Bank of Canada (BoC)
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Non-bank stress tests must be improved – Constâncio
ECB vice-president says stress tests for non-banks are still in a “fledgling state”
Bank of Canada deputy warns about negative effects of protectionism
Timothy Lane says populism may lead to less trade and lower standards of living
Stronger Canadian dollar weighing on policymakers' minds – Lane
Bank of Canada deputy says bank is paying ‘close attention’ to how markets respond to higher interest rates and stronger currency, which could threaten supply chains
All central banks may have to consider crypto-currencies – BIS
BIS economists examine the case of central banks issuing own digital currency in both the retail and wholesale landscape
Canadian deputy: inflation target renewal aids policymaking
A renewal period offers the bank a research opportunity to examine monetary policy framework; such research prompted a decision to maintain inflation target at 2%
Bank of Canada rebuts ‘epic fail’ communication claim
Central bank’s head of comms rejects criticism from Bank of Montreal that policymakers failed to properly signal its recent rate hike
Six large banks join UBS digital currency project
UBS announces the third phase of its digital currency project; analysts question whether the project can deliver all it promises
Bank of Canada severs mechanical link to external ratings
After several years of work, the Bank of Canada is now “well positioned” to end its mechanistic reliance on external credit ratings, and is helping others do the same, says Philippe Muller
Paper proposes method to estimate network of exposures
Researcher draws on aggregate exposures and market data to build a more complete picture of the network of bank exposures
Fintech not an ‘immediate threat’ to monetary policy – paper
Research from the Bank of Canada explores the impact fintech could have on central banks’ responsibilities, deeming it “too early to judge” the effect on mandates
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Bank of Canada broadening intelligence gathering with new survey
Systemic risk survey will be launched next year, says deputy governor, emphasising market intelligence can never provide a “perfectly complete picture”
Bank of Canada prepares to open redesigned museum
Museum set to reopen in July after “complete reimagining”, including interactive exhibits on the central bank’s mandate, inflation-based games and a two-tonne “Yap stone”
Wilkins offers optimistic assessment of Canadian economy
Carolyn Wilkins says Bank of Canada will assess whether current “considerable” monetary stimulus is still required; growth across sectors is an “encouraging” sign for the economy
Bank of Canada wary of hotter housing market
The central bank lists household indebtedness and regional price increases as two of its top concerns; Poloz says it is too early to say if more macro-pru needs to be implemented
Central banks should test robustness of their main macro models – paper
Bank of Canada paper says users of large-scale macroeconomic models should develop tools to assess whether non-linearities could be distorting results
Pure DLT systems not yet suitable for wholesale payments – Bank of Canada
The current state of distributed ledger technology makes it too inefficient to run as a pure system, though elements could still be useful, researchers say; details of RTGS project emerge
LTV ratio more effective than DTS in Canada – BIS paper
Paper examines the effect of recent macro-prudential policies targeting the housing market, finding households will borrow more if they can
Trade uncertainty is harming growth prospects – Poloz
Bank of Canada governor says uncertainty surrounding US trade policies is harming investment in both Canada and Mexico; Poloz is “not surprised” investors are reacting cautiously
Fintech not a danger to banking, say IMF panellists
Bank of Canada deputy says banks should be ready to embrace fintech, as the benefits for grow; IMF fintech working group hosts first panel at Spring Meeting
Bank of Canada’s Vardy and Harrison on the move to ‘peacetime’ communications
Central bank has reshaped its communications approach post-crisis, embedding it into the policy process and encouraging markets to think for themselves
New paper examines central bank digital currency models
Bank of Canada experiment proves distributed ledger networks can be used to settle payments; paper examines the difference between retail and wholesale models
Schembri: mix of factors holding back Canadian investment
The outlook is improving, the deputy governor says; openness to trade and immigration are likely to boost growth