August 13, 2025 Canada Border Services Agency and Royal Canadian Mounted Police win Bank of Canada counterfeit deterrence award The Bank of Canada is pleased to announce the recipients of its 2025 Law Enforcement Award of Excellence for Counterfeit Deterrence. Content Type(s): Press, Announcements
Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications Staff working paper 2025-20 Xing Guo, Pablo Ottonello, Thomas Winberry, Toni Whited We develop a heterogeneous firm macro model with private information and quantify the aggregate relevance of asymmetric information. We find that a spike in private information account for 40% of the decline in aggregate investment during the 2007-2009 financial crisis and made monetary stimulus significantly less effective. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D82, E, E2, E22, E3, E32, E5, E52, G, G3, G30 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission
August 13, 2025 Release of the Bank of Canada’s summary of deliberations On Wednesday, August 13, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on July 30, 2025. Content Type(s): Press, Media advisories
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
August 13, 2025 Law Enforcement Award of Excellence for Counterfeit Deterrence This award recognizes the efforts of individuals in the fields of counterfeit enforcement, crime prevention, and education.
On-the-run Premia, Settlement Fails, and Central Bank Access Staff working paper 2025-19 Fabienne Schneider The premium on “on-the-run” Treasuries is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. I use the model to analyze the effects of granting access to central bank facilities. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G12, G19, G2, G23 Research Theme(s): Financial markets and funds management, Funds management, Market functioning, Market structure, Financial system, Financial institutions and intermediation
August 11, 2025 Market Participants Survey—Second Quarter of 2025 The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. Content Type(s): Publications, Market Participants Survey