Assessing Labour Market Slack for Monetary Policy Staff Discussion Paper 2021-15 Erik Ens, Laurence Savoie-Chabot, Kurt See, Shu Lin Wee Measuring labour market slack is essential for central banks: without full employment in the economy, inflation will not stay close to target. We propose a comprehensive approach to assessing labour market slack that reflects the complexity and diversity of the labour market. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Econometric and statistical methods, Labour markets, Monetary policy JEL Code(s): E, E2, E24, J, J2, J21, J6
June 22, 2020 Monetary policy in the context of COVID-19 Remarks (delivered virtually) Tiff Macklem Canadian clubs and cercles canadiens Ottawa, Ontario Governor Tiff Macklem talks about the conduct of monetary policy in the context of COVID-19. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy framework, Monetary policy implementation
Finding the balance—measuring risks to inflation and to GDP growth Staff Analytical Note 2023-18 Bruno Feunou, James Kyeong Using our new quantitative tool, we show how the risks to the inflation and growth outlooks have evolved over the course of 2023. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C3, C32, C5, C58, E, E4, E44, G, G1, G17
April 12, 2023 Monetary Policy Report – April 2023 Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024. Content Type(s): Publications, Monetary Policy Report
November 18, 2013 Risk Management and Financial Reform Remarks Tiff Macklem Autorité des marchés financiers Montréal, Quebec Senior Deputy Governor Tiff Macklem discusses risk management and global financial reform. Content Type(s): Press, Speeches and appearances, Remarks
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 Research Topic(s): Econometric and statistical methods JEL Code(s): C, C0, C01, C02, C1, C13, C5, C50, C51, C52, C53
2022 Methods-of-Payment Survey Report: Cash Use Over 13 Years Staff Discussion Paper 2024-1 Christopher Henry, Doina Rusu, Matthew Shimoda We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We also assess various factors associated with long-term trends in cash use. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Coronavirus disease (COVID-19), Digital currencies and fintech, Financial services JEL Code(s): D, D8, D83, E, E4, E41
March 27, 2020 Press Conference Opening Statement – March 27, 2020 Opening statement Stephen S. Poloz Ottawa, Ontario This unscheduled rate decision brings the policy rate to its effective lower bound, to provide support to the Canadian financial system and to the economy during the COVID-19 pandemic. Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Coronavirus disease (COVID-19)
The neutral rate in Canada: 2020 update Staff Analytical Note 2020-24 Dmitry Matveev, Julien McDonald-Guimond, Rodrigo Sekkel The neutral rate of interest is important for central banks because it helps measure the stance of monetary policy. We present updated estimates of the neutral rate in Canada using the most recent data. We expect the COVID-19 pandemic to significantly affect the fundamental drivers of the Canadian neutral rate. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Economic models, Interest rates, Monetary policy JEL Code(s): E, E4, E40, E43, E5, E50, E52, E58, F, F4, F41
May 27, 1999 Bank of Canada Announces Appointment of Senior Deputy Governor Media Relations The Board of Directors of the Bank of Canada announced today that, pursuant to Section 6 of the Bank of Canada Act, Malcolm Knight has been appointed Senior Deputy Governor of the Bank for a seven-year term, effective 5 July 1999. Content Type(s): Press, Press releases