January 9, 2019
Monetary Policy Report Press Conference Opening Statement
Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.
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January 9, 2019
Bank of Canada maintains overnight rate target at 1 ¾ per cent
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. -
January 9, 2019
Monetary Policy Report – January 2019
The Bank projects that Canadian economic growth will slow to 1.7 per cent this year before rebounding to 2.1 per cent in 2020. -
December 31, 2018
Research Update - December 2018
This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. -
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December 21, 2018
Business Outlook Survey—Winter 2018
Results from the winter Business Outlook Survey continue to indicate positive business sentiment and elevated capacity pressures in most regions. For firms in the Prairies, the outlook has weakened. -
December 21, 2018
Senior Loan Officer Survey—Fourth Quarter of 2018
Overall household lending conditions were unchanged this quarter, although mortgage approval rates were lower. More widespread easing of business lending conditions continues to be driven by competition for corporate borrowers. -
Limited Commitment, Endogenous Credibility and the Challenges of Price-level Targeting
This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal policy in a New Keynesian model by committing to a price-level target path. -
Inference in Games Without Nash Equilibrium: An Application to Restaurants’ Competition in Opening Hours
This paper relaxes the Bayesian Nash equilibrium (BNE) assumption commonly imposed in empirical discrete choice games with incomplete information. Instead of assuming that players have unbiased/correct expectations, my model treats a player’s belief about the behavior of other players as an unrestricted unknown function. I study the joint identification of belief and payoff functions. -
Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks.