January 30, 2006 Annual Report 2005 In 2005, the Bank of Canada celebrated its 70th anniversary. Since the Bank opened its doors in March 1935, it has evolved into a national institution at the heart of Canada’s economy. We had a lot to celebrate in 2005—particularly our progress over the past 70 yearsand our continuing contribution to the economic and financial well-being of Canadians. Content Type(s): Publications, Annual Report
March 1, 2006 A Primer on Canada’s Large Value Transfer System Darcey McVanel, Neville Arjani This paper provides a comprehensive overview of Canada’s Large Value Transfer System (LVTS). Content Type(s): Background materials
Simulating the Resilience of the Canadian Banking Sector Under Stress: An Update of the Bank of Canada’s Top-Down Solvency Assessment Tool Technical report No. 128 Omar Abdelrahman, David Xiao Chen, Cameron MacDonald, Adi Mordel, Guillaume Ouellet Leblanc We present a technical description of the Top-Down Solvency Assessment (TDSA) tool. As a solvency stress-testing tool, TDSA is used to assess the banking sector’s capital resilience to hypothetical future risk scenarios. Content Type(s): Staff research, Technical reports JEL Code(s): C, C2, C22, C5, C52, C53, G, G1, G17, G2, G21, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Models and tools, Economic models
Transition Scenarios for Analyzing Climate-Related Financial Risk Staff discussion paper 2022-1 Y.-H. Henry Chen, Erik Ens, Olivier Gervais, Hossein Hosseini Jebeli, Craig Johnston, Serdar Kabaca, Miguel Molico, Sergey Paltsev, Alex Proulx, Argyn Toktamyssov Climate transition scenarios clarify climate-related risks to our economy and financial system. This paper summarizes key results of Canada-relevant scenarios developed in a pilot project on climate risk by the Bank of Canada and the Office of the Superintendent of Financial Institutions. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C6, C68, D, D5, D58, E, E5, E50, O, O4, O44, P, P1, P18, Q, Q5, Q54 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Economic models, Structural challenges, Climate change
June 30, 2023 CARR releases its recommendations for legacy securities tied to CDOR Today, the Canadian Alternative Reference Rate working group (CARR) published its paper on legacy securities linked to CDOR (i.e. securities referencing CDOR that mature after CDOR’s cessation). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
Why Consumers Disagree About Future Inflation Staff discussion paper 2023-11 Naveen Rai, Patrick Sabourin Since 2022, consumer inflation expectations have shifted, with a significant increase in those expecting high inflation in the coming year and a surge in those expecting deflation further in the future. Using data from the Canadian Survey of Consumer Expectations, this paper seeks to assess the factors that influence people to expect high inflation, moderate inflation or deflation. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C8, C83, D, D8, D84, E, E3, E31 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
November 29, 2011 With a Little Help from Your Friends: The Virtues of Global Economic Coordination Remarks John Murray State University of New York at Plattsburgh Plattsburgh, New York Deputy Governor John Murray discusses the importance of global economic policy coordination in a speech at the State University of New York College in Plattsburgh, New York. Content Type(s): Press, Speeches and appearances, Remarks
Government of Canada Fixed-Income Market Ecology II: Government of Canada Bond Dealing Staff analytical paper 2026-11 Petr Kocourek, Adrian Walton This analytical paper examines the organization of Government of Canada bond dealing. We focus on dealers’ hedging and funding practices, the market infrastructures that support those practices, and trading costs across the yield curve. This paper builds on earlier work discussing Canada’s fixed-income market: "Government of Canada Fixed-Income Market Ecology." Content Type(s): Staff research, Staff analytical paper JEL Code(s): G, G1, G10, G2, G20, H, H6, H63 Research Theme(s): Financial markets and funds management, Market functioning, Market structure, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Time-Inconsistent Manager Incentives and Capital Formation Staff working paper 2026-25 José-Víctor Ríos-Rull, Josef Schroth, Tamon Takamura, Yaz Terajima In a dynamic model with limited commitment, aggregate payout-based compensation induces managers to raise outside equity yet invest too little today. Per-share compensation eliminates the dilution motive and restores efficient investment, but it does so through slower capital accumulation that better protects incumbent shareholder value. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G3, G32, G34, J, J3, J33 Research Theme(s): Financial markets and funds management, Market functioning, Models and tools, Economic models
July 10, 2019 Monetary Policy Report – July 2019 The Bank updated its forecast for real economic growth to 1.3 percent this year, 1.9 percent next year and 2.0 percent in 2021. Content Type(s): Publications, Monetary Policy Report