May 31, 2018 A Progress Report on the Economy Remarks Sylvain Leduc Association des économistes québécois and CFA Québec Québec, Québec Deputy Governor Sylvain Leduc discusses the issues that led Governing Council to hold the policy interest rate at 1.25 per cent in their May 30 decision. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Recent economic and financial developments
May 16, 2018 The (Mostly) Long and Short of Potential Output Remarks Lawrence L. Schembri Ottawa Economics Association and CFA Society Ottawa Ottawa, Ontario Deputy Governor Lawrence Schembri discusses the importance of potential output to monetary policy, as well as policy challenges and opportunities in a world of low potential output growth. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Productivity
May 1, 2018 Canada’s Economy and Household Debt: How Big Is the Problem? Remarks Stephen S. Poloz Yellowknife Chamber of Commerce Yellowknife, Northwest Territories Governor Poloz talks about household debt and how it will affect Canada’s economy and monetary policy for years. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Credit and credit aggregates, Financial services, Financial stability, Interest rates, Monetary policy, Recent economic and financial developments
How to Manage Macroeconomic and Financial Stability Risks: A New Framework Staff Analytical Note 2018-11 Alexander Ueberfeldt, Thibaut Duprey Financial system vulnerabilities increase the downside risk to future GDP growth. Macroprudential tightening significantly reduces financial stability risks associated with vulnerabilities. Monetary policy faces a trade-off between financial stability and macroeconomic risks. Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Economic models, Financial stability, Financial system regulation and policies, Interest rates, Monetary policy, Monetary policy framework JEL Code(s): E, E4, E44, E5, E52, E58, G, G0, G01
A Policy Framework for E-Money: A Report on Bank of Canada Research Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money. Content Type(s): Staff research, Staff discussion papers Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52, E58
April 25, 2018 Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce Opening statement Stephen S. Poloz Standing Senate Committee on Banking, Trade and Commerce Ottawa, Ontario Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are pleased to be back before you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. When we were last here at the beginning of November, we saw signs that the Canadian economy was moderating after an […] Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
April 23, 2018 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Stephen S. Poloz House of Commons Standing Committee on Finance Ottawa, Ontario Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I are pleased to be with you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. At the time of our last appearance in October, we saw signs that the Canadian economy was moderating after an exceptionally strong […] Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation and prices, Monetary policy, Monetary policy transmission, Recent economic and financial developments
March 13, 2018 Today’s Labour Market and the Future of Work Remarks Stephen S. Poloz Chancellor David Dodge Lecture in Public Finance 2018 Kingston, Ontario Governor Stephen S. Poloz discusses the untapped potential in Canada’s labour market and how it extends into the workforce of tomorrow. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Labour markets, Monetary policy, Monetary policy and uncertainty, Potential output
How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts? Staff Working Paper 2018-2 Monica Jain, Christopher S. Sutherland We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy rate decisions and matter less for private-sector macroeconomic forecasts. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Inflation targets, Monetary policy, Monetary policy communications, Monetary policy transmission JEL Code(s): D, D8, D83, E, E3, E37, E5, E52, E58
December 14, 2017 Three Things Keeping Me Awake at Night Remarks Stephen S. Poloz Canadian Club Toronto Toronto, Ontario Governor Stephen S. Poloz discusses his long-term economic preoccupations now that the Canadian economy has nearly completed its journey home. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Digital currencies and fintech, Financial stability, Housing, Monetary policy, Payment clearing and settlement systems, Potential output