February 7, 2022 Université de Sherbrooke crowned National Champion of The Governor’s Challenge The Bank of Canada is pleased to announce that Université de Sherbrooke has won the seventh annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. Content Type(s): Press, Announcements Source(s): The Governor's Challenge
Monetary Policy and Redistribution in Open Economies Staff working paper 2022-6 Xing Guo, Pablo Ottonello, Diego Perez We study how different types of monetary policy shape the distributional effects of external economic shocks on households’ consumption in a small open economy. Our results present a trade-off between maintaining overall stabilization and controlling consumption inequality. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E3, E32, E5, E52, F, F4, F41, F44 Research Theme(s): Financial system, Financial institutions and intermediation, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Payment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System Staff discussion paper 2022-3 Francisco Rivadeneyra, Nellie Zhang We study the impact of the Bank of Canada’s choice of settlement mechanism in Lynx on participant behaviors, liquidity usage, payment delays and the overall operational efficiency of the new system. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, E, E4, E42, E5, E58 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Payment and financial market infrastructures
February 3, 2022 CORRA Advisory Group Meeting (February 3, 2022) Content Type(s): Meetings Source(s): CORRA Advisory Group
Heterogeneity and Monetary Policy: A Thematic Review Staff discussion paper 2022-2 Felipe Alves, Christian Bustamante, Xing Guo, Katya Kartashova, Soyoung Lee, Thomas Michael Pugh, Kurt See, Yaz Terajima, Alexander Ueberfeldt The theory that rich economic diversity of businesses and households both affects and is shaped by economy-wide fluctuations has strong implications for monetary policy. This review places these insights in a Canadian context. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D2, D25, D3, D31, E, E2, E22, E24, E5, E50, E52 Research Theme(s): Financial system, Household and business credit, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
February 2, 2022 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Tiff Macklem Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
February 2, 2022 A Canadian interest rate benchmark regime for the future Remarks (delivered virtually) Toni Gravelle International Swaps and Derivatives Association New York, New York Deputy Governor Toni Gravelle discusses some important changes that may be coming to Canada’s interest rate benchmarks. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability