Mortgage discounting slows monetary policy pass through: Bank of Canada
The Bank of Canada Winter Review, published on Thursday, finds that mortgage-rate discounting affects the speed and amount of pass-through of changes in the central bank's policy rate to Canadian mortgage rates.
Jason Allen, the paper's author, examines whether financial institutions fully pass through changes in monetary policy to mortgage rates. Allen argues that understanding how rates are determined in the Canadian mortgage market is important for the central bank as the gap between posted
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