March 2, 2026 Canada’s monetary policy framework in a world of supply-driven trade-offs Remarks Sharon Kozicki Norges Bank Monetary Policy Mandate Conference Oslo, Norway Deputy Governor Sharon Kozicki discusses the challenges of setting monetary policy in a world where supply-side developments are important drivers of inflation. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economic models, Economy/Economic growth, Inflation, Inflation targeting framework
September 20, 2024 Artificial intelligence, the economy and central banking Remarks Tiff Macklem National Bureau of Economic Research, Economics of Artificial Intelligence Conference Toronto, Ontario Bank of Canada Governor Tiff Macklem discusses how artificial intelligence could impact the economy, and outlines some of the implications for monetary policy. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
Extreme Downside Risk in Asset Returns Staff working paper 2019-46 Lerby Ergun Financial markets can experience sudden and extreme downward movements. Investors are highly concerned about the performance of their assets in such scenarios. Some assets perform badly in a downturn in the market; others have milder reactions. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C14, G, G1, G11, G12 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
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
AI Paradox: Promise vs. Reality—What It Means for Monetary Policy Staff analytical paper 2026-4 Joshua Brault, Maryam Haghighi, Jing Yang This note reviews the emerging evidence on AI’s labour-market and productivity effects, highlighting early task-level impacts, sizable micro level productivity gains, and the macroeconomic challenges these pose for monetary policy during the transition. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E2, E24, E3, E31, E5, E50, E52, E58 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Structural challenges, Digitalization and productivity
November 17, 2016 Structural Reforms and Economic Growth in Emerging-Market Economies Bank of Canada Review - Autumn 2016 Jeannine Bailliu, Christopher Hajzler Growth has slowed in many emerging-market economies (EMEs) since the 2007–09 global financial crisis, reflecting both cyclical and structural factors. In this context, it will be in-creasingly important for EMEs to raise potential growth by maintaining steady progress on structural reforms. How do structural reforms generally support growth? What are the re-form priorities for EMEs over recent history and today? Finally, what will be the impact of planned structural reforms on potential output growth among the world’s larger EMEs? These are some of the questions considered by the authors. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E0, E02, E6, E61, E65, O, O1, O11, O4, O41
December 13, 1999 Feedback Rules for Inflation Control: An Overview of Recent Literature Bank of Canada Review - Winter 1999–2000 Agathe Côté, Jamie Armour Feedback rules are rules aimed at guiding policy-makers as they face the problem of keeping inflation close to a desired path without causing variability elsewhere in the economy. These rules link short-term interest rates, controlled by the central bank, to the rate of inflation and/or its deviation from a target rate. The authors describe the most popular types of feedback rules and review some simulation results. Content Type(s): Publications, Bank of Canada Review articles
November 13, 2014 Recent Developments in Experimental Macroeconomics Bank of Canada Review - Autumn 2014 Robert Amano, Oleksiy Kryvtsov, Luba Petersen This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted by Bank of Canada economists has shed light on a number of issues important to monetary policy, such as the relative efficacy between price-level and inflation targeting, and the nature of inflation expectations formation. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): C, C9, E, E3, E31, E5, E52
December 21, 2008 Credit, Asset Prices, and Financial Stress in Canada Financial System Review - December 2008 Miroslav Misina, Pierre St-Amant, Greg Tkacz Content Type(s): Publications, Financial System Review articles
Assessment of the Effects of Macroprudential Tightening in Canada Staff analytical note 2016-12 Martin Kuncl During the period of 2008 to 2012, the rules for government-backed mortgage insurance were tightened on four occasions. In this note, we estimate the effects through a simple econometric exercise using a vector error-correction model (VECM). Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C3, C32, E, E6, E65, G, G2, G28 Research Theme(s): Financial system, Financial system regulation and oversight, Household and business credit