Bank of Canada (BoC)
Canadian paper proposes new DSGE model for analysing credit shocks
Working paper proposes new model that accounts for the effects of defaults on both households and banks; finds the probability of a company defaulting rises with its leverage ratio
People: Poloz names special advisor; BoE appoints insurance specialist to PRA
Bank of Canada appoints senior advisor to the governor; UK's Prudential Regulation Authority names final independent director; payments systems Bacs and Chaps appoint new chairmen
'Furious' jobs increase boosts Bank of Canada’s Poloz
Statistics Canada reports increase of 95,000 jobs in May; Poloz uses first speech in role to call for economic rebalancing and issue warning over low inflation
People: Poloz takes over from Carney; Hristov returns from Bulgarian parliament
Stephen Poloz starts term as Bank of Canada governor; Bulgarian deputy resumes duties; Bermuda Monetary Authority shuffles management for ‘greater supervisory effectiveness’; and more
Carney hails Canada's 'massive and disciplined' crisis response
Bank of Canada governor, soon to replace Mervyn King at the Bank of England, says stimulus will be withdrawn in Canada 'appropriately as threats diminish'
Robert Pringle's Viewpoint: Watch what central bankers do, not what they say
Recent speeches by Ben Bernanke and Mark Carney signal a new phase in the development of central bank rhetoric. The big question is whether they preface a change in policy
Bank of Canada names Stephen Poloz as governor
The CEO of Export Development Canada Stephen Poloz is a surprise pick to replace Mark Carney; governor designate backs existing monetary policy framework and says inflation target is ‘sacrosanct’
Carney says inflation targeting is worth salvaging
Bank of Canada chief says central banks’ limitations were revealed by the financial crisis, but inflation targeting is still worthwhile when supplemented by forward guidance and flexibility
Bank of Canada annual report highlights banknote success
New series of polymer banknotes introduced in 2012 as counterfeiting continues to fall; inflation kept shackled throughout year but falls below target in December
New model prescribes strongly counter-cyclical medicine for financial shocks
Working paper from the Bank of Canada suggests counter-cyclical bank capital rules can help steady the ship in the wake of financial shocks, in tandem with monetary policy measures
Canadian deputy says global demand must ‘rotate’
John Murray warns that a lack of co-operation in global rebalancing will only make the situation worse; says global GDP could contract by $6 trillion by 2015
Canadian deputy encourages use of derivatives central counterparty
Bank of Canada deputy calls for ‘material increase’ in central counterparty membership; supports smaller institutions accessing service through existing participants
Central Bank of Mexico cuts rates for first time in four years
Mexico slashes benchmark rate 50 basis points to combat falling demand and rising unemployment; Brazil and Canada hold rates steady
Central banks need to define clear role for operational risk
Despite crossing management and business lines, operational risk must be defined within the wider risk management framework at central banks. By Rudy Wytenburg.
Carney says banks should follow the Canadian example in rebuilding trust
Bank of Canada chief says banks – at least those outside Canada – have a long way to go in rebuilding trust, but progress is being made
Bank of Canada names new deputy governor
New deputy appointed as governor Carney and senior deputy governor Macklem unveil re-shuffle of responsibilities
Co-operation needed to avoid reduction in cross-border activity, says Canadian deputy
Timothy Lane says a reduction in cross-border activity only internalises the contagion risk; greater global co-operation needed to improve financial stability
Carney champions flexible inflation target
Bank of England’s governor-designate welcomes debate on monetary policy framework but says he strongly favours flexible inflation targeting
Canadian study links financial development and income volatility
Working paper finds financial development can dampen the impact of technological shocks on the economy
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
Carney insists Bank of Canada will tighten policy despite holding rates again
Mark Carney says the withdrawal of monetary stimulus is postponed, but not cancelled, as Bank of Canada’s governing council holds rates again
Bank of Canada front-runner discusses interest rate rise
Tiff Macklem, tipped to be the next Canadian governor, reveals concern over household imbalances despite ‘signs of stabilisation’ and points to potential interest rate rise
Bank of Canada wants national citizen to succeed Carney
Legislation dictates governor must be a Canadian citizen; advert for new governor released publicly on central bank website
Central banks extend swap arrangements
Bank of Canada, Bank of England, European Central Bank, Swiss National Bank and US Federal Reserve extend temporary US dollar and bilateral swap agreements