations: Fixed announcement date of July 30, 2025 This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on July 30, 2025. Content Type(s): Publications, Summary of deliberations
November 28, 2017 Analysis of Household Vulnerabilities Using Loan-Level Mortgage Data Financial System Review - November 2017 Olga Bilyk, Alexander Ueberfeldt, Yang Xu This report examines detailed data on home mortgages to provide a better understanding of the vulnerabilities associated with the mortgage market. The proportion of low-ratio mortgages is growing, particularly in regions with strong house price growth. Moreover, these borrowers exhibit less flexibility to adverse shocks, since they have high debt levels relative to income and have taken mortgages with long amortization periods. Content Type(s): Publications, Financial System Review articles JEL Code(s): D, D1, D12, D14, G, G2, G21, G28
May 17, 2012 Inflation Targeting: The Recent International Experience Bank of Canada Review - Spring 2012 Robert Lavigne, Rhys R. Mendes, Subrata Sarker In the years since the 2006 renewal of Canada’s inflation-control agreement, monetary policy regimes have faced significant shocks, including the global economic and financial crisis. This article reviews the recent experience with inflation targeting, including the debate about the appropriate role of monetary policy in maintaining financial stability. In the aftermath of the crisis, both […] Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E3, E31, E5, E52, E58
Can regulating bank capital help prevent and mitigate financial downturns? Staff analytical note 2021-12 Alejandro García, Josef Schroth Countercyclical capital buffers are regulatory measures developed in response to the global financial crisis of 2008–09. This note focuses on how time-varying capital buffers can improve financial stability in Canada Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E13, E3, E32, E4, E44 Research Theme(s): Financial system, Financial stability and systemic risk, Financial system regulation and oversight
December 18, 2001 The Resolution of International Financial Crises: Private Finance and Public Funds Bank of Canada Review - Winter 2001–2002 Andy Haldane, Mark Kruger Over the past year and a half, authors Andy Haldane of the Bank of England and Mark Kruger of the Bank of Canada have been developing a framework for the resolution of international financial crises that aligns incentives for all parties in a way that deals with the crisis and preserves the integrity of the international financial system. The framework is built on principles, not rules. It attempts to be clear about the respective roles and responsibilities of the public and private sectors. A central element in shaping private sector expectations is knowledge that the official sector will behave predictably. Constraints on lending by the International Monetary Fund are a key step in that direction. They ensure that private sector involvement is a crucial part of crisis resolution, and they help encourage debtors and creditors to seek co-operative solutions to a crisis. Characterized by constraints, clarity, and orderliness, the framework has the potential to reduce the incidence and cost of financial crises. Content Type(s): Publications, Bank of Canada Review articles
Decomposing Large Banks’ Systemic Trading Losses Staff working paper 2024-6 Radoslav Raykov Do banks realize simultaneous trading losses because they invest in the same assets, or because different assets are subject to the same macro shocks? This paper decomposes the comovements of bank trading losses into two orthogonal channels: portfolio overlap and common shocks. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G10, G11, G2, G20 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Monetary Policy Transmission with Endogenous Central Bank Responses in TANK Staff working paper 2025-21 Lilia Maliar, Chris Naubert We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C61, C62, C63, E, E3, E31, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
October 2, 2020 CORRA Advisory Group: Terms of Reference As per the Bank of Canada methodology for calculating CORRA, the CORRA Advisory Group (CAG) has been established to advise the Bank’s CORRA Oversight Committee on any potential adjustments to the CORRA methodology, stemming from changes in repo market functioning and from any emerging methodology issues, as well as on any changes undertaken as part of regular methodology reviews.
July 16, 2019 Bank of Canada to become the administrator of key interest rate benchmark Media Relations Ottawa, Ontario The Bank of Canada today announced its intention to become the administrator of the Canadian Overnight Repo Rate Average (CORRA), a key interest rate benchmark for financial markets. Content Type(s): Press, Press releases Source(s): Canadian Alternative Reference Rate Working Group
May 24, 2019 Policy on the Redemption of Contaminated or Mutilated Canadian Bank Notes This policy provides guidance on the Bank’s approach to the assessment of applications for reimbursement.