Inflation and prices

• March 25, 2022

  A world of difference: Households, the pandemic and monetary policy

  Remarks (delivered virtually) Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California

  Bank of Canada Deputy Governor Sharon Kozicki discusses how differences among households affect economic outcomes, how shocks can have important uneven effects across households, and why these things matter for monetary policy.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Economic models, Housing, Inflation and prices, Labour markets, Monetary policy, Monetary policy framework, Recent economic and financial developments
• March 25, 2022

  Household differences and why they matter

  Speech summary Sharon Kozicki Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference San Francisco, California

  Deputy Governor Sharon Kozicki talks about why differences in income, wealth and debt across households are important for the economy and what the Bank of Canada will be watching for as interest rates rise.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Economic models, Housing, Inflation and prices, Labour markets, Monetary policy, Monetary policy framework, Recent economic and financial developments

• Job Ladder and Business Cycles

  Staff Working Paper 2022-14 Felipe Alves

  During downturns, workers get stuck in low-productivity jobs and wages remain stagnant. I build an heterogenous agent incomplete market model with a full job ladder that accounts for these facts. An adverse financial shock calibrated to the US Great Recession replicates the period’s slow recovery and missing disinflation.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, Labour markets, Productivity JEL Code(s): D, D3, D31, D5, D52, E, E2, E21, E24, E3, E31, E32
• March 3, 2022

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement (delivered virtually) Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy implementation, Price stability, Recent economic and financial developments
• March 3, 2022

  Economic progress report: Controlling inflation

  Remarks (delivered virtually) Tiff Macklem CFA Society Toronto Toronto, Ontario

  Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and what’s driving inflation in Canada. He also discusses how the Bank will manage the next step in the Bank’s balance sheet operations – quantitative tightening.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet
• March 3, 2022

  Getting inflation back to target

  Speech summary Tiff Macklem CFA Society Toronto Toronto, Ontario

  Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to raise its policy interest rate. He explains that after two years of extraordinary stimulus, we are now on a path of rising interest rates.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, International topics, Monetary aggregates, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy implementation, Monetary policy transmission, Price stability, Recent economic and financial developments, Sectoral balance sheet

• The Impact of Globalization and Digitalization on the Phillips Curve

  Staff Working Paper 2022-7 Christian Friedrich, Peter Selcuk

  Globalization is in retreat, yet digitalization is on the rise. How will these trends impact inflation?

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): E, E3, E31, E32, F, F6
• February 9, 2022

  The role of Canadian business in fostering non-inflationary growth

  Remarks (delivered virtually) Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario

  Governor Tiff Macklem discusses how business investment and stronger productivity are vital to sustaining non-inflationary economic growth.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Expectations, Firm dynamics, Inflation and prices, Labour markets, Monetary policy, Productivity, Recent economic and financial developments
• February 9, 2022

  Producing growth with less inflation

  Speech summary Tiff Macklem Canadian Chamber of Commerce Canada 360 Summit Ottawa, Ontario

  Governor Tiff Macklem discusses how—by investing in technology and people—businesses can help the economy grow more with less inflation.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Expectations, Firm dynamics, Inflation and prices, Labour markets, Monetary policy, Productivity, Recent economic and financial developments

• On the Wedge Between the PPI and CPI Inflation Indicators

  Staff Working Paper 2022-5 Shang-Jin Wei, Yinxi Xie

  We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation targets, International topics, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58, F, F1, F11, F12, F4, F41, F6, F62