Monetary policy

• Assessing global potential output growth and the US neutral rate: April 2021

  Staff Analytical Note 2021-5 Thomas J. Carter, Xin Scott Chen, Ali Jaffery, Christopher Hajzler, Jonathan Lachaine, Peter Shannon, Subrata Sarker, Graeme Westwood, Beiling Yan

  We expect global potential output growth to rise to 3 percent by 2022. Relative to the last assessment in October 2020, potential output growth has been revised up across all the regions. The range of the US neutral rate remains unchanged relative to the autumn 2020 assessment.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Interest rates, Monetary policy, Potential output, Productivity JEL Code(s): E, E1, E2, E4, E5, F, F0, O, O4
• April 5, 2021

  Understanding how monetary policy works

  It takes time for our policy decisions to filter—or be transmitted—through the economy and financial system.

  Content Type(s): Explainers Topic(s): Monetary policy
• March 23, 2021

  Supporting markets in tough times

  Speech summary Toni Gravelle CFA Society Toronto Toronto, Ontario

  Deputy Governor Toni Gravelle talks about actions the Bank of Canada took to make sure financial markets could work smoothly during the COVID-19 pandemic. He also discusses the Bank’s plans to discontinue some programs.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial system regulation and policies, Lender of last resort, Monetary policy
• March 23, 2021

  Market stress relief: The role of the Bank of Canada’s balance sheet

  Remarks (delivered virtually) Toni Gravelle CFA Society Toronto Toronto, Ontario

  Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial system regulation and policies, Lender of last resort, Monetary policy

• Complementarities Between Fiscal Policy and Monetary Policy—Literature Review

  Staff Discussion Paper 2021-4 Wei Dong, Geoffrey R. Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis, Lin Shao

  This paper surveys and summarizes the literature on how fiscal policy and monetary policy can complement each other in stabilizing economic activity.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E5, E52, E58, E6, E62, E63
• March 11, 2021

  COVID-19, savings and household spending

  Remarks (delivered virtually) Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about the Bank’s latest interest rate announcement and discusses how COVID-19 has affected savings and the outlook household spending.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector
• March 11, 2021

  Household consumption in a pandemic

  Speech summary Lawrence L. Schembri Restaurants Canada Toronto, Ontario

  Deputy Governor Lawrence Schembri talks about how COVID-19 has affected household saving and spending patterns and discusses the Bank’s decision yesterday to leave the policy rate unchanged.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Monetary policy, Recent economic and financial developments, Service sector

• COVID-19 Crisis: Lessons Learned for Future Policy Research

  Staff Discussion Paper 2021-2 Jean-Sébastien Fontaine, Corey Garriott, Jesse Johal, Jessica Lee, Andreas Uthemann

  One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Financial markets, Monetary policy JEL Code(s): D, D4, D47, E, E4, E41, E5, G, G0, G01, G1, G14, G2, G20, G21, G23
• February 23, 2021

  Working toward a shared recovery

  Speech summary Tiff Macklem Edmonton Chamber of Commerce and the Calgary Chamber of Commerce Calgary, Alberta, Edmonton, Alberta

  Governor Tiff Macklem discusses how the economy and jobs could be different after the COVID-19 pandemic and what we can do to ensure that everyone benefits as the labour market recovers.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Potential output, Recent economic and financial developments
• February 23, 2021

  Canada’s labour market: rebound, recuperation and restructuring

  Remarks (delivered virtually) Tiff Macklem Edmonton Chamber of Commerce and Calgary Chamber of Commerce Calgary, Alberta, Edmonton, Alberta

  Governor Tiff Macklem talks about the COVID-19 pandemic and major economic forces are affecting the labour market, and the need for all groups to benefits from the recovery.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Labour markets, Monetary policy, Potential output, Recent economic and financial developments