Bank of Canada (BoC)
Civil rights activist to appear on new Canadian $10 banknote
Viola Desmond will appear on new C$10 note, to be printed in 2018; Bank of Canada to repeat "bankNOTEable” campaign when seeking candidates for new C$5 note
Federal Reserve conducts in-depth study into distributed ledger technology
Central bank publishes first paper discussing the benefits of distributed ledger technology in the realm of payments, and clearing and settlement; use of DLT could address “financial frictions”
Bank Negara Malaysia’s new site draws on award-winning designs
Responsive new site launched after in-house team conducts benchmarking exercise on award-winning central bank sites; head of electronic communications explains the evolutionary process
Tallow controversy forces Innovia to look at alternatives
Innovia to seek alternative to tallow as traces of animal extracts in the Bank of England's new ‘fiver’ sparks global review; Canadian and Australian banknotes also contain traces in guardian substrate
Poloz urges economists to create new economic models
The rise of the service sector has changed the way productivity and output can be calculated, the Canadian governor says, musing on whether the relationship between inflation and growth could change over time
Bank of Canada paper explains decision to dilute ELA solvency requirement
Economists say emergency liquidity can play an important role in a resolution process, which led the Bank of Canada to amend its rules to allow for temporary insolvency
Financial globalisation only good within limits, says Canada’s Lane
Timothy Lane flags the dangers of an open capital account for some countries, saying monetary policy in some countries may be “overwhelmed”
Paper examines relationship between monetary policy and bank funding crises
Current regulatory tools are not sufficient to contain bank runs, Canadian working paper suggests, underscoring the importance of policy measures such as reserve requirements
Canada opts to retain 2% inflation target
Bank of Canada will continue with current target in new five-year deal with government, though other aspects of the policy framework are changing
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