February 7, 2023 Monetary policy at work Remarks Tiff Macklem CFA Québec Québec, Québec Bank of Canada Governor Tiff Macklem explains how recent interest rate increases work their way through the Canadian economy to slow demand and bring inflation down. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Exchange rates, Inflation and prices, Interest rates, Monetary policy, Monetary policy transmission, Recent economic and financial developments
February 7, 2023 Higher interest rates are working Speech summary Tiff Macklem CFA Québec Québec, Québec Governor Tiff Macklem explains how the Bank of Canada’s increases to the policy interest rate will cool the economy and bring inflation down. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Exchange rates, Inflation and prices, Interest rates, Monetary policy, Monetary policy transmission, Recent economic and financial developments
Gazing at r-star: A Hysteresis Perspective Staff Working Paper 2023-5 Paul Beaudry, Katya Kartashova, Césaire Meh Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to show that the major change driving household asset demand over this period is instead an increased desire—for a given age and income level—to hold assets. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy framework JEL Code(s): E, E2, E21, E3, E31, E4, E43, E5, E52, E58, E6, E62, G, G5, G51, H, H6
December 12, 2022 Putting the resolute in resolutions: Looking ahead to lower inflation Remarks Tiff Macklem Business Council of British Columbia Vancouver, British Columbia Bank of Canada Governor Tiff Macklem discusses the important lessons from 2022 and explains what the Bank is doing to restore price stability for Canadians. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Interest rates, International topics, Monetary policy, Recent economic and financial developments
December 12, 2022 Reflections on 2022 Speech summary Tiff Macklem Business Council of British Columbia Vancouver, British Columbia Governor Tiff Macklem discusses the important lessons from events in 2022 and what the Bank is doing to restore price stability for Canadians. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Interest rates, International topics, Monetary policy, Recent economic and financial developments
December 8, 2022 Economic progress report: More transparency in uncertain times Remarks Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec Speaking a day after the Bank of Canada’s latest interest rate decision, Deputy Governor Sharon Kozicki discusses the current state of the economy and talks about how the Bank is improving both its use of data and the way we communicate with Canadians. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty
December 8, 2022 Helping Canadians better understand our decisions Speech summary Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec Speaking a day after the Bank of Canada decided to raise our policy interest rate, Deputy Governor Sharon Kozicki discusses the current state of the economy. She also talks about how we are improving our transparency with Canadians. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty
Variable-rate mortgages with fixed payments: Examining trigger rates Staff Analytical Note 2022-19 Stephen Murchison, Maria teNyenhuis We estimate the share of variable-rate mortgages with fixed payments that reached the so-called trigger rate—the interest rate at which mortgage payments no longer cover the principal. Amid rising interest rates, this share was close to 50% at the end of October 2022 and could potentially reach 65% in 2023. Content Type(s): Staff research, Staff analytical notes Topic(s): Credit and credit aggregates, Financial institutions, Interest rates, Recent economic and financial developments JEL Code(s): D, D1, E, E4, E5, G, G2, G21
November 10, 2022 Getting back to stable prices and a balanced jobs market Speech summary Tiff Macklem Public Policy Forum Toronto, Ontario Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Price stability, Productivity, Recent economic and financial developments
November 10, 2022 Restoring labour market balance and price stability Remarks Tiff Macklem Public Policy Forum Toronto, Ontario Governor Tiff Macklem outlines the link between high inflation and tight labour markets. He explains how the Bank is working to rebalance the labour market and discusses how structural changes may influence the supply of workers in Canada. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Price stability, Productivity, Recent economic and financial developments