September 10, 2020 Supporting growth and greater opportunity Speech summary Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario Governor Tiff Macklem outlines how the COVID-19 recession has had an uneven impact on Canadians and discusses the Bank’s decision yesterday to leave the policy rate unchanged. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Interest rates, Labour markets, Monetary policy, Recent economic and financial developments
September 10, 2020 Economic progress report: a very uneven recovery Remarks (delivered virtually) Tiff Macklem The Canadian Chamber of Commerce Ottawa, Ontario Governor Tiff Macklem discusses the Bank’s latest interest rate announcement and explains the uneven impact that the COVID-19 pandemic is having on different sectors and people. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Interest rates, Labour markets, Monetary policy, Recent economic and financial developments
August 27, 2020 The imperative for public engagement Remarks (delivered virtually) Tiff Macklem Federal Reserve Bank of Kansas City Jackson Hole Symposium Jackson Hole, Wyoming Governor Tiff Macklem talks about the need for the Bank to be clear, relatable and understandable when it communicates with the public. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Credibility, Monetary policy, Monetary policy and uncertainty
August 26, 2020 Towards the 2021 Renewal of the Bank of Canada’s Monetary Policy Framework As part of the 2021 renewal of the Bank of Canada’s inflation-control agreement with the Government of Canada, Bank staff are currently comparing several monetary policy frameworks. The primary goal of this day-long workshop is to share—and receive comments on—these comparisons. Content Type(s): Conferences and workshops Topic(s): Inflation targets, Monetary policy, Monetary policy framework
August 26, 2020 Closing remarks Remarks (delivered virtually) Carolyn A. Wilkins Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework” Ottawa, Ontario Senior Deputy Governor Carolyn A. Wilkins concluded a day-long workshop on the renewal of the monetary policy framework with a summary of the discussions, and she outlined next steps on the path to the 2021 renewal. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Inflation targets, Monetary policy, Monetary policy and uncertainty, Monetary policy framework
August 26, 2020 Opening remarks Remarks (delivered virtually) Carolyn A. Wilkins Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework” Ottawa, Ontario Senior Deputy Governor Carolyn A. Wilkins discusses the challenges the Bank of Canada is facing as it seeks to renew its inflation-control target in 2021. Kicking off a day-long workshop on the renewal of the monetary policy framework, she explains how the Bank’s research on alternative frameworks is shaping up and invites discussion of how the COVID-19 crisis has changed what is known about alternative policy tools in action. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Inflation targets, Monetary policy, Monetary policy and uncertainty, Monetary policy framework
August 25, 2020 Our COVID-19 response: Large-scale asset purchases Paul Beaudry The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Coronavirus disease (COVID-19), Debt management, Financial markets, Financial stability, Inflation and prices, Interest rates, Market structure and pricing, Monetary policy, Monetary policy transmission
August 25, 2020 The gap between inflation perceptions and reality Speech summary Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario Deputy Governor Lawrence Schembri talks about the difference between how Canadians perceive inflation and the actual measured rate, why this gap may exist, and what it could mean for monetary policy and the economy. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Inflation and prices, Inflation targets, Monetary policy
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 Topic(s): Central bank research, Coronavirus disease (COVID-19), Inflation and prices, Inflation targets, Monetary policy
COVID-19 and bond market liquidity: alert, isolation and recovery Staff Analytical Note 2020-14 Jean-Sébastien Fontaine, Hayden Ford, Adrian Walton The disruption due to COVID-19 reverberated through the bond markets in three phases. In the first phase, dealers met the rising demand for liquidity. In the second, dealers reduced the supply of liquidity, and trading conditions worsened significantly. Finally, the market returned to relative stability following several interventions by the Bank of Canada. Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Financial markets, Monetary policy JEL Code(s): E, E4