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Assessing the Impact of the Bank of Canada’s Government Bond Purchases
Bank of Canada
2024.06.20
In the wake of the 2008?09 global financial crisis, several central banks introduced large-scale asset purchase programs, commonly referred to as quantitative easing (QE). The goal of these QE programs is to address financial market strains and to provide additional monetary stimulus once policy interest rates are at, or close to, their effective lower bounds. QE has therefore become an important tool used by many central banks around the world to affect monetary conditions once traditional interest rate tools are constrained. Although the Bank of Canada did not employ QE in response to the global financial crisis, QE is nonetheless part of the Bank’s framework for conducting monetary policy at low interest rates (Bank of Canada 2015).