December 8, 2022 Helping Canadians better understand our decisions Speech summary Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec Speaking a day after the Bank of Canada decided to raise our policy interest rate, Deputy Governor Sharon Kozicki discusses the current state of the economy. She also talks about how we are improving our transparency with Canadians. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty
December 7, 2022 Bank of Canada Media Interview – Toronto Star Tiff Macklem, Governor of the Bank of Canada, gave an interview on Thursday, November 24 to Armine Yalnizyan for her Toronto Star column. Content Type(s): Press, Media advisories
Canada’s Beveridge curve and the outlook for the labour market Staff Analytical Note 2022-18 Alexander Lam Canada’s labour market is tight but beginning to ease. Unemployment will likely rise in turn, but the economy can avoid a recessionary surge given current conditions. Higher unemployment would nonetheless be material, especially for those directly impacted. Content Type(s): Staff research, Staff analytical notes Topic(s): Business fluctuations and cycles, Central bank research, Labour markets, Recent economic and financial developments JEL Code(s): E, E3, E32, J, J2, J20, J6, J63, J64
November 18, 2022 The Government of Canada announces the issuance of a Ukraine Sovereignty Bond To offer Canadians an opportunity to directly support Ukraine, the Government of Canada announced that it will issue a Ukraine Sovereignty Bond. The five-year, $500 million bond, denominated in Canadian dollars, will be issued in late November 2022. Content Type(s): Press, Market notices
Variable-rate mortgages with fixed payments: Examining trigger rates Staff Analytical Note 2022-19 Stephen Murchison, Maria teNyenhuis We estimate the share of variable-rate mortgages with fixed payments that reached the so-called trigger rate—the interest rate at which mortgage payments no longer cover the principal. Amid rising interest rates, this share was close to 50% at the end of October 2022 and could potentially reach 65% in 2023. Content Type(s): Staff research, Staff analytical notes Topic(s): Credit and credit aggregates, Financial institutions, Interest rates, Recent economic and financial developments JEL Code(s): D, D1, E, E4, E5, G, G2, G21
November 10, 2022 Getting back to stable prices and a balanced jobs market Speech summary Tiff Macklem Public Policy Forum Toronto, Ontario Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Price stability, Productivity, Recent economic and financial developments
November 14, 2022 Remarks by Tiff Macklem, Governor of the Bank of Canada On Monday, November 14, and Tuesday, November 15, 2022, the Bank of Canada will host the fourth annual Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking, a joint conference of the Bank of Canada, the Bank of England, the European Central Bank and the Federal Reserve Board. Content Type(s): Press, Media advisories
November 29, 2022 Quarterly Financial Report - Third Quarter 2022 Quarterly Financial Report - Third Quarter 2022 - For the period ended September 30, 2022 Content Type(s): Publications, Quarterly Financial Report
April 4, 2023 Deputy Governor Paul Beaudry to leave the Bank of Canada Media Relations Ottawa, Ontario The Bank of Canada announced today that Deputy Governor Paul Beaudry will leave the Bank at the end of July 2023. Mr. Beaudry will return to his academic position at the University of British Columbia. Content Type(s): Press, Press releases
Supply Drivers of US Inflation Since the COVID-19 Pandemic Staff Working Paper 2023-19 Serdar Kabaca, Kerem Tuzcuoglu This paper examines the contribution of several supply factors to US headline inflation since the start of the COVID-19 pandemic. We identify six supply shocks using a structural VAR model: labor supply, labor productivity, global supply chain, oil price, price mark-up and wage mark-up shocks. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Econometric and statistical methods, Inflation and prices JEL Code(s): C, C3, C32, E, E3, E31, E32