December 11, 2024 Monetary Policy Decision 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 monetary policy decision. Content Type(s): Press, Speeches and appearances, Opening statements
December 2, 2024 Bank of Canada publishes applicants’ list of retail payment service providers Media Relations Ottawa, Ontario The Bank of Canada today published the list of companies that have applied to be registered under the Retail Payment Activities Act (RPAA). Content Type(s): Press, Press releases Research Topic(s): Retail payments supervision
December 1, 2024 Historical leadership at the Bank of Canada This is a list of people who have served in the senior-most positions at the Bank of Canada since 1934.
The (Mis)Allocation of Corporate News Staff working paper 2024-47 Xing Guo, Alistair Macaulay, Wenting Song We study how the distribution of information supply by the news media affects the macroeconomy. We find that media coverage focuses particularly on the largest firms, and that firms’ equity financing and investment increase after media coverage. But these equity and investment responses are largest among small, rarely covered firms. Our quantitative studies highlight that the aggregate effects of media coverage depend crucially on how that coverage is allocated. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Firm dynamics JEL Code(s): D, D2, D22, D6, D61, L, L1, L11, L2, L20 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Models and tools, Econometric, statistical and computational methods, Economic models
November 27, 2024 Learning more about Indigenous economies Indigenous businesses make a valuable contribution to Canada’s economy, but we still have much to learn about what makes them distinct. Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Inflation and prices Subject(s): Monetary policy, Economy/Economic growth, Inflation
November 26, 2024 Island Morning, CBC Radio Rhys Mendes, Deputy Governor of the Bank Interview with the Island Morning on CBC Radio Content Type(s): Press, Media activities
Is This Normal? The Cost of Assuming that Derivatives Have Normal Returns Staff working paper 2024-46 Radoslav Raykov Derivatives exchanges often determine collateral requirements, which are fundamental to market safety, with dated risk models assuming normal returns. However, derivatives returns are heavy-tailed, which leads to the systematic under-collection of collateral (margin). This paper uses extreme value theory (EVT) to evaluate the cost of this margin inadequacy to market participants in the event of default. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): G, G1, G10, G11, G2, G20 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Financial system regulation and oversight
November 26, 2024 Speech by Rhys Mendes, Deputy Governor of the Bank of Canada On Tuesday, November 26, 2024, Rhys Mendes, Deputy Governor of the Bank of Canada, will speak before the Greater Charlottetown Area Chamber of Commerce. Content Type(s): Press, Media advisories