Bank of Canada (BoC)
Canadian deputy warns limits to macro-prudential tools may impact monetary policy
Timothy Lane says fiscal policy may have to step into the breach and provide stimulus when using monetary policy would risk creating ‘vulnerabilities’ macro-prudential policy can’t offset
People: Patel reappointed RBI deputy; Kocherlakota moves to University of Rochester
RBI deputy Urjit Patel gets second three-year term; Narayana Kocherlakota takes up economics chair at University of Rochester; Canadian governor to head BIS’s consultative council for the Americas
Market preoccupation with divergence likely means ‘more variability’, Poloz says
Canadian governor believes such variability to be a ‘natural reaction’ to shocks; flexible exchange rate allows for adjustment
2015: The year in review
Research exploring new frontiers and challenging the prevailing orthodoxies took centre stage over the past year - we look back at some of the biggest stories
Bank of Canada identifies ‘prolonged weakness’ in commodity prices as a key risk
Latest financial system review suggests the resulting stress would be ‘manageable’, although an additional ‘large and broad-based drop’ would pose a bigger problem
Bank of Canada adds negative rates to toolkit
Central bank publishes new framework for monetary policy when interest rates are approaching zero, suggesting the overnight rate could be cut as low as -0.5%
Canada looks for new deputy as Côté prepares to stand down
Bank of Canada begins search for deputy governor, stressing importance of experience using macroeconomic models and communicating views
Canadian paper sees costs to leaning against the wind
Research estimates difference in policy rates between ‘lean’ and ‘clean’ central banks, while identifying costs in terms of inflation and output deviations
It is ‘OK’ if researchers challenge Bank of Canada council, Wilkins says
Senior deputy governor outlines new procedure for publishing papers independently from the governing council; advocates ‘intellectual space’ for ideas
Poloz sees risks to inflation outlook as ‘roughly balanced’ as Canada holds rates
Canadian governor highlights ‘building’ economic momentum after central bank holds its target for the overnight rate at 0.5%
Poloz explores ‘risk management’ in policy framework
Bank of Canada governor says monetary policy cannot always be used to lean against the wind, but financial stability impact can be taken into account on occasion
Poloz expects Canada to manage adjustment well
Bank of Canada governor says the floating exchange rate will help the country to adjust to the resource price shock, while reducing the disinflationary risks that come with it
Canadian deputy says LTV and DTI limits ‘most effective’ macro-pru tools
Lawrence Schembri examines demand and supply factors underpinning rise in house prices; evaluates macro-prudential tools used in Canada and elsewhere
Bank of Canada paper flags risk of spillovers from emerging to developed economies
Researchers show how a search for safe assets could transmit instability to developed economies as capital flows out of emerging markets
Bank of Canada cuts rates to support ‘complex adjustment’
Central bank says economy needs additional support as it restructures in response to complex impact from oil price shock; fears remain over imbalances in household sector
Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries on the resolution of banks with cross-border operations
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Canadian central bank lays out three ‘key’ vulnerabilities in financial system
Bank of Canada warns vulnerability associated with household indebtedness is ‘edging higher’ and points to imbalances in the housing market and investor risk-taking in financial markets
Wilkins warns ‘a lot of work remains’ in implementing reforms
Canada’s senior deputy governor stresses need for coordination among regulators; suggests bilateral agreements could be useful given trend toward regional banking
Poloz sees full capacity and 2% inflation in 18 months
Bank of Canada governor describes the destination the Canadian economy is moving towards, as well as the roadmap for getting there
Bank of Canada plans changes to operating framework
Changes would see Canadian central bank cut back on purchase of government bonds through primary market, while intervening less frequently in overnight market
Household expectations help flesh out inflation picture, research finds
Research published in the latest Bank of Canada review argues that looking at the behaviour of expectations since the crisis helps in understanding evolution of inflation
Nothing magical about targeting 2%, Bernanke says
Former Fed chair calls for further research on ‘alternative intermediate targets’ for monetary policy during IMF panel; will work with hedge fund Citadel as adviser on range of topics
Bank of Canada sees 'front-loaded' oil price effects
Latest monetary policy report estimates Canadian economy was stagnant in first quarter as negative effects from lower oil prices hit earlier than expected; forecasts rebound in coming months