A Comprehensive Evaluation of Measures of Core Inflation for Canada Staff Discussion Paper 2015-12 Mikael Khan, Louis Morel, Patrick Sabourin This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter unanticipated transitory shocks. Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, Monetary policy framework JEL Code(s): E, E3, E31, E5, E52
October 21, 2015 Release of the Monetary Policy Report Opening statement Stephen S. Poloz, Carolyn A. Wilkins Ottawa, Ontario Press conference following the release of the Monetary Policy Report. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Interest rates, Monetary policy, Potential output, Recent economic and financial developments, Regional economic developments
Exchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence Staff Discussion Paper 2015-9 Laurence Savoie-Chabot, Mikael Khan In an open economy such as Canada’s, exchange rate movements can have a material impact on consumer prices. This is particularly important in the current context, with the significant depreciation of the Canadian dollar vis-a-vis the U.S. dollar since late 2012. Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, E5, E52, F, F3, F31
Exchange Rate Pass-Through, Currency of Invoicing and Market Share Staff Working Paper 2015-31 Michael Devereux, Wei Dong, Ben Tomlin This paper investigates the impact of market structure on the joint determination of exchange rate pass-through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and importing firms. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Inflation and prices, Market structure and pricing JEL Code(s): F, F3, F4
July 15, 2015 Release of the Monetary Policy Report Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Monetary Policy Report. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Interest rates, Monetary policy, Monetary policy implementation, Recent economic and financial developments, Regional economic developments
May 19, 2015 The Way Home: Reading the Economic Signs Remarks Stephen S. Poloz Greater Charlottetown Area Chamber of Commerce Charlottetown, Prince Edward Island Governor Poloz discusses some key indicators the Bank is watching as the Canadian economy heads toward sustainable balanced growth. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Firm dynamics, Inflation and prices, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments
May 14, 2015 Inflation Dynamics in the Post-Crisis Period Bank of Canada Review - Spring 2015 Christian Friedrich, Marc-André Gosselin Inflation rates in advanced economies experienced two consecutive puzzles during the period following the global financial crisis—unexpectedly high inflation from the end of 2009 to 2011 and unexpectedly low inflation from 2012 to the middle of 2014. We investigate these developments in two ways. First, we show that accounting for inflation expectations by households explains a significant share of the inflation puzzles at the international level. Second, we find that, for Canada, elevated competition in the retail sector is also important for understanding inflation dynamics in the post-crisis period. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Inflation and prices, International topics, Regional economic developments JEL Code(s): E, E3, E31, E5, F, F4, F41
April 15, 2015 Release of the Monetary Policy Report Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Monetary Policy Report. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy implementation, Recent economic and financial developments
February 24, 2015 Lessons New and Old: Reinventing Central Banking Remarks Stephen S. Poloz Western University President's Lecture London, Ontario Governor Stephen S. Poloz discusses the need to integrate financial stability concerns with inflation control in conducting monetary policy after the financial crisis. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Inflation and prices, Inflation targets, Monetary aggregates, Monetary policy, Monetary policy framework
February 19, 2015 Inflation, Expectations and Monetary Policy Remarks Agathe Côté Association québécoise des technologies Mont-Tremblant, Quebec Deputy Governor Agathe Côté discusses the importance of inflation expectations for monetary policy and a new survey the Bank of Canada created to monitor household expectations. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Credibility, Inflation and prices, Inflation targets, Monetary and financial indicators, Recent economic and financial developments