February 8, 2024
Posts
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Central Bank Digital Currency and Banking Choices
To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with. -
February 7, 2024
Summary of Governing Council deliberations: Fixed announcement date of January 24, 2024
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 24, 2024. -
February 7, 2024
Release of the Bank of Canada’s summary of deliberations
On Wednesday, February 7, 2024, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on January 24, 2024. -
The Role of International Financial Integration in Monetary Policy Transmission
We propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We study the implications of financial integration on monetary policy transmission. Among various aspects of financial integration, the bond duration plays a major role. These results hold for conventional and unconventional monetary policies. -
February 6, 2024
Bank of Canada Media Interview – Le Devoir
Tiff Macklem, Governor of the Bank of Canada, gave an interview to Le Devoir. -
February 6, 2024
Bank of Canada Media Interview – The Logic
Tiff Macklem, Governor of the Bank of Canada, gave an interview to The Logic. -
February 6, 2024
Speech by Tiff Macklem, Governor of the Bank of Canada
On Tuesday, February 6, 2024, Tiff Macklem, Governor of the Bank of Canada, will speak before the Montreal Council on Foreign Relations (CORIM). -
February 6, 2024
Monetary policy: It’s perfectly imperfect
Governor Tiff Macklem speaks about the effectiveness—and limitations—of monetary policy. He highlights how raising and lowering the policy interest rate ultimately keeps inflation low, stable and predictable, despite significant shocks to the economy. -
February 6, 2024
Monetary policy: The right tool for the right job
Governor Tiff Macklem discusses how monetary policy is working to bring inflation down—and how it has worked to return inflation to target over the last 25 years. He also talks about the limits of monetary policy, and why the right focus is on controlling inflation in the medium term.