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67 Results

The Heterogeneous Effects of COVID-19 on Canadian Household Consumption, Debt and Savings

Staff Working Paper 2020-51 James (Jim) C. MacGee, Thomas Michael Pugh, Kurt See
The impact of COVID-19 on Canadian households’ debt and unplanned savings varies by household income. Low-income and high-income households accrued unplanned savings, while middle-income households tended to accumulate more debt.

A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation

Staff Working Paper 2020-50 Antonio Diez de los Rios
We study the interaction between epidemics and economic decisions in a model that has silent transmission of the virus. We find that rational behaviour strongly diminishes the severity of the epidemic but worsens the economic recession. We also find that the detection and isolation of not only symptomatic individuals but also those who are infected and asymptomatic or mildly symptomatic can reduce the severity of the recession caused by the pandemic.
November 23, 2020

Taking the pulse of Canada’s financial system

Speech summary Toni Gravelle Autorité des marchés financiers Montréal, Quebec
Deputy Governor Toni Gravelle discusses how the Bank of Canada is carefully monitoring our financial system as the economy recovers from the COVID‑19 pandemic.
November 23, 2020

Financial stability and the COVID-19 pandemic

Remarks (delivered virtually) Toni Gravelle Autorité des marchés financiers Montréal, Quebec
Deputy Governor Toni Gravelle provides an assessment of risks to the stability of the Canadian financial system, including risks stemming from the COVID-19 pandemic.

Concentration in the market of authorized participants of US fixed-income exchange-traded funds

We show that a small number of authorized participants (APs) actively create and redeem shares of US-listed fixed-income exchange-traded funds (FI-ETFs). In 2019, three APs performed 82 percent of gross creations and redemptions of FI-ETF shares. In contrast, the group of active APs for equity ETFs was much more diverse.

Canadian stock market since COVID‑19: Why a V-shaped price recovery?

Between February 19 and March 23, 2020, the Canadian stock market plunged due to the severe economic impact of COVID-19. By the end of the summer, the stock market had already recovered a significant portion of its losses, leaving many asking if investors see the economy through rose-coloured glasses. Despite these concerns, we find that current market valuations for companies on the Toronto Stock Exchange align well, on average, with the declines in earning forecasts observed since the start of the year. We also find these market valuations are consistent with the discount rate returning to its pre-pandemic level.
October 8, 2020

COVID‑19 and the financial system

Speech summary Tiff Macklem Global Risk Institute Toronto, Ontario
Governor Tiff Macklem discusses financial risks from the COVID-19 pandemic that are affecting our economy and that could shape how well it recovers. He also talks about financial risks from climate change.