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66 Results

What cured the TSX Equity index after COVID-19?

The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings.
March 23, 2021

Supporting markets in tough times

Speech summary Toni Gravelle CFA Society Toronto Toronto, Ontario
Deputy Governor Toni Gravelle talks about actions the Bank of Canada took to make sure financial markets could work smoothly during the COVID-19 pandemic. He also discusses the Bank’s plans to discontinue some programs.

Non-bank financial intermediation in Canada: a pulse check

The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth.
March 23, 2021

Market stress relief: the role of the Bank of Canada’s balance sheet

Remarks (delivered virtually) Toni Gravelle CFA Society Toronto Toronto, Ontario
Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system.

Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19

Staff Working Paper 2021-13 Jason Allen, Robert Clark, Shaoteng Li, Nicolas Vincent
During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use.
March 11, 2021

COVID-19, savings and household spending

Remarks (delivered virtually) Lawrence L. Schembri Restaurants Canada Toronto, Ontario
Deputy Governor Lawrence Schembri talks about the Bank’s latest interest rate announcement and discusses how COVID-19 has affected savings and the outlook household spending.
March 11, 2021

Household consumption in a pandemic

Speech summary Lawrence L. Schembri Restaurants Canada Toronto, Ontario
Deputy Governor Lawrence Schembri talks about how COVID-19 has affected household saving and spending patterns and discusses the Bank’s decision yesterday to leave the policy rate unchanged.

Cash and COVID-19: The Effects of Lifting Containment Measures on Cash Demand and Use

Staff Discussion Paper 2021-3 Heng Chen, Walter Engert, Kim Huynh, Gradon Nicholls, Julia Zhu
Using Bank Note Distribution System data on the demand for cash up to September 2020, we find that demand was strong. This is true even though cash use for payments declined early in the pandemic. When mobility restrictions and lockdown measures were eased, cash use for payments increased sharply but remained less popular than electronic methods of payment.

The Bank of Canada COVID‑19 stringency index: measuring policy response across provinces

We construct an index that systematically measures and tracks the stringency of government policy responses to the COVID-19 pandemic across Canadian provinces. Researchers can use this stringency index to analyze how the pandemic is affecting the economy.

COVID-19 Crisis: Lessons Learned for Future Policy Research

One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work.