Bank of Canada (BoC)
Bank of Canada considered adding monetary stimulus, says governor
Balance of risk still within zone of current 'appropriate' policy, says Canadian governor; uncertainties surrounding exports and mortgage rules may be 'temporary' he says
Bank of Canada should not raise inflation target – Obstfeld and co-authors
Central bank has been overtaken in transparency metrics, authors say; forward guidance would catapult Canada to top of rankings and could avoid the need for unconventional measures
Central banks adopt Swift harmonisation charter
Three central banks join 18 other institutions in global rollout of messaging standard ISO 20022; separate taskforce working on publishing market practice guidelines
Savers must adjust their plans amid low rates – Poloz
Bank of Canada governor illustrates harsh reality for savers with rates so low, underlining the need for people to put aside more funds or work for longer than anticipated
Volatility in virtual currencies will not deter usage – new research
Model implies exchange rate will become less volatile as virtual currency becomes more established, questioning idea that volatility will impede use
Canadian working paper examines effect of downward nominal wage rigidity on wage growth
Average wage growth higher due to DNWR after recession, authors note; signs of heterogeneity in DNWR effects
More work needed to make case for GDP-linked bonds – BoE paper
The design of GDP-linked bonds needs to align macroeconomic need with investor demand, according to a paper authored for the G20 summit; clearer guidelines and principles could aid adoption
Bundesbank paper models ‘information contagion’
A Deutsche Bundesbank working paper presents a model of how “information contagion” can cause bank runs and attempts to quantify it using data on Canada’s banking sector
Co-operation: The competitive edge against counterfeiting
A collaborative approach to banknote projects with trustworthy partners frees up time and resources, pools and mitigates risk, and helps to fulfil the most demanding expectations from stakeholders and the public. Most importantly, it decisively stiffens…
Larger changes in policy statements lead to more volatility – paper
Research considers how much similarity in central bank statements on monetary policy matters for their reception
BoE agents see firms aiming for ‘business as usual’ in wake of Brexit
Agents’ post-Brexit review shows housing market resilience while there are reports of some firms look to relocate back to the UK in wake of sterling depreciation; IMF updates forecasts
Bank of Canada sees ‘modest effect’ from Brexit
Canadian and US central bankers size up cost of UK’s vote to leave the EU; Carolyn Wilkins and Patrick Harker do not see large impact on growth from direct trade effects
Bank of Canada experimenting with distributed ledger technology
Wilkins tells audience the Bank of Canada has “rolled up its sleeves” with regard to fintech; central bank testing “CAD-coin” in conjunction with private sector
People: Butler to stay on permanently at UK bank regulator; Poloz gets new adviser
Megan Butler extends contract at Financial Conduct Authority, taking up a permanent role as head of supervision; Sheryl King appointed new adviser to the governor at the Bank of Canada; and more
Bank of Canada review explores inflation target renewal
Four articles consider various elements of the central bank’s inflation targeting framework; one charts growing influence of nominal wage rigidity on average wage growth
To play the counterfeiter
The Reproduction Research Centre in Copenhagen helps central banks to counterfeit colour-shifting technology and machine-readable codes on banknotes in a bid to reduce fraud
Bank of Canada identifies first ‘prominent' payment system
The Automated Clearing Settlement System is considered "central" to Canadian payments and must now meet risk management standards based on global PFMI
Poloz upbeat on US and Canadian productivity prospects
Bank of Canada governor explores evolution of international trade; it may have fallen, but there are still opportunities for productivity growth, Poloz says
Poloz: CCA central banks ‘challenged’ in meeting their core objectives
New BIS Americas head believes financial stability should be built into regional policy decision-making even when not specifically stated as a core mandate; macro-pru "in sight" for many in region
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision
Canadian banks could withstand shock from China, deputy governor suggests
Financial institutions have adequate capital liquidity to handle external pressures, Wilkins says; research suggests Canadian growth would decrease by 0.1% if Chinese growth fell by 1%
Canadian economy may find ‘new balance’ at lower potential growth, Patterson says
Hit to the commodities sector likely to have knock-on effects, lowering broader investment and harming potential growth, deputy governor warns
Canadian public put forward women for spot on new banknote
Bank of Canada to launch new polymer banknote in 2018 featuring an “iconic” Canadian woman; Nellie McClung announced as first nomination
Bank of Canada picks ‘renowned and prolific’ new deputy
Sylvain Leduc chosen as new deputy governor, bringing a lengthy list of publications and a ‘deep understanding’ of the international monetary system; deputy duties also reshuffled