Agathe Côté

Former Deputy Governor (2010 – 2016)

Bio

Agathe Côté served as Deputy Governor of the Bank of Canada from July 2010 until her retirement from the Bank in February 2016. As a member of the Bank’s Governing Council, she shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.

Born in Saint-Hyacinthe, Quebec, Ms. Côté received a bachelor’s degree in economics in 1981 and a master’s degree in economics in 1983, both from the University of Montréal.

Ms. Côté joined the Bank in 1982 as an economist in the International Department and, later, in the Department of Monetary and Financial Analysis. After assuming a series of positions of increasing responsibility, Ms. Côté was appointed Deputy Chief of the Department of Monetary and Financial Analysis in 2000 and, in 2001, Deputy Chief of the Financial Markets Department. From 2003 until 2008, she was Chief of the Bank’s Research Department (now Canadian Economic Analysis). In 2008, Ms. Côté was appointed Advisor to the Governor, with responsibilities in the area of domestic and international monetary policy issues, and Secretary to the Governing Council for Monetary Policy. Ms. Côté has also been a member of Statistics Canada’s Advisory Committee on National Accounts.

Speeches

February 19, 2015

Inflation, Expectations and Monetary Policy

Remarks Agathe Côté Association québécoise des technologies Mont-Tremblant, Quebec
Deputy Governor Agathe Côté discusses the importance of inflation expectations for monetary policy and a new survey the Bank of Canada created to monitor household expectations.
Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Credibility, Inflation and prices, Inflation targets, Monetary and financial indicators, Recent economic and financial developments

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Staff discussion papers

Price-Level Targeting

Staff Discussion Paper 2007-8 Agathe Côté
In November 2006, the Bank of Canada announced its intention to lead a concerted research program over the next few years on the type of monetary policy framework that would best contribute to the economic well-being of Canadians in the decades ahead. The research will focus on two broad questions: whether economic welfare might be […]
Content Type(s): Staff research, Staff discussion papers Topic(s): Monetary policy framework JEL Code(s): E, E5, E52, E58

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Staff working papers

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Technical reports

International Capital Mobility and Asset Substitutability: Some Theory and Evidence on Recent Structural Changes

Technical Report No. 44 Francesco Caramazza, Kevin Clinton, Agathe Côté, David Longworth
This study examines different aspects of the international integration of capital markets. In particular, it attempts to determine whether the changes in controls and regulatory policies that have occurred in the past decade have been associated with a greater degree of market integration.
Content Type(s): Staff research, Technical reports Topic(s): Balance of payments and components, Financial markets JEL Code(s): F, F2, F20, G, G1, G11, G15

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Bank publications

Bank of Canada Review articles

December 13, 1999

Feedback Rules for Inflation Control: An Overview of Recent Literature

Bank of Canada Review - Winter 1999–2000 Agathe Côté, Jamie Armour
Feedback rules are rules aimed at guiding policy-makers as they face the problem of keeping inflation close to a desired path without causing variability elsewhere in the economy. These rules link short-term interest rates, controlled by the central bank, to the rate of inflation and/or its deviation from a target rate. The authors describe the most popular types of feedback rules and review some simulation results.
Content Type(s): Publications, Bank of Canada Review articles Topic(s): Interest rates
August 10, 1996

Inflation expectations and Real Return Bonds

Bank of Canada Review - Summer 1996 Agathe Côté, Jocelyn Jacob, John Nelmes, Miles Whittingham
The existence of a market for Real Return Bonds in Canada provides a direct tool with which to measure market expectations of inflation by comparing the yields on these bonds with those on conventional Government of Canada long-term bonds. However, there are other factors besides inflation expectations that may affect the yield differential. After reviewing these factors, the authors note that they can lead to a potentially large bias in the level of inflation expectations. The changes in the differential over time may, nonetheless, be a good indicator of movements in long-run inflation expectations. Based on this measure, expectations of long-run inflation have declined since late 1994.
Content Type(s): Publications, Bank of Canada Review articles Topic(s): Interest rates

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