January 30, 2023 CARR Meeting (January 30, 2023) Content Type(s): Meetings Source(s): Canadian Alternative Reference Rate Working Group
January 27, 2023 Bank of Canada announces change to maximum bid rate for securities repo operations The Bank of Canada is announcing a change to the pricing of the securities repo operations (SRO). Content Type(s): Press, Market notices
Risk Amplification Macro Model (RAMM) Technical report No. 123 Kerem Tuzcuoglu The Risk Amplification Macro Model (RAMM) is a new nonlinear two-country dynamic model that captures rare but severe adverse shocks. The RAMM can be used to assess the financial stability implications of both domestic and foreign-originated risk scenarios. Content Type(s): Staff research, Technical reports JEL Code(s): C, C5, C51, E, E3, E37, E4, E44, F, F4, F44 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Economic models, Monetary policy, Real economy and forecasting
(Un)Conventional Monetary and Fiscal Policy Staff working paper 2023-6 Jing Cynthia Wu, Yinxi Xie We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E6, E61, E62, E63 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Monetary policy tools and implementation, Real economy and forecasting
The 2021–22 Surge in Inflation Staff discussion paper 2023-3 Oleksiy Kryvtsov, James (Jim) C. MacGee, Luis Uzeda The rise in inflation in 2021–22 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3, E31, E5, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
January 25, 2023 Monetary Policy Report Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements
January 25, 2023 Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. Content Type(s): Press, Press releases