In response to the global COVID-19 pandemic, the Bank of Canada aggressively lowered its policy interest rate and provided additional easing using forward guidance and quantitative easing. In this analysis, we use simulations in the Bank of Canada's projection model-the Terms-of-Trade Economic...

Using a Taylor rule we show that business sentiment captured by survey data matters for monetary policy decisions in real time in Canada. Stronger survey results lead to a significantly higher policy rate over the period of study (2001-18). Taylor rules including a measure of business sentiment...

Following the recent financial crisis, major central banks have introduced several types of unconventional monetary policy measures, including liquidity and credit facilities, asset purchases and forward guidance. To date, these measures appear to have been successful. They restored market...

As part of their policy response to the financial crisis of 2007-09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank...

Many emerging-market economies (EMEs) have significantly improved their macroeconomic fundamentals and undergone structural reforms since the Asian crisis. These developments have enhanced the composition of capital flows to EMEs through an improved debt structure, a larger share of capital...