April 16, 2025 Monetary Policy Report—April 2025—Global economy At the end of 2024, global economic growth was solid, and inflation had eased further toward central banks’ targets. Since then, the United States has imposed large and broad-based tariffs on most of its trading partners.
August 24, 2004 Bank of Canada Review - Summer 2004 Cover page Promissory Note, 1712 The note measures 28 cm x 16 cm and forms part of the National Currency Collection, Bank of Canada. Photography by Gord Carter, Ottawa Content Type(s): Publications, Bank of Canada Review
February 21, 2013 Bank of Canada Review - Winter 2012-2013 This issue features a summary of the Bank’s annual conference, Financial Intermediation and Vulnerabilities, which took place in October 2012, as well as two articles that present analysis of international macroeconomic coordination since the global financial crisis and the U.S. recovery from the Great Recession. Content Type(s): Publications, Bank of Canada Review
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 JEL Code(s): C, C3, C32, E, E3, E31, E32 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Inflation dynamics and pressures
February 17, 2004 Policies for Changing Times Remarks David Dodge Mexican Business Coordinating Council Mexico City, Mexico We both share borders with the United States, the most important export market for each of us. Both Canada and Mexico have recently faced setbacks in cross-border trade with the United States. These stem not only from weaker U.S. domestic demand, but also from specific trade problems and from border-crossing delays associated with tighter security. Content Type(s): Press, Speeches and appearances, Remarks
November 8, 2006 The Canadian Economy and Financial Markets in Perspective Remarks David Longworth World Hedge Funds Summit Vaughan, Ontario The hedge fund industry has been growing so quickly that meetings like this one are welcome—they provide a chance to step back and look at context and trends. And that's what I propose to do this morning. Specifically, I'd like to speak about volatility in both the real economy and in financial markets and discuss how it has been affected by monetary policy and financial innovation. Content Type(s): Press, Speeches and appearances, Remarks
August 25, 2020 Perceived inflation and reality: understanding the difference Remarks (delivered virtually) Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario In a virtual address to the Canadian Association for Business Economics, Deputy Governor Lawrence Schembri discusses the difference between how Canadians perceive inflation and the actual measured rate. He explains why that gap may exist and what it could mean for monetary policy and the economy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
Revisiting the Monetary Sovereignty Rationale for CBDCs Staff discussion paper 2021-17 Skylar Brooks One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E41, E42, E5, E52, E58, H, H1, H12, H6, H63 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy framework and transmission, Money and payments, Digital assets and fintech
June 30, 2015 Research Update - June 2015 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. Content Type(s): Staff research, Research newsletters
The Interplay of Financial Education, Financial Literacy, Financial Inclusion and Financial Stability: Any Lessons for the Current Big Tech Era? Staff working paper 2020-32 Nicole Jonker, Anneke Kosse The objective of this paper is twofold. First, we assess whether financial education might be a suitable tool to promote the financial inclusion opportunities that big techs provide. Second, we study how this potential financial inclusion could impact financial stability. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D1, D14, D9, D91, D92, G, G2, G21, G23, O, O1, O16 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech