Supply Shocks in the Fog: The Role of Endogenous Uncertainty Staff working paper 2026-12 Anastasiia Antonova, Mykhailo Matvieiev, Celine Poilly Recessions feature elevated uncertainty. We develop a nonlinear imperfect-information New Keynesian model where procyclical information quality generates endogenous countercyclical uncertainty and precautionary saving. This demand channel can overturn the inflationary impact of negative supply shocks, making them deflationary, unless monetary policy stabilizes the output gap. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D81, D83, E, E2, E21, E3, E32, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
April 9, 2026 Contingent Term Repo Facility: Terms and conditions Read the terms and conditions of the Contingent Term Repo Facility.
April 9, 2026 Contingent Term Repo Facility The Contingent Term Repo Facility (CTRF) is the Bank of Canada’s repurchase agreement (repo) facility designed to counter severe market-wide liquidity stresses and to support the stability of the Canadian financial system.
April 9, 2026 Framework for market operations and liquidity provision Learn about the Bank’s policies for financial market operations and tools for providing liquidity to the financial system. This includes routine and emergency liquidity tools provided as part of the Bank’s role as lender of last resort.
April 8, 2026 Spring 2026 Debt Management Strategy Consultations The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on the Government of Canada’s domestic debt program and relevant market developments. Content Type(s): Press, Market notices
April 8, 2026 Bank of Canada announces 2025‑26 scholarship recipients The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for the Master Scholarship Award for Women in Economics and Finance. Content Type(s): Press, Announcements Source(s): Scholarship awards
Measuring how financial sector economists respond to the tone of Bank of Canada communications Sparks at Bank article Amanda Wang, Xu Zhang, Xinfen Han The words central banks use to explain policy decisions matter. They can, in some cases, affect financial markets just like changes in policy interest rates do. For this reason, we built a tool to track the tone of the Bank of Canada’s policy communications and assess how tone affects market perceptions. Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation
DeFi Lending: Returns, Leverage, and Liquidation Risk Staff analytical paper 2026-13 Jonathan Chiu, Furkan Danisman DeFi lending with proper governance is operationally viable, but it also faces constraints related to capital efficiency, liquidation risk, and systemic fragility within the crypto ecosystem. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E5, E50, E58 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures