September 30, 2021
Posts
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More Money for Some: The Redistributive Effects of Open Market Operations
I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations. -
Covariates Hiding in the Tails
We characterize the bias in cross-sectional Hill estimates caused by common underlying factors and propose two simple-to-implement remedies. To test for the presence, direction and size of the bias, we use monthly US stock returns and annual US Census county population data. -
September 28, 2021
Debt Management Strategy Consultations – 2022-23
The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2022-23 and beyond. -
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September 24, 2021
Monitoring payment deferrals during the COVID-19 pandemic—update, July 2021
In the initial stages of the COVID-19 pandemic, Canada’s financial institutions allowed households to defer payments on a range of loans. With nearly all of these deferrals having expired, we provide a final update of how these loans have performed through to July 2021. -
A Q-Theory of Banks
Using stock market data on banks, we show that the book value of loans recognizes losses with a delay. This delayed accounting is important for regulation because the requirements regulators impose are based on book values. -
September 23, 2021
Sharpening our insights
Effective, evidence-based policy decisions require insights deepened by understanding. We will listen to Canadians’ diverse perceptions and concerns. At the same time, we will work hard to clearly explain the intent and relevance of the Bank’s objectives, and what is needed to achieve them. More than ever, we are focused on turning insights into actions that inspire confidence. -
September 23, 2021
Our vision, our values, our promise
Building on the principles that have always guided us—excellence, integrity and respect—we embrace three core values that define who we are and how we work together. -
September 23, 2021
Delivering on Our Promise: Putting our plan into action
Read a message from Governor Macklem and learn more about our planning framework and how we will put our strategic plan into action.