(Un)Conventional Monetary and Fiscal Policy Staff Working Paper 2023-6 Jing Cynthia Wu, Yinxi Xie We build a tractable New Keynesian model to study and compare four types of monetary and fiscal policy: policy rate adjustments, quantitative easing, lump-sum fiscal transfers and government spending. We find that tax-financed fiscal policy is more stimulative than debt-financed policy, and optimal policy coordination needs at least two of these four policy instruments. Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Monetary policy JEL Code(s): E, E4, E6, E61, E62, E63
The 2021–22 Surge in Inflation Staff Discussion Paper 2023-3 Oleksiy Kryvtsov, James (Jim) C. MacGee, Luis Uzeda The rise in inflation in 2021–22 sparked a growing literature and debate over the causes of the surge as well as the near- and medium-term path for inflation. This review offers three key messages. Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, Inflation targets, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58
January 25, 2023 Bank of Canada Media Interview – CTV News Tiff Macklem, Governor of the Bank of Canada, gave an interview to Joyce Napier of CTV News. Content Type(s): Press, Media advisories
January 25, 2023 Bank of Canada Media Interview – Reuters Tiff Macklem, Governor of the Bank of Canada, gave an interview to Steve Scherer and David Ljunggren of Reuters. Content Type(s): Press, Media advisories
January 25, 2023 Bank of Canada Media Interview – TVA Nouvelles Deputy Governor Paul Beaudry gave an interview to Olivier Ferron-Boissé of TVA Nouvelles. Content Type(s): Press, Media advisories
January 25, 2023 CTV News Tiff Macklem, Governor of the Bank of Canada Interview with CTV News Content Type(s): Press, Media activities
January 25, 2023 TVA Nouvelles Paul Beaudry, Deputy Governor of the Bank of Canada Interview with TVA Nouvelles Content Type(s): Press, Media activities
January 25, 2023 Monetary Policy Report Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements
January 25, 2023 Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. Content Type(s): Press, Press releases