Inflation targets

• August 13, 2020

  Understanding inflation targeting

  At the Bank of Canada, we aim to keep inflation close to 2 percent.

  Content Type(s): Explainers Topic(s): Inflation and prices, Inflation targets

• Strengthening Inflation Targeting: Review and Renewal Processes in Canada and Other Advanced Jurisdictions

  Staff Discussion Paper 2020-7 Robert Amano, Thomas J. Carter, Lawrence L. Schembri

  We summarize the review and renewal process at four central banks (Reserve Bank of New Zealand, Bank of England, Sveriges Riksbank and the US Federal Reserve Bank) and compare them with the process at the Bank of Canada, which has been well-established since 2001.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Inflation targets, Monetary policy framework JEL Code(s): E, E5, E52, E58
• June 22, 2020

  Targeting inflation during the pandemic

  Speech summary Tiff Macklem Canadian Clubs and Cercles canadiens Ottawa, Ontario

  In his first speech, Governor Tiff Macklem explains how the Bank’s commitment to low, stable and predictable inflation has guided our actions during COVID-19.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy framework, Monetary policy implementation
• June 22, 2020

  Monetary policy in the context of COVID-19

  Remarks (delivered virtually) Tiff Macklem Canadian clubs and cercles canadiens Ottawa, Ontario

  Governor Tiff Macklem talks about the conduct of monetary policy in the context of COVID-19.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy framework, Monetary policy implementation
• May 25, 2020

  Dealing with extreme uncertainty

  Speech summary Stephen S. Poloz University of Alberta’s Eric J. Hanson Memorial Lecture Edmonton, Alberta

  In a lecture capping off his time as Governor, Stephen S. Poloz discusses how the Bank uses a risk management approach to deal with uncertainty about risks such as the ones associated with the COVID-19 pandemic.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Financial stability, Inflation targets, Monetary policy, Monetary policy and uncertainty, Monetary policy framework, Monetary policy implementation
• May 25, 2020

  Monetary policy in unknowable times

  Lecture Stephen S. Poloz Eric J. Hanson Memorial Lecture University of Alberta Edmonton, Alberta

  Governor Stephen S. Poloz discusses the evolution of the way the Bank takes a risk-management approach in the conduct of monetary policy, and what this implies for the recovery from the pandemic.

  Content Type(s): Press, Speeches and appearances, Lectures Topic(s): Coronavirus disease (COVID-19), Financial stability, Inflation targets, Monetary policy, Monetary policy and uncertainty, Monetary policy framework, Monetary policy implementation
• May 20, 2020

  Decisive actions in difficult times

  Speech summary Timothy Lane CFA Society Winnipeg and the Manitoba Association for Business Economics Winnipeg, Manitoba

  Deputy Governor Timothy Lane talks about the Bank’s decisive actions in response to COVID-19, and how these will help Canadians now and in the future.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration
• May 20, 2020

  Policies for the Great Global Shutdown and Beyond

  Remarks (delivered virtually) Timothy Lane CFA Society Winnipeg and Manitoba Association for Business Economics Winnipeg, Manitoba

  Deputy Governor Timothy Lane explains how the Bank is helping Canadian households and businesses weather the COVID-19 crisis, and how our actions today are laying a solid foundation for our future economic recovery.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration
• March 6, 2020

  Evaluating our approach to monetary policy

  

  James (Jim) C. MacGee, Rhys R. Mendes

  Inflation targeting has been successful in Canada over the past 30 years. But is it the best we can do? The Bank of Canada asks itself, and Canadians, that question every five years.

  Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Credibility, Inflation targets, Inflation: costs and benefits, Interest rates, Monetary policy framework, Price stability

• The Power of Helicopter Money Revisited: A New Keynesian Perspective

  Staff Discussion Paper 2020-1 Thomas J. Carter, Rhys R. Mendes

  We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook” model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Credibility, Economic models, Fiscal policy, Inflation targets, Interest rates, Monetary policy, Monetary policy and uncertainty, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E1, E12, E4, E41, E43, E5, E51, E52, E58, E6, E61, E63