November 7, 2023 Bank of Canada webcasts The John Kuszczak Memorial Lecture On Tuesday, November 7, 2023, the Bank of Canada will host its annual economic conference for policy makers and researchers. This year’s theme is “The Future of the International Monetary and Financial System”. Content Type(s): Press, Media advisories
November 7, 2023 CFEC Meeting (November 7, 2023) TD Securities Content Type(s): Meetings Source(s): Canadian Foreign Exchange Committee
October 26, 2023 The Current, CBC Radio Tiff Macklem, Governor of the Bank of Canada Interview with The Current on CBC Radio Content Type(s): Press, Media activities
Monetary Policy Governance: Bank of Canada Practices to Support Policy Effectiveness Staff Discussion Paper 2024-14 Brigitte Desroches, Sharon Kozicki, Laure Simon We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time. Content Type(s): Staff research, Staff discussion papers Topic(s): Credibility, Monetary policy communications, Monetary policy framework JEL Code(s): E, E0, E02, E5, E58
Ecosystem Models for a Central Bank Digital Currency: Analysis Framework and Potential Models Staff Discussion Paper 2024-13 Youming Liu, Francisco Rivadeneyra, Edona Reshidi, Oleksandr Shcherbakov, André Stenzel This note analyzes different economic models of a central bank digital currency (CBDC) ecosystem where the central bank chooses different levels of market involvement and usage of policy levers. The analysis suggests that there are trade-offs between the costs to the central bank and its ability to achieve policy goals like universal access. Content Type(s): Staff research, Staff discussion papers Topic(s): Central bank research, Digital currencies and fintech, Financial services JEL Code(s): E, E5, E58, E6, E61, L, L5
August 27, 2024 How high productivity helps fight inflation Higher productivity helps keep prices down and wages up. It gives workers more money to spend and increases the value they get when they spend it. And it allows businesses to weather cost increases without having to raise prices. All together, these factors drive economic growth. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Inflation and prices, Productivity
Forecasting Recessions in Canada: An Autoregressive Probit Model Approach Staff Working Paper 2024-10 Antoine Poulin-Moore, Kerem Tuzcuoglu We forecast recessions in Canada using an autoregressive (AR) probit model. The results highlight the short-term predictive power of the US economic activity and suggest that financial indicators are reliable predictors of Canadian recessions. In addition, the suggested model meaningfully improves the ability to forecast Canadian recessions, relative to a variety of probit models proposed in the Canadian literature. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C5, C51, C53, E, E3, E32
March 26, 2024 Time to break the glass: Fixing Canada’s productivity problem Remarks Carolyn Rogers Halifax Partnership Halifax, Nova Scotia Senior Deputy Governor Carolyn Rogers explains how higher productivity can protect the economy from future bouts of inflation and why fixing Canada's productivity problem should be a priority for all Canadians. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Labour markets, Potential output, Productivity
Monetary Policy Transmission Through Shadow and Traditional Banks Staff Working Paper 2024-8 Amina Enkhbold I investigate how monetary policy transmits to mortgage rates via the mortgage market concentration channel for both traditional and shadow banks in the United States from 2009 to 2019. On average, shadow and traditional banks exhibit only a slight disparity in transmitting monetary shocks to mortgage rates. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Interest rates, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21