December 21, 2023 How higher interest rates affect inflation When the Bank of Canada changes its policy interest rate, it affects every part of the economy – but that does not happen all at once. Learn more about how raising and lowering interest rates takes effect through the monetary policy transmission mechanism. Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy framework, Monetary policy transmission
December 15, 2023 Lessons learned and looking ahead Speech summary Tiff Macklem Canadian Club Toronto Toronto, Ontario In his year-end remarks, Governor Tiff Macklem discusses how lessons learned from recent economic volatility are reshaping the way the Bank of Canada conducts economic analysis and communicates with the public. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Economic models, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy transmission, Price stability
December 15, 2023 The path to price stability Remarks Tiff Macklem Canadian Club Toronto Toronto, Ontario Governor Tiff Macklem discusses how the economy will continue to adjust to higher interest rates in the year ahead, and outlines what Canadians can expect from the Bank of Canada. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Economic models, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy transmission, Price stability
Assessing the effects of higher immigration on the Canadian economy and inflation Staff Analytical Note 2023-17 Julien Champagne, Erik Ens, Xing Guo, Olena Kostyshyna, Alexander Lam, Corinne Luu, Sarah Miller, Patrick Sabourin, Joshua Slive, Temel Taskin, Jaime Trujillo, Shu Lin Wee We assess the complex macroeconomic implications of Canada’s recent population increases. We find that newcomers significantly boost the non-inflationary, potential growth of the economy, but existing imbalances in the housing sector may be exacerbated. Greater housing supply is needed to complement the long-term economic benefits of population growth. Content Type(s): Staff research, Staff analytical notes Topic(s): Domestic demand and components, Housing, Inflation and prices, Labour markets, Potential output, Recent economic and financial developments JEL Code(s): A, A1, A10, E, E2, E20, E3, E31, J, J1, J11, J15
December 7, 2023 Economic progress report: Immigration, housing and the outlook for inflation Remarks Toni Gravelle Windsor–Essex Regional Chamber of Commerce Windsor, Ontario Deputy Governor Toni Gravelle discusses the latest interest rate decision along with how immigration helps Canada’s economy and how it impacts inflation. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Housing, Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Price stability, Recent economic and financial developments
December 7, 2023 What population growth means for the economy and inflation Speech summary Toni Gravelle Windsor-Essex Regional Chamber of Commerce Windsor, Ontario Speaking a day after we decided to hold interest rates steady at 5%, Deputy Governor Toni Gravelle discusses immigration, inflation and the role that newcomers play in helping our economy grow. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Housing, Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Price stability, Recent economic and financial developments
November 22, 2023 Ending the pain of high inflation Remarks Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick Bank of Canada Governor Tiff Macklem explains how high inflation is hurting Canadians and how monetary policy is working to bring inflation back to target. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability
November 22, 2023 Fighting to get back to low inflation Speech summary Tiff Macklem Saint John Region Chamber of Commerce Saint John, New Brunswick Governor Tiff Macklem outlines how high inflation is hurting Canadians and how monetary policy is working to bring it down. He also explains why the Bank of Canada must stay the course in its inflation fight. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Price stability
Digitalization: Prices of Goods and Services Staff Discussion Paper 2023-27 Vivian Chu, Tatjana Dahlhaus, Christopher Hajzler This paper outlines and assesses the various channels through which digitalization can affect prices of goods and services. Content Type(s): Staff research, Staff discussion papers Topic(s): Digitalization, Inflation and prices, Market structure and pricing, Monetary policy JEL Code(s): D, D2, E, E3, E31, E5, E52, L, L1, L11
Variations in Pass-Through from Global Agricultural Commodity Prices to Domestic Food Inflation Staff Discussion Paper 2023-24 Daniel Hyun, Jacky Lee This paper examines factors that affect the transmission of fluctuations in global agricultural commodity prices to domestic food inflation. Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, Q, Q0, Q02, Q1, Q11, Q17, Q18