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January 28, 2022 The Globe and Mail Tiff Macklem, Governor of the Bank of Canada Interview with The Globe and Mail Content Type(s): Press, Media activities
January 27, 2022 Le Devoir Tiff Macklem, Governor of the Bank of Canada Interview with Le Devoir Content Type(s): Press, Media activities
On the Wedge Between the PPI and CPI Inflation Indicators Staff Working Paper 2022-5 Shang-Jin Wei, Yinxi Xie We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy. Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation targets, International topics, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58, F, F1, F11, F12, F4, F41, F6, F62