Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”? Staff Working Paper 2022-45 Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova, Nicholas Sander The COVID-19 pandemic has caused an atypical recession in which some sectors of the economy boomed and others collapsed. This required a unique fiscal policy reaction to both support firms and stimulate activity in sectors with slack. Was fiscal policy able to get where it was needed? Mostly, yes. Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Firm dynamics, Fiscal policy, International topics JEL Code(s): D, D5, D57, E, E6, E62, F, F4, F41
November 10, 2022 Speech by Tiff Macklem, Governor of the Bank of Canada On Thursday, November 10, 2022, Tiff Macklem, Governor of the Bank of Canada, will speak before the Public Policy Forum. Content Type(s): Press, Media advisories
November 2, 2022 Keeping up with changes in how Canadians pay Speech summary Ron Morrow Canadian Innovation Exchange Summit Toronto, Ontario Executive Director of Retail Payments Supervision Ron Morrow discusses how the Bank of Canada is taking on new responsibilities to help protect consumers when they pay for things. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Retail payments supervision
November 3, 2022 Bank of Canada webcasts the John Kuszczak Memorial Lecture On Thursday, November 3, 2022, the Bank of Canada will host its annual economic conference. This year’s theme is “Micro data to macro implications and how central bank policies should reflect them.” Academics, policy-makers, private sector economists and representatives from policy think tanks will be among those in attendance. Content Type(s): Press, Media advisories
November 3, 2022 2022 Annual Bank of Canada Economic Conference Conference held on November 3 and 4, 2022. Content Type(s): Conferences and workshops
October 6, 2022 Global National Tiff Macklem, Governor of the Bank of Canada Interview with Global National Content Type(s): Press, Media activities
October 7, 2022 CARR agrees to begin process of developing Term CORRA benchmark On May 16, 2022 CARR launched a public consultation on whether there was a need for a forward-looking Term CORRA benchmark to replace CDOR in certain types of loan facilities. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
Harnessing the benefit of state-contingent forward guidance Staff Analytical Note 2022-13 Vivian Chu, Yang Zhang A low level of the neutral rate of interest increases the likelihood that a central bank’s policy rate will reach its effective lower bound (ELB) in future economic downturns. In a low neutral rate environment, using an extended monetary policy toolkit including forward guidance helps address the ELB challenge. Using the Bank’s Terms-of-Trade Economic Model, we assess the benefits and limitations of a state-contingent forward guidance implemented within a flexible inflation targeting framework. Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Monetary policy framework, Monetary policy transmission JEL Code(s): E, E2, E27, E3, E37, E4, E5, E52, E58
Calculating Effective Degrees of Freedom for Forecast Combinations and Ensemble Models Staff Discussion Paper 2022-19 James Younker This paper derives a calculation for the effective degrees of freedom of a forecast combination under a set of general conditions for linear models. Computing effective degrees of freedom shows that the complexity cost of a forecast combination is driven by the parameters in the weighting scheme and the weighted average of parameters in the auxiliary models. Content Type(s): Staff research, Staff discussion papers Topic(s): Econometric and statistical methods JEL Code(s): C, C0, C01, C02, C1, C13, C5, C50, C51, C52, C53
September 20, 2022 Macroeconomics of the 2020s: What we’ve learned, and what’s to come Remarks Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario Deputy Governor Paul Beaudry discusses the macroeconomic lessons we’ve learned during the COVID-19 pandemic, and what lies ahead to bring inflation back to target. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Expectations, Inflation and prices, Inflation targets, International topics, Labour markets, Monetary policy implementation, Recent economic and financial developments